Expro increases revolver to $250 million, extends it by three years

By Wendy Van Sickle

Columbus, Ohio, Oct. 11 – Expro Group Holdings NV and subsidiaries Exploration and Production Services (Holdings) Ltd. and Expro Holdings US Inc., as borrowers, amended and restated their senior secured revolving credit facility on Oct. 6 to extend the maturity date by 36 months and increase the total commitments to $250 million, among other things, according to an 8-K filing with the Securities and Exchange Commission.

The company further has the ability to increase commitments to $350 million.

Interest was amended to term SOFR with a 0% floor plus a margin of 375 basis points, which is subject to four step-downs based on total net leverage ratio. The margin is 250 bps with four step-downs on the same basis for letters of credit. A fronting fee of 40 bps applies to letters of credit, and an additional 25 bps or 50 bps per annum utilization fee is payable on cash borrowings to the extent one-third or two-thirds, respectively, or more of facility A commitments are drawn. The commitments are split between $166,666,666 facility A commitments and $83,333,334 facility B commitments.

Financial covenants require that the company maintain a minimum interest cover ratio of 4 to 1 based on the ratio of EBITDA to net finance charges and a maximum total net leverage ratio of 2.5 to 1.

DNB (UK) Ltd. is the bookrunning mandated lead arranger, and DNB Bank ASA, London Branch is the agent and security agent.

Expro is a Reading, England-based provider of highly specialized well flow management services to the oil and gas industry.

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