Complete Production amends loan, changing structure, size and pricing

By Sara Rosenberg

New York, Oct. 16 - Complete Production Services Inc. amended its credit facility due Dec. 6, 2011, revising the structure to asset-based loan, changing the size and revising pricing, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The U.S. revolver is now sized at $225 million, down from $360 million, and the Canadian revolver is now sized at $15 million, down from $40 million.

Pricing on the facility can range from Libor plus 375 basis points to 425 bps, based on excess availability. Pricing is initially set at Libor plus 400 bps.

The amendment also requires the company to comply with a fixed-charge coverage ratio and provides for a $75 million accordion feature.

In addition, the amendment named Wells Fargo Foothill as the administrative agent in place of Wells Fargo Bank.

The amendment was completed on Oct. 13.

Complete Production is a Houston-based provider of specialized services and products to develop hydrocarbon reserves for oil and gas companies.

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