8-K
filed January 18, 2024, 6:59 PM ET
ticker TTI
CIK 0000844965
debt
confidence high
sentiment positive
materiality 0.70
TETRA TECHNOLOGIES INC (TTI): debt financing — TETRA enters $265M credit facility with Silver Point; $190M funded, $75M delayed draw, maturity Jan 2030
TETRA TECHNOLOGIES INC
- Term loan agreement: $190M funded at closing; $75M delayed draw available for bromine processing facility.
- Pricing: SOFR + 575 bps, 50 bps lower than prior term loan; maturity January 12, 2030.
- Proceeds used to repay $163M existing term loan (due Sep 2025) and add ~$15M cash, net of expenses.
- Existing liquidity estimated at $142M as of January 12, 2024; free cash flow expected to fund remaining project capital.
- Prepayment premiums: 3% within 1 year, 2% from 1-2 years, 1% from 2-3 years; 0% after 3 years.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.98
TETRA TECHNOLOGIES INC incurred term loan of $190 million with Silver Point Finance, LLC at SOFR (adjusted to reflect any required bank reserves) for an interest period equ maturing January 12, 2030.
- Instrument
- term loan
- Principal
- $190 million
- Counterparty
- Silver Point Finance, LLC
- Rate
- SOFR (adjusted to reflect any required bank reserves) for an interest period equ
- Maturity
- January 12, 2030
- Event
- incurrence
Exact text from the filing
The Term Loan Credit Agreement provides an initial term loan on the date of closing in the principal amount of $190 million (the “Initial Term Loan”) and the availability of delayed draw term loans, subject to the terms of the Term Loan Credit Agreement, up to an aggregate principal amount of $75 million (the “Delayed Draw Term Loans,” and together with the Initial Term Loan, the “Term Loan”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
TETRA TECHNOLOGIES INC entered into Fifth Amendment to ABL Credit Agreement with TETRA TECHNOLOGIES INC valued at Amendment to permit entry into Term Loan Credit Agreement (effective 2024-01-12).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- TETRA TECHNOLOGIES INC
- Value
- Amendment to permit entry into Term Loan Credit Agreement
- Effective
- 2024-01-12
Exact text from the filing
On January 12, 2024, the Company entered into that certain Fifth Amendment to Credit Agreement (the “Fifth Amendment”) which amends the ABL Credit Agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
TETRA TECHNOLOGIES INC terminated Existing Credit Agreement (2018) with Wilmington Trust, National Association valued at Repaid all outstanding borrowings and terminated the agreement (effective 2024-01-12).
- Action
- termination
- Agreement
- credit facility
- Counterparty
- Wilmington Trust, National Association
- Value
- Repaid all outstanding borrowings and terminated the agreement
- Effective
- 2024-01-12
Exact text from the filing
On January 12, 2024, in connection with the closing of the above-described loans, the Company repaid all outstanding borrowings and obligations under the Credit Agreement dated as of September 10, 2018 among the Company, the lenders from time to time party thereto, and Wilmington Trust, National Association, as administrative agent (the “Existing Credit Agreement”) with a portion of the net proceeds from the above-described loans, and terminated the Existing Credit Agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
TETRA TECHNOLOGIES INC entered into Term Loan Credit Agreement with Silver Point Finance, LLC valued at Initial term loan of $190 million and delayed draw term loans up to $75 million (effective 2024-01-12).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Silver Point Finance, LLC
- Value
- Initial term loan of $190 million and delayed draw term loans up to $75 million
- Effective
- 2024-01-12
Exact text from the filing
On January 12, 2024, the Company, as borrower, entered into that certain Credit Agreement (the “Term Loan Credit Agreement”) with Silver Point Finance, LLC, as administrative agent, and the lenders party thereto (collectively, the “Term Lenders”).
View on SEC.gov
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