Superior Well amends loan, temporarily lifting size to $90 million

By Sara Rosenberg

New York, July 20 - Superior Well Services Inc. amended its credit facility, increasing the size to $90 million from $75 million until Dec. 31 and revising covenants, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Under the amendment, the maximum capital expenditures covenant was increased to $10 million per fiscal quarter from $6 million starting with the fiscal quarter ended June 30 through the fiscal quarter ending March 31, 2011.

Also, the minimum quarterly EBITDA covenant was changed to $6 million for the second fiscal quarter, $7.5 million for the third fiscal quarter and $10 for the fourth fiscal quarter.

The amendment was completed on July 16.

Citizens Bank of Pennsylvania is the administrative agent on the deal.

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

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