Archrock, Inc. (AROC): debt financing — Archrock enters $750M amended asset-based credit facility maturing 2028

Archrock, Inc.

Facility replaces existing 2017 credit agreement; total commitments of $750M, expandable by $750M with lender consent.
Maturity May 16, 2028; earlier if 2027 or 2028 senior notes remain outstanding at certain dates.
Borrowing base: 85% receivables, 80-95% compression unit book value; interest at Term SOFR +2.00-2.75% or Base Rate +1.00-1.75%.
Financial covenants: Total Leverage Ratio ≤5.50:1 (falling to 5.25:1 after Q3 2023), Interest Coverage ≥2.50:1, Senior Secured Leverage ≤3.00:1.
Proceeds for working capital, general corporate purposes; guaranteed by Archrock and domestic subsidiaries, secured by U.S. assets.

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

Archrock, Inc. amended revolving credit of $750 million with JPMorgan Chase Bank, N.A. at Term SOFR plus 2.00% to 2.75% per annum or Alternate Base Rate plus 1.00% to 1.7 maturing May 16, 2028.

Instrument: revolving credit
Principal: $750 million
Counterparty: JPMorgan Chase Bank, N.A.
Rate: Term SOFR plus 2.00% to 2.75% per annum or Alternate Base Rate plus 1.00% to 1.7
Maturity: May 16, 2028
Event: amendment

Exact text from the filing

The A&R Credit Agreement provides for an asset-based revolving credit facility to be made available to the Borrowers in an aggregate principal amount of $750 million (such credit facility, the “Credit Facility”). The Credit Facility will mature on May 16, 2028

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Archrock, Inc. amended A&R Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent valued at $750 million (effective 2023-05-16).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: $750 million
Effective: 2023-05-16

Exact text from the filing

On May 16, 2023 (the “A&R Effective Date”), Archrock, Inc. (“we” or “us”), Archrock Partners Operating LLC and Archrock Services, L.P. ("ASLP" and, together with Archrock Partners Operating LLC, the “Borrowers” and each, a “Borrower”), and certain of our subsidiaries entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and certain financial institutions as lenders.

View on SEC.gov

Browse all debt financings →

Archrock, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-062043

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.