Newpark Resources Inc. (NYSE: NR) has entered into a third amended and restated credit agreement that amends and restates the company's previous credit agreement and increases the revolving loan facility from $125 million to $200 million, while holding borrowing rates and fee terms consistent with the previous credit facility.
The credit agreement also extends the term of the credit facility through March 2020, conditional upon the satisfactory settlement of our outstanding $172 million in convertible senior notes that mature in October 2017. In the event that the company’s convertible senior notes are not satisfied through redemption, conversion, or refinancing, the credit facility term will expire in July 2017.
The credit agreement also includes an accordion feature, allowing for the potential expansion of the revolving facility up to a maximum of $325 million. The bank group participating in the facility includes JP Morgan, Bank of America, Wells Fargo, Comerica, Bank of Texas, and Credit Suisse.