Flotek Industries, Inc. (NYSE:FTK) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
On April28, 2017, Flotek Industries, Inc. (the Company) and its
affiliates entered into the Seventh Amendment to Amended and
Restated Revolving Credit, Term Loan and Security Agreement,
dated as of May10, 2013, as amended to date (the Credit
Agreement) and Sixth Amendment to Amended and Restated Revolving
Credit, Term Loan and Security Agreement with PNC Bank, National
Association as agent for the lenders thereto (the Agent), to be
effective as of March31, 2017 (the Amendment).
to the Amendment, among other things, (i)the definition of
Adjusted EBITDA was revised to include the loss from discontinued
operations of the drilling technologies and production
technologies businesses of the borrowers, (ii)the definition of
CapEx Trigger Period was revised to reduce to $10million the
threshold for undrawn availability under the Credit Agreement for
the month-end of April, May and June 2017, and (iii) the
threshold for undrawn availability needed to incur certain
defined levels of capital expenditures was reduced to $10 million
for the month-end of April, May and June 2017.
The Company also agreed to pay fees and expenses of the Agent in
connection with the Amendment. The description of the Amendment
is qualified in its entirety by reference to the copy thereof
filed as Exhibit 10.1 to this Form 8-K, which is incorporated by
reference.
| Item9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
|
Exhibit Number |
Description |
|
| 10.1 |
Seventh Amendment to Amended and Restated Revolving Credit, Term Loan and Security Agreement and Sixth Amendment to Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated effective as of March31, 2017. |
About Flotek Industries, Inc. (NYSE:FTK)
Flotek Industries, Inc. is a technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries. The Company has four business segments: Energy Chemistry Technologies, Consumer and Industrial Chemical Technologies, Drilling Technologies, and Production Technologies. The Energy Chemistry Technologies segment designs, develops, manufactures, packages and markets chemicals for use in oil and gas well drilling, cementing, completion, stimulation and production activities. The Consumer and Industrial Chemicals Technologies segment sources citrus oil domestically and internationally, and is a processor of citrus oils. The Drilling Technologies segment is a provider of downhole drilling tools for use in oilfield, mining, water-well and industrial drilling activities. The Production Technologies segment provides pumping system components, electric submersible pumps, gas separators, production valves and complementary services. Flotek Industries, Inc. (NYSE:FTK) Recent Trading Information
Flotek Industries, Inc. (NYSE:FTK) closed its last trading session up +0.16 at 12.17 with 1,070,115 shares trading hands.