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Stock Market & Financial Investment News

News Breaks
December 28, 2012
07:04 EDTFTKFlotek announces $75M expanded credit facility
Flotek Industries announced that it has entered into an Amendment to its current credit facility with PNC Bank that, among other terms, expands the size and extends the term of the facility, providing capital to refinance its outstanding convertible notes and reduce the cost of its current borrowings. In total, the revised facility will provide Flotek with $75M in borrowing capacity. The terms of the amended credit facility provide Flotek with access to a $50M revolving credit facility, an increase from the current revolving credit facility of $35M. In addition, PNC has extended Flotek a $25M term loan which, combined with current cash on hand, will be used to refinance the company's existing convertible notes between now and mid-February at which time Flotek plans to redeem the remaining outstanding convertible notes. Both the revolver and term loan mature on December 26, 2017. Interest on the new facility will vary - based on the level of borrowings - between PNC's base lending rate plus 0.50-1.50% or the London Interbank Overnight Rate, or LIBOR, plus 1.50-2.50%, a substantial reduction from the 5.25% interest rate paid on the outstanding convertible notes.
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January 28, 2015
07:09 EDTFTKFlotek acquires all assets of International Artificial Lift
Flotek announced it has entered into a definitive agreement to purchase substantially all of the assets of International Artificial Lift, a developmental-stage company that specializes in the design, manufacturing and service of next-generation Hydraulic Pumping Units that serve to increase and maximize production for oil and natural gas wells. Flotek provided total consideration of $2.25M for the purchase of substantially all of the assets of IAL including all intellectual property, finished goods and inventory. Flotek also assumed the lease on IAL's corporate headquarters in Boyd, Texas in the Dallas-Ft. Worth metroplex. International Artificial Lift President Larry Best has agreed to remain with the company for a minimum of two years from the effective date of the transaction.
January 27, 2015
16:12 EDTFTKFlotek reports Q4 EPS 29c, consensus 28c
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