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Liberty Energy expands revolver to $525 million, extends maturity
By Marisa Wong
Los Angeles, Jan. 26 – Liberty Energy Inc., subsidiaries Liberty Oilfield Services New Holdco LLC, R/C IV Non-U.S. LOS Corp, Liberty Oilfield Services LLC and other subsidiaries entered into an eighth amendment on Jan. 23 to their credit agreement dated Sept. 19, 2017 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The amendment increases the maximum revolver amount to $525 million from $425 million, increases the amount of the accordion feature to $100 million from $75 million and extends the maturity date to Jan. 23, 2028 from Oct. 22, 2026.
In addition, the amendment modifies the dollar amounts of various credit facility triggers and tests proportionally to the upsized revolver, permits repayment under the term loan agreement prior to Feb. 10, 2023 and increases some indebtedness, intercompany advance and investment baskets.
The amendment also includes an agreement from the agent to release its second priority liens and security interests on all collateral that served as first priority collateral under the term loan, with such release to occur within 120 days after Jan. 23.
In connection with the amendment, the company terminated its previously existing term loan facility dated Sept. 19, 2017 with U.S. Bank NA as administrative agent. The outstanding debt under the term loan was repaid in full. The repayment was a prepayment made during the period in which a prepayment premium was applicable, and the company incurred a prepayment premium of about $1 million.
Denver-based Liberty provides completion services and technologies to onshore oil and natural gas exploration and production companies.
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