Newpark Resources enters $225 million credit facility

By Susanna Moon

Chicago, Dec. 21 - Newpark Resources, Inc. said it entered into a $225 million secured credit facility due Dec. 21, 2012 with a bank group led by JP Morgan Chase Bank, NA.

The facility consists of a $175 million revolving line of credit and a $50 million term loan.

Proceeds were used to retire the company's $150 million term credit facility and $100 million revolving credit facility.

"This new debt facility provides us with lower cost financing and increased financial flexibility for the execution of our strategic plan," Paul Howes, president and chief executive officer of Newpark, said in a press release.

Newpark is a Metairie, La.-based provider of drilling fluids, environmental waste treatment solutions and temporary worksites and access roads for oilfield and other commercial markets.

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