Keane refinances via expanded $150 million five-year asset-based loans

By Susanna Moon

Chicago, Feb. 21 – Keane Group, Inc. refinanced its loans with a new $150 million five-year asset-based revolving credit facility.

BofA Merrill Lynch, JPMorgan, Morgan Stanley, Citigroup and PNC Capital Markets LLC are the joint lead arrangers and joint bookrunners. Bank of America, NA is the administrative agent.

The new revolver replaces the company’s existing $100 million asset-based revolving credit facility, according to a company announcement.

The new facility allows for up to another $75 million increase in commitments.

“Our new facility maintains our strong balance sheet position, further improves our financial flexibility, and enhances our ability to pursue growth organically and through potential complementary acquisitions,” James C. Stewart, chief executive officer of Keane, said in the company’s press release.

“The more favorable terms of the new ABL facility is reflective of current market conditions and allows us to most efficiently participate in the market recovery.”

The new ABL facility will mature on Feb. 17, 2022.

Keane is a Houston-based provider of integrated well completion services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.