Oil States' $1.05 billion credit facility priced at Libor plus 250 bps

By Sara Rosenberg

New York, Dec. 20 - Oil States International Inc.'s $1.05 billion five-year senior credit facility is initially priced at Libor plus 250 basis points, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing can range from Libor plus 200 bps to 300 bps based on leverage.

The facility consists of $750 million in U.S. and Canadian revolvers and $300 million in U.S. and Canadian term loans.

Wells Fargo Securities LLC, RBC Capital Markets Corp. and J.P. Morgan Securities LLC acted as the lead arrangers and bookrunners on the deal that is dated as of Dec. 10, with Wells Fargo the administrative agent.

Financial covenants include an interest coverage ratio of 3.0 to 1.0 and a leverage ratio of 3.5 to 1.0 through Dec. 31, 2011, 3.25 to 1.0 from March 31, 2012 through Dec. 31, 2012 and 3.0 to 1.0 thereafter.

Proceeds were used to help fund the acquisition of the MAC Services Group Ltd., a provider of remote accommodations for the natural resources industry in Australia.

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

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