Nuverra Environmental Solutions Upsizes Revolving Credit Facility to $245 Million
March 19 2014 - 8:56AM
Business Wire
Nuverra Environmental Solutions (NYSE:NES), a leading provider
of full-cycle environmental solutions to energy and industrial
end-markets, announced today that it has revised its existing
Revolving Credit Facility (the “Revised Facility”) to increase the
maximum availability under the Revised Facility from $200 million
to $245 million.
The Company’s borrowing base calculation as of the closing date
supports the $245 million facility size and makes the full facility
immediately available to the Company. The terms and pricing of the
facility remain the same and are unaffected by the upsizing of the
facility size.
Jay C. Parkinson, Executive Vice President and Chief Financial
Officer, commented, “Upsizing our facility size to $245 million
supports the organic growth initiatives we have outlined for 2014
while continuing to provide financial flexibility for Nuverra. We
were very pleased to receive the strong support of existing as well
as new lending partners and appreciate their participation.”
The Revised Facility was placed through a syndication of lending
institutions led by Wells Fargo Bank and RBS Citizens and Bank of
America, as well as CIT Finance and Capital One Business
Credit.
About Nuverra Environmental Solutions, Inc.
Nuverra Environmental Solutions is among the largest companies
in the United States dedicated to providing comprehensive
and full-cycle environmental solutions to customers in energy and
industrial end-markets. Nuverra focuses on the delivery,
collection, treatment, recycling, and disposal of restricted
solids, water, wastewater, used motor oil, spent antifreeze, waste
fluids and hydrocarbons. The Company continues to expand its suite
of environmentally compliant and sustainable solutions to customers
who demand stricter environmental compliance and accountability
from their service providers.
Interested parties can access additional information about
Nuverra on the Company's web site at http://www.nuverra.com, and in
documents filed with the United States Securities and Exchange
Commission, on the SEC's web site at http://www.sec.gov.
Forward-Looking
Statements
This press release may contain "forward-looking statements"
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995. Words such
as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements in the press release
include, without limitation, statements regarding borrowing
capacity and availability under credit facilities, potential or
intended uses of proceeds and other matters that involve known and
unknown risks, uncertainties and other factors that may cause
liquidity, access to capital, operating results, financial
performance or other matters to differ materially from those
expressed or implied by this press release. Such risk factors
include, among others: difficulties encountered in acquiring and
integrating businesses; uncertainties in evaluating goodwill and
long-lived assets for potential impairment; potential impact of
litigation; risks of successfully consummating expected
transactions within the timeframes or on the terms contemplated,
including risks that such transactions may fail to close due to
unsatisfied closing conditions; whether certain markets grow as
anticipated; pricing pressures; risks associated with our
indebtedness; changes in oil and or natural gas prices; changes in
customer drilling activities and capital expenditure plans; shifts
in production among shale areas; control of costs and expenses;
business, regulatory and other factors impacting the capital
markets; changes in the Company’s asset base and borrowing capacity
under credit facilities; and the competitive and regulatory
environment. Additional risks and uncertainties are set forth in
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2013, as well as the Company's other reports filed
with the United States Securities and Exchange Commission, which
are available at http://www.sec.gov/ as well as the Company's web
site at http://www/nuverra.com/. As a result of the foregoing
considerations and the other limitations of non-GAAP measures
described elsewhere herein, you are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this presentation. All forward-looking statements
are qualified in their entirety by this cautionary statement. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Nuverra Environmental Solutions, Inc.Liz
Merritt, 602-903-7802VP-Investor Relations &
Communicationsir@nuverra.com- or -The Piacente Group, Inc.Brandi
Piacente, 212-481-2050Presidentnuverra@tpg-ir.com