FTS International Inc. (FTSI) has completed an offering of $350 million of senior secured floating rate notes due 2020 in a private transaction that is exempt from the registration requirements of the Securities Act of 1933.
The proceeds from the offering will be used to repay all outstanding borrowings under FTSI’s existing revolving credit facility, to pay related fees and expenses and for general corporate purposes.
FTSI provides oilfield services to oil and natural gas exploration and production companies in the US, including high-pressure hydraulic fracturing. The company provides well completion services, such as pressure pumping, wireline and reservoir optimization technologies. Exploration and production companies use FTSI’s products, services, and experience to enhance recovery rates from oil and gas wells, primarily in unconventional plays.