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ProFrac gets $80 million additional delayed-draw term B loans
By Marisa Wong
Los Angeles, Jan. 6 – ProFrac Holdings II, LLC (“ProFrac II”) as borrower and ProFrac Holdings, LLC as a guarantor entered into a third amendment, consent and limited waiver on Dec. 30 to their term loan credit agreement dated March 4, 2022 with Piper Sandler Finance LLC as agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.
Under the amendment, the required lenders consented to letting ProFrac II request delayed-draw term B loans in an aggregate principal amount of up to $150 million.
On Jan. 4, some of the existing lenders and some new lenders funded ProFrac II’s request for $80 million of delayed-draw term B loans, resulting in about $599.2 million outstanding under the amended loan agreement.
ProFrac II may, prior to Dec. 31, 2023, request up to an additional $70 million of delayed-draw term B loans. As of Jan. 6, there are no commitments by any lenders to provide any such additional loans.
In addition, under the amendment the lenders consented to consummation of the previously disclosed acquisition of Producers Service Holdings LLC and REV Energy Holdings, LLC, the incurrence of the REV Energy acquisition seller debt and the liens securing the same, as well as some other changes to the term loan agreement.
Amendment to ABL facility
Also on Dec. 30, ProFrac II as borrower and ProFrac as a guarantor amended their asset-based revolving credit agreement dated March 4, 2022 with JPMorgan Chase Bank, NA as agent, collateral agent and swingline lender.
Under this third amendment to the ABL credit facility, the agent and the lenders consented to consummation of ProFrac II’s acquisition of Producers Service and REV Energy, the incurrence of the REV Energy seller financing debt and the liens securing the same, as well as some other changes to the ABL facility.
ProFrac is a Fort Worth-based oil and gas services company.
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