Ranger Energy gets bankruptcy court OK for Basic Energy asset purchase, secures $77.5M credit facility

Ranger Energy Services, Inc.

Bankruptcy Court approved acquisition of Basic Energy's well servicing, fishing/rental, coiled tubing assets outside CA (excl. water logistics); close expected by Sept 2021.
Entered $77.5M senior secured facility: $50M revolver, $12.5M M&E term loan, $15M term loan B, with Eclipse Business Capital.
M&E term loan fully drawn to repay Wells Fargo and Encina debt; revolver partially drawn for repayment and fees.
Interest rates: revolver LIBOR+5.00%, M&E term LIBOR+8.00%, term loan B LIBOR+12.00%; facility matures Sept 26, 2025.
Amended LLC agreement to convert Ranger Energy Services units to uncertified form.

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