Keane Group upsizes, extends revolving credit facility via BofA

By Tali Rackner

Minneapolis, Dec. 29 – Keane Group, Inc. entered into an amended and restated asset-based revolving credit agreement on Dec. 22 that increases the revolving credit commitment to $300 million from $150 million, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America, NA is the administrative agent and collateral agent.

In addition, the maturity date was extended to Dec. 22, 2022 from Feb. 17, 2022, and the accordion option was increased to $150 million from $75 million.

The restated agreement reduces the interest rate to Libor plus 150 basis points to 200 bps, depending on average excess availability. Previously, interest was Libor plus 400 bps to 450 bps, according to a press release.

The new facility also benefits from a lower undrawn commitment fee of 25 bps to 37.5 bps, compared to 100 bps to 125 bps previously.

Keane’s estimated availability under its new facility following the amendment is roughly $215 million.

BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Citigroup, PNC Capital Markets LLC and Barclays acted as the joint lead arrangers and bookrunners for the new ABL facility.

Keane is a Houston-based provider of integrated well completion services.

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