Solaris Oilfield Infrastructure entered into a new credit agreement composed of a $20 million revolver and a $50 million delayed draw term loan, which is undrawn.
Solaris currently has more than $120 million of liquidity, including availability under the credit facility.
Solaris’ CFO Kyle Ramachandran said, “The increased borrowing capacity, combined with our cash balance, provides ample liquidity to not only fund the expansion of our rental fleet and finance the completion of phase one of the Kingfisher Facility, but also enhances flexibility to execute on additional opportunities we may identify in the market.”
The credit facility syndicate is composed of Woodforest National Bank, Cadence Bank, Community Bank of Texas and Credit Suisse Cayman Islands Branch. Woodforest will serve as the administrative agent
Solaris manufactures and provides patented mobile proppant management systems that unload, store and deliver proppant at oil and natural gas well sites.