Keane details $150 million five-year asset-based revolver via BofA

By Tali Rackner

Norfolk, Va., Feb. 23 – Keane Group Inc. revealed details on its $150 million asset-based revolving credit facility in an 8-K filed with the Securities and Exchange Commission.

Bank of America, NA is the administrative agent and collateral agent.

The facility includes a $20 million sublimit for letters of credit and an up to $75 million accordion option.

Interest is equal to Libor plus 400 basis points to 450 bps, depending on the company’s total net leverage ratio. Initially, interest is Libor plus 450 bps.

Following an event of default, the facility will bear interest at the applicable rate plus an additional 200 bps per annum during the continuance of such event of default, and the letter-of-credit fees increase by 200 bps.

The ABL facility matures on Feb. 17, 2022.

Merrill Lynch, Pierce, Fenner & Smith Inc., JPMorgan Chase Bank, NA, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and PNC Capital Markets LLC acted as joint lead arrangers and bookrunners on the deal. JPMorgan, Morgan Stanley, Citigroup and PNC acted as co-syndication agents.

The new facility replaces the amended and restated revolving credit and security agreement, dated Aug. 8, 2014 via PNC Bank, NA.

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.