Superior Energy lifts revolver to $600 million, gets new term loan

By Marisa Wong

Madison, Wis., Feb. 8 - Superior Energy Services, Inc. and its wholly owned subsidiary, SESI, LLC, entered into a third amended and restated credit agreement on Feb. 7, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated credit agreement increases the company's revolving credit facility to $600 million from $325 million and provides a $400 million term loan facility.

The facilities are due Feb. 7, 2017.

Borrowings will be used in part to fund the company's previously announced acquisition of Complete Production Services, Inc. Remaining availability under the facilities will be used for general corporate purposes.

J.P. Morgan Chase Bank, NA is the administrative agent. J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners. Bank of America, NA and Wells Fargo Bank, NA are syndication agents, and Capital One, NA, Royal Bank of Canada and Bank of Nova Scotia are documentation agents.

Based in New Orleans, Superior Energy provides oilfield services and equipment.

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