secwatch.observer — SEC 8-K summary
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Issuer:     Archrock, Inc. (AROC)
CIK:        0001389050
Form:       8-K
Filed at:   2023-05-18T23:59:59+00:00
Accession:  0001104659-23-062043
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Archrock enters $750M amended asset-based credit facility maturing 2028
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1389050/000110465923062043/0001104659-23-062043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1389050/000110465923062043/tm2316175d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-062043

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