NATURAL GAS SERVICES GROUP INC (NGS): debt financing — NGS enters $175M revolving credit facility, up from $50M prior line

NATURAL GAS SERVICES GROUP INC

New $175M senior secured revolving credit agreement with Texas Capital Bank, maturing Feb 2028; can request up to $125M increase (max $300M).
Borrowing base as of Jan 31, 2023 was $134M; $45M outstanding at closing.
Over 85% of committed funding allocated to high horsepower compressor packages; ~60% already contracted under long-term contracts.
Prior credit line of $50M was nearly fully utilized; new facility supports capex for contracted and prospective contracts.
Applicable margin: 2.00%-2.75% for Base Rate loans, 3.00%-3.75% for Term SOFR loans, based on leverage ratio.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NATURAL GAS SERVICES GROUP INC incurred revolving credit of initial commitment of $175 million with Texas Capital Bank at Base Rate plus Applicable Margin or Adjusted Term SOFR plus Applicable Margin maturing February 28, 2028.

Instrument: revolving credit
Principal: initial commitment of $175 million
Counterparty: Texas Capital Bank
Rate: Base Rate plus Applicable Margin or Adjusted Term SOFR plus Applicable Margin
Maturity: February 28, 2028
Event: incurrence

Exact text from the filing

On February 28, 2023, we entered into a five-year senior secured revolving credit agreement (“Amended and Restated Credit Agreement”) with Texas Capital Bank, as administrative agent (the “Lender”), TCBI Securities, Inc., as joint lead arranger and sole book runner and Bank of America, N.A., as joint lead arranger, with an initial commitment of $175 million as of the closing date.

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Source: SEC EDGAR

accession 0001084991-23-000019

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