Oil States enters $125 million asset-based revolver

By Taylor Fox

New York, Feb. 10 – Oil States International, Inc. entered into a new $125 million asset-based revolving credit agreement maturing Feb. 10, 2025, according to a news release.

Borrowing availability is based on eligible U.S. receivables and inventory.

Borrowings outstanding under the agreement will bear interest at Libor plus a margin of 275 basis points to 325 bps, based on the company’s availability under the revolver.

Oil States must also pay a quarterly commitment fee of 37.5 bps to 50 bps on the unused commitments.

The agreement replaces Oil States’ existing $200 million revolver.

The agreement contains customary representations, warranties, covenants, terms and conditions including limitations on the accumulation of cash in excess of $30 million, incurrence of additional indebtedness and liens, the repayment of other indebtedness, the making of investments, the payment of dividends, the repurchase of shares of common stock and the sale of material amounts of assets.

Wells Fargo Bank, NA is the administrative agent and Bank of America, NA; JPMorgan Chase Bank, NA; and Royal Bank of Canada are the lenders.

Oil States is a diversified oilfield services company based in Houston.

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