Core Lab cuts loan to $250 million, amends pricing, leverage ratio

By Wendy Van Sickle

Columbus, Ohio, June 23 – Core Laboratories NV and Core Laboratories (U.S.) Interests Holdings, Inc. entered into an amendment to their seventh amended and restated credit agreement on Monday with Bank of America, NA as administrative agent, swingline lender and letter-of-credit issuing bank, according to an 8-K filing with the Securities and Exchange Commission.

The aggregate borrowing commitment was reduced to $225 million, and the accordion feature was reduced to $100 million.

The amendment also increased the maximum leverage ratio to 3 to 1 from the fiscal quarter ending June 30 through the fiscal quarter ending June 30, 2021; 2.75 to 1 for the fiscal quarter ending Sept. 30, 2021; and 2.5 to 1 for the fiscal quarter ending Dec. 31, 2021 and onwards.

The variable interest rate was revised to a range from Libor plus 150 basis points to 287.5 bps, and a 0.5% Libor floor was added.

Core Laboratories is an Amsterdam-based provider of data and services to the oil industry.

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