Aris Water Solutions, Inc.: debt financing — Aris Water subsidiary enters $350M senior secured revolver; maturity Oct 2027

Aris Water Solutions, Inc.

Solaris Midstream Holdings (Aris unit) signed $350M four-year revolver, amend/restate prior 2021 facility.
Facility can be increased by up to $150M under certain conditions; proceeds for general corporate purposes.
Interest: SOFR +2.75%-3.75% or ABR +1.75%-2.75%, based on total leverage ratio.
Financial covenants: total net leverage ≤4.50x, senior net leverage ≤2.50x, interest coverage ≥2.50x.
Obligations secured by substantially all assets of Solaris and subsidiary guarantors.

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

Aris Water Solutions, Inc. incurred revolving credit of $350 million with Wells Fargo Bank, National Association at ABR rate plus a margin of 1.75% to 2.75% per annum, or SOFR rate plus a margin o maturing four-year.

Instrument: revolving credit
Principal: $350 million
Counterparty: Wells Fargo Bank, National Association
Rate: ABR rate plus a margin of 1.75% to 2.75% per annum, or SOFR rate plus a margin o
Maturity: four-year
Event: incurrence

Exact text from the filing

the Credit Agreement provides for a $350 million four-year senior secured revolving credit facility (the “Facility”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Aris Water Solutions, Inc. amended Credit Agreement with Wells Fargo Bank, National Association valued at $350 million (effective 2023-10-12).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $350 million
Effective: 2023-10-12

Exact text from the filing

On October 12, 2023, Solaris Midstream Holdings, LLC (“Solaris LLC”), a direct subsidiary of Aris Water Solutions, Inc., entered into an amended and restated credit agreement (the “Credit Agreement”) with Solaris LLC as borrower, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent and collateral agent (the “Agent"), which amends and restates the existing credit agreement, dated as of April 1, 2021, among Solaris LLC, as borrower, the Agent, and the lenders party thereto.

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Source: SEC EDGAR

accession 0001140361-23-048054

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