Oilfield equipment provider Apergy completed its separation from Dover and is now an independent public company and will begin “regular-way” trading on the New York Stock Exchange under the symbol “APY.”
“Today marks the beginning of an exciting new chapter for Apergy,” said Sivasankaran “Soma” Somasundaram, president and CEO. “As an independent public company with industry-leading technologies and brands, Apergy is well positioned to pursue strategies that are specific to the drilling and production sectors and accelerate value creation for both our customers and shareholders.”
According to a related 8-K filing, Apergy entered into a new credit agreement for a new senior secured credit facility consisting of seven-year, $415 million senior secured term loan B facility and an undrawn $250 five-year senior secured revolving credit facility.
JPMorgan Chase Bank served as administrative agent.
The proceeds of the facilities are expected to be used to pay fees and expenses payable in connection with the separation from Dover, to pay amounts payable to Dover and for working capital and other general corporate purposes of Apergy and the guarantors.
