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Cactus Wellhead lifts ABL revolver to $80 million, extends to 2027
By Wendy Van Sickle
Columbus, Ohio, July 29 – Cactus Wellhead, LLC entered on July 25 an amendment to its senior secured asset-based revolving credit facility originally dated Aug. 21, 2018 to increase the committed amount by $5 million, to $80 million, according to an 8-K filing with the Securities and Exchange Commission.
Also, the maturity date was extended to July 25, 2027, or such earlier date that is 91 days prior to the maturity date of any debt of Cactus that has a principal balance exceeding $30 million, and the pricing grid was adjusted to reduce the interest rate margins.
Further, the advance rate was increased for investment-grade accounts receivable.
JPMorgan Chase Bank, NA is the bookrunner, lead arranger and administrative agent.
Cactus Wellhead is a Houston-based provider of wellhead services.
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