Liberty Energy amends, upsizes credit agreement to $425 million

By Mary-Katherine Stinson

Lexington, Ky., July 22 – Liberty Oilfield Services LLC as borrower and Liberty Energy Inc. as the ultimate parent along with other subsidiaries entered an increase joinder and seventh amendment to its credit agreement on July 18, according to an 8-K filed with the Securities and Exchange Commission.

The amendment further modifies the company’s existing credit agreement governing its revolving credit facility and increases the maximum revolver commitment by $75 million bringing the total to $425 million.

Other changes include the modification of certain covenant and reporting-related baskets and the replacement of the interest rate benchmark with SOFR from Libor.

Interest, based on excess availability, is between SOFR plus 150 basis points and 200 bps.

The unused line fee is either 25 bps or 37.5 bps.

Wells Fargo Bank, NA is the administrative agent.

The facility also has commitments from JPMorgan Chase Bank, NA, Bank of America NA, Goldman Sachs Bank USA and BOK Financial.

Denver-based Liberty provides completion services and technologies to onshore oil and natural gas exploration and production companies.

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