FET extends $ 179 million bank credit facility until September 2026
HOUSTON – (COMMERCIAL THREAD) – Forum Energy Technologies, Inc. (NYSE: FET) today announced that it has entered into an amendment to its revolving asset-based credit facility (the “Credit Facility”). Key elements of the amendment include: (i) the deadline has been extended, subject to certain exceptions, until September 2026; (ii) the size of the facility was reduced from $ 250 million to $ 179 million; and (iii) the interest rates on outstanding borrowings under the credit facility were changed to LIBOR plus a range of 2.25% to 2.75%, subject to leverage. Company quarterly net. Wells Fargo Bank, National Association, JPMorgan Chase Bank, NA and Bank of America, NA acted as Joint Leaders and Joint Bookkeepers. Wells Fargo Bank, National Association will continue to act as administrative agent. Zions Bancorporation, NA DBA Amegy Bank remained a lender under the credit facility.
The full text of the amended credit facility will be filed with the United States Securities and Exchange Commission on a current report on Form 8-K.
Lyle Williams, Executive Vice President and Chief Financial Officer of FET, said: “The extension of the maturity date of the credit facility until September 2026 and the $ 179 million in commitments give FET considerable flexibility. to finance its organic and strategic growth. As of August 30, 2021, there were no outstanding borrowings under the facility and the total availability was approximately $ 124 million. We appreciate the long term partnership provided by our loan syndicate.
FET (Forum Energy Technologies) is a global company, serving the petroleum, natural gas, industrial and renewable energy industries. FET provides value-added solutions that increase the safety and efficiency of energy exploration and production. We are a socially and environmentally responsible company headquartered in Houston, Texas, with manufacturing, distribution and service facilities strategically located around the world. For more information, please visit www.fet.com.