Superior Energy gets five-year $140 million asset-based revolver

By Wendy Van Sickle

Columbus, Ohio, Dec. 8 – Superior Energy Services, Inc. unit SESI, LLC amended and restated its credit agreement with JPMorgan Chase Bank, NA as administrative agent on Wednesday to provide for a $140 million senior secured asset-based revolver, according to an 8-K filing with the Securities and Exchange Commission.

There is a $40 million sublimit for letters of credit.

The obligations are guaranteed by the parent and some of its and the borrower’s subsidiaries and are secured by a first priority lien on substantially all of the personal property of the borrower and the guarantors.

Borrowings bear interest at SOFR plus 10 basis points CSA plus a spread ranging from 250 bps to 300 bps, based on a fixed-charges coverage ratio. A fee on the average daily unused portion of the facility ranges from 37.5 bps to 50 bps, based on utilization.

The facility matures on the earlier of Dec. 6, 2028 or 91 days prior to the scheduled maturity date of any other debt in excess of $30 million.

JPMorgan is a joint bookrunner and lead arranger along with Bank of America, NA.

Proceeds may be used for working capital and general corporate purposes.

Based in Houston, Superior Energy provides oilfield services and equipment.

© 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.