Superior Well Services gets $250 million revolver

By Sara Rosenberg

New York, Oct. 3 - Superior Well Services Inc. closed on a new $250 million secured revolving credit facility due March 31, 2013, according to an 8-K filed with the Securities and Exchange Commission Friday.

RBS acted as the lead arranger and bookrunner on the deal that was completed on Sept. 30, with Citizens Bank of Pennsylvania the administrative agent.

Pricing on the revolver can range from Libor plus 150 basis points to 250 bps, depending on leverage.

Financial covenants include a total debt to EBITDA ratio and an interest coverage ratio.

Proceeds were used to refinance the company's existing $45 million revolver and $30 million standby term loan.

At close, $50 million was drawn under the new revolver.

Superior Well Services is an Indiana, Pa.-based provider of well-site services to oil and natural gas companies.

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