THE WOODLANDS, Texas,
Oct. 18, 2017 /PRNewswire/ -- Newpark
Resources, Inc. (NYSE: NR) today announced that it has entered into
an Amended and Restated Credit Agreement ("Amended Credit
Agreement"), which amends and restates the company's previous
credit agreement and increases the asset-based revolving loan
facility ("ABL Facility") from $90
million to $150 million, while
also reducing applicable borrowing rates and fee terms.
The Credit Agreement also extends the term of the ABL Facility
through October 2022, conditional
upon the satisfactory settlement of the company's outstanding
$100 million in Convertible Senior
Notes that mature in December 2021. The Amended
Credit Agreement also includes an accordion feature, allowing for
the potential expansion of the ABL Facility up to a maximum of
$225 million. The bank group
participating in the facility includes Bank of America, JPMorgan
Chase Bank, First Tennessee Bank, Texas Capital Bank, and Credit
Suisse.
Gregg Piontek, Newpark's Vice
President and Chief Financial Officer, stated, "We are very pleased
to have the support of our bank group with this amendment to our
credit facility. By expanding the size of the facility and
extending the term, while also improving the pricing and relaxing
certain limitations, the Amended Credit Agreement provides us
greater flexibility to execute our growth strategy and maximize
value for our shareholders."
For further information regarding the Amended Credit Agreement,
please refer to the Company's Current Report on Form 8-K, filed
October 18, 2017 and the copy of the
Amended Credit Agreement filed as an exhibit to such Current
Report.
Newpark Resources, Inc. is a worldwide provider of value-added
drilling fluids systems and composite matting systems used in
oilfield and other commercial markets. For more information,
visit our website at www.newpark.com.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act that are
based on management's current expectations, estimates and
projections. All statements that address expectations or
projections about the future, including Newpark's strategy for
growth, product development, market position, expected expenditures
and future financial results are forward-looking statements. Some
of the forward-looking statements may be identified by words like
"expects," "anticipates," "plans," "intends," "projects,"
"indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number of risks,
uncertainties and assumptions. Many factors, including those
discussed more fully elsewhere in this release and in documents
filed with the Securities and Exchange Commission by Newpark,
particularly its Annual Report on Form 10-K for the year ended
December 31, 2016, as well as others, could cause results to
differ materially from those expressed in, or implied by, these
statements. These risk factors include, but are not limited to,
risks related to the worldwide oil and natural gas industry, our
customer concentration and reliance on the U.S. exploration and
production market, risks related to our international operations,
the cost and continued availability of borrowed funds including
noncompliance with debt covenants, operating hazards present in the
oil and natural gas industry, our ability to execute our business
strategy and make successful business acquisitions and capital
investments, the availability of raw materials and skilled
personnel, our market competition, compliance with legal and
regulatory matters, including environmental regulations, the
availability of insurance and the risks and limitations of our
insurance coverage, potential impairments of long-lived intangible
assets, technological developments in our industry, risks related
to severe weather, particularly in the U.S. Gulf Coast,
cybersecurity breaches or business system disruptions and risks
related to the fluctuations in the market value of our common
stock. Newpark's filings with the Securities and Exchange
Commission can be obtained at no charge at www.sec.gov, as well as
through our website at www.newpark.com.
Contacts:
|
Gregg
Piontek
|
|
Vice President, Chief
Financial Officer
|
|
Newpark Resources,
Inc.
|
|
gpiontek@newpark.com
|
|
281-362-6800
|
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SOURCE Newpark Resources, Inc.