NexTier’s Keane upsizes ABL revolver to $450 million as merger closes

By Wendy Van Sickle

Columbus, Ohio, Oct. 31 – NexTier Oilfield Solutions Inc., formerly Keane Group, Inc., entered into a second amended and restated asset-based revolving credit agreement on Thursday in connection with closing of a merger with C&J Energy Services, Inc., according to an 8-K filing with the Securities and Exchange Commission.

Keane Group Holdings, LLC is the lead borrower.

The amendment increases the revolving commitment to $450 million from $300 million, subject to a borrowing base. The accordion feature allows for additional commitment increases of up to $200 million, up from $150 million prior to the amendment.

The maturity date is now Oct. 31, 2024, extended from Dec. 22, 2022.

Borrowings bear interest at Libor plus a margin ranging from 125 basis points to 175 bps, depending on average excess availability.

BofA Securities, Inc. and JPMorgan Chase Bank, NA were the lead arrangers and bookrunners. JPMorgan is the syndication agent.

Barclays Bank plc, Citibank, NA and Morgan Stanley Senior Funding, Inc. are the co-documentation agents.

Bank of America, NA is the administrative agent.

In connection with consummation of the merger, C&J terminated all outstanding commitments under its asset-based revolving credit agreement, dated May 1, 2018 with JPMorgan Chase Bank, NA as administrative agent.

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

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