Nuverra to extend maturity date on credit facilities, modify financial covenants

By Taylor Fox

Chicago, July 24 – Nuverra Environmental Solutions, Inc. entered into agreements with its lenders to extend the maturity date on its secured credit facilities and to modify the financial covenants to better reflect the company’s current and projected financial profile, according to a news release.

The amendments became effective July 13 and consist of a third amendment to its first lien credit agreement with fund controlled by Ares Capital Management and a second amendment to its second lien credit agreement with funds controlled by Ascribe Capital Management and Gates Capital Management.

The amendments extended the scheduled maturity of the first lien facility to May 15, 2022 from Feb. 7, 2021 and the second lien facility to Nov. 15, 2022 from Oct. 7, 2021.

As of June 30, the outstanding balance of the first lien facility was $16.4 million. As part of the amendment, Nuverra made a payment of $2.5 million on July 13, reducing the outstanding balance to $13.9 million.

Also as of June 30, its cash balance was $15.8 million and it had no outstanding draws under the revolving credit facility and the balance of the second lien facility was $8.8 million.

Nuverra provides environmental solutions to customers in the energy market and is based in Scottsdale, Ariz.

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