ProPetro expands ABL credit facility to $225M, extends maturity to 2028

ProPetro Holding Corp.

Revolver increased from $150M to $225M; maturity extended to June 2028.
Borrowing base uses 90% of investment-grade accounts and 85% of other eligible accounts.
Term SOFR margin ranges from 1.75% to 2.25%; base rate margin from 0.75% to 1.25%.
Unused line fee ranges from 0.375% to 0.50% based on facility usage.
Facility secured by substantially all borrower assets; springing 1.0x FCCR covenant.

Key facts

Extracted from this filing and checked against the source text.

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

ProPetro Holding Corp. amended Amendment No. 1 to Amended and Restated Credit Agreement with Barclays Bank PLC valued at $225 million (effective 2023-06-02).

Action: amendment
Agreement: credit facility
Counterparty: Barclays Bank PLC
Value: $225 million
Effective: 2023-06-02

Exact text from the filing

On June 2, 2023 (the “Closing Date”), ProPetro Holding Corp. (the “Company”, “we,” “us,” “our” and similar terms) and ProPetro Services, Inc. (the “Borrower”) entered into that certain Amendment No. 1 to Amended and Restated Credit Agreement (the “ABL Amendment”) which amends that certain Amended and Restated Credit Agreement, dated as of April 13, 2022 (the “ Credit Agreement ”; the Credit Agreement as amended by the ABL Amendment, the “Amended ABL”) with Barclays Bank PLC as agent (the “Agent”) and the lenders party thereto. The credit facility under the Amended ABL (the “Facility”) has a maximum revolver amount of $225 million as of the Closing Date.

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Source: SEC EDGAR

accession 0001680247-23-000043

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