ProPetro Services to launch $260 million credit facility on Tuesday

By Sara Rosenberg

New York, Sept. 9 - ProPetro Services Inc. will hold a bank meeting on Tuesday to launch a $260 million credit facility, according to a market source.

Deutsche Bank Securities Inc. and Barclays are the lead banks on the deal.

The facility consists of a $40 million revolver and a $220 million six-year term loan B that has 101 soft call protection for one year, the source said.

Proceeds will be used to refinance existing debt.

ProPetro is a Midland, Texas-based provider of oil and gas well drilling, stimulation, workover and repair services.

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