Drilling Tools International Corp (DTI): debt financing — DTI refinances ABL facility to $80M, adds $25M term loan, extends maturity to 2029

Drilling Tools International Corp

ABL facility capacity increased from $60M to $80M; pricing improved to SOFR+2.50%.
New $25M term loan secured by rental fleet and machinery; pricing SOFR+4.00%.
Both facilities mature in March 2029; certain negative financial covenants removed.
CFO David Johnson states refinancing supports growth, international expansion, and M&A initiatives.
PNC Bank acted as sole lender and administrative agent.

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

Drilling Tools International Corp incurred credit facility of revolving line of credit in a principal amount up to $80,000,000 and a single draw term loan in a principal amount of $2 with PNC Bank, National Association maturing March 2029.

Instrument: credit facility
Principal: revolving line of credit in a principal amount up to $80,000,000 and a single draw term loan in a principal amount of $2
Counterparty: PNC Bank, National Association
Maturity: March 2029
Event: incurrence

Exact text from the filing

“ Company ”) refinanced its revolving credit facility (the “ Refinancing ”) by entering into a Second Amended and Restated Revolving Credit, Term Loan and Security and Guaranty Agreement (the “ Credit Facility ”) with certain of the Company’s subsidiaries and PNC Bank, National Association as lender and as agent (“ PNC ”). Pursuant to the terms of the Credit Facility, the Company will be provided a revolving line of credit in a principal amount up to $80,000,000 and a single draw term loan in a principal amount of $25,000,000.

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

Drilling Tools International Corp entered into Second Amended and Restated Revolving Credit, Term Loan and Security and Guaranty Agreement with PNC Bank, National Association valued at revolving line of credit up to $80,000,000 and term loan of $25,000,000 (effective 2024-03-15).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: revolving line of credit up to $80,000,000 and term loan of $25,000,000
Effective: 2024-03-15

Exact text from the filing

On March 15, 2024, Drilling Tools International Corporation (the “ Company ”) refinanced its revolving credit facility (the “ Refinancing ”) by entering into a Second Amended and Restated Revolving Credit, Term Loan and Security and Guaranty Agreement (the “ Credit Facility ”) with certain of the Company’s subsidiaries and PNC Bank, National Association as lender and as agent (“ PNC ”).

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309 debt financings filed in the last 30 days. Browse all debt financings →

Drilling Tools International Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-070307

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