ProFrac Holding upsizes ABL credit facility to $400 million

By Marisa Wong

Los Angeles, Feb. 27 – ProFrac Holding Corp. announced it entered into a fourth amendment to its ABL credit facility to increase the aggregate maximum revolver amount to $400 million from $280 million.

The company borrowed about $298 million under the amended credit facility in connection with its acquisition of Performance Proppants, according to a press release. ProFrac acquired Performance Proppants for about $475 million, consisting of $469 million in cash and the remainder in shares of ProFrac class A common stock.

Total remaining availability under the amended credit facility is roughly $79 million, including letters of credit, the company said.

Immediately prior to the draw, there were no amounts outstanding under the credit facility, with the exception of outstanding letters of credit.

ProFrac is a Willow Park, Tex.-based energy services company providing hydraulic fracturing, completion services and other complementary products and services to upstream oil and gas companies.

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