Ranger Energy Services, Inc. (RNGR): debt financing — Ranger Energy closes $75M ABL facility with Wells Fargo; accordion up to $150M

Ranger Energy Services, Inc.

New ABL provides $75M committed liquidity, expandable to $150M via accordion.
Five-year term consolidates all existing debt, simplifying structure and reducing cost of capital.
Tiered pricing based on SOFR with improved economic terms versus prior financings.
Standard fixed charge coverage ratio covenants apply.
CEO notes strengthened balance sheet after 2021 acquisitions; flexibility to grow.

item 1.01 item 1.02 item 2.03 item 9.01

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

Ranger Energy Services, Inc. incurred credit facility with Wells Fargo Bank, N.A.

Instrument: credit facility
Counterparty: Wells Fargo Bank, N.A
Event: incurrence

Exact text from the filing

On May 31, 2023, Ranger Energy Services, Inc. entered into a new asset backed lending facility (“ABL”) with Wells Fargo Bank, N.A, as administrative agent and sole lender.

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

Ranger Energy Services, Inc. entered into Asset Backed Lending Facility (ABL) with Wells Fargo Bank, N.A. valued at new asset backed lending facility (effective 2023-05-31).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A.
Value: new asset backed lending facility
Effective: 2023-05-31

Exact text from the filing

On May 31, 2023, Ranger Energy Services, Inc. entered into a new asset backed lending facility (“ABL”) with Wells Fargo Bank, N.A, as administrative agent and sole lender.

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Ranger Energy Services, Inc. filing history →

Source: SEC EDGAR

accession 0001699039-23-000070

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