Nuverra closes multi-faceted debt refinancing with First International

By Cady Vishniac

Detroit, Nov. 24 – Nuverra Environmental Solutions, Inc. has closed its multifaceted debt refinancing with First International Bank and Trust, according to a press release.

The refinancing includes a $10 million real estate loan, a $13 million equipment financing under the Main Street Priority Lending program, a $5 million undrawn working capital revolver and a $4.839 million letter-of-credit facility.

With the refinancing, the company extended the maturities on its debt, lowered the borrowing rates, simplified the covenant structure and reduced the annual amortization.

Proceeds from the real estate loan and the equipment refinancing repaid all outstanding obligations under the company’s first-lien facility and revolver, including outstanding letters of credit, with Ares and borrowings under a second-lien term loan held by affiliates of Gates Capital and Ascribe, Nuverra’s two largest shareholders.

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

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