SUPERIOR ENERGY SERVICES, INC. (NYSE:SPN) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
On February10, 2017, Superior Energy Services, Inc., SESI,
L.L.C., JPMorgan Chase Bank, N.A. and the other lenders named
therein entered into a Third Amendment to Fourth Amended and
Restated Credit Agreement and Security Agreement (the Amendment)
to (i)reduce the size of the credit facility from $400 million to
$300 million with a $100 million accordion; (ii)replace the prior
minimum cash balance requirements with a new anti-cash hoarding
requirement; and (iii)amend the financial covenants, in part to
suspend the interest coverage ratio until the third quarter of
2017.
The foregoing description of the Amendment is a summary only and
is qualified in its entirety by reference to the Amendment, a
copy of which is attached as Exhibit10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
Item2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The disclosure under Item1.01 of this Current Report on Form 8-K
is incorporated herein by reference into this Item2.03.
| Item9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
|
Exhibit Number |
Description |
|
| 10.1 |
Third Amendment to Fourth Amended and Restated Credit Agreement and Security Agreement, dated February 10, 2017, among Superior Energy Services, Inc., SESI, L.L.C., JPMorgan Chase Bank, N.A. and the lenders named therein. |
About SUPERIOR ENERGY SERVICES, INC. (NYSE:SPN)
Superior Energy Services, Inc. provides a range of services and products to the energy industry related to the exploration, development and production of oil and natural gas. The Company’s segments include Drilling Products and Services, which rents and sells bottom hole assemblies, drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, production and workover activities; Onshore Completion and Workover Services, which provides pressure pumping services used to complete and stimulate production in new oil and gas wells, fluid handling services and well servicing rigs that provide a range of well completion and maintenance services; Production Services, which provides intervention services, such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, and remedial pumping services, and Technical Solutions, which provides services requiring specialized engineering, manufacturing or project planning. SUPERIOR ENERGY SERVICES, INC. (NYSE:SPN) Recent Trading Information
SUPERIOR ENERGY SERVICES, INC. (NYSE:SPN) closed its last trading session 00.00 at 18.26 with 1,616,375 shares trading hands.