New User:

-or-
Username:
Password:
Forgot your password?

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.
News For FTK From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
April 14, 2015
07:04 EDTFTKFlotek and Solazyme announce strategic agreements to develop technologies
Flotek Industries (FTK) and Solazyme (SZYM) announced the companies and certain subsidiaries have entered into agreements to globally commercialize Flocapso. In addition, Flotek will market Solazyme's Encapso lubricant - the first commercially available, biodegradable encapsulated lubricant for drilling fluids in certain Middle Eastern markets. Under the Joint Product Development and Marketing Agreement, Flotek and Solazyme will commercialize and market Flocapso, a proprietary formulation combining Flotek's patented Complex nano-Fluid chemistries with Solazyme's proprietary Encapso technology to create an environmentally-conscious, highly effective drilling fluid additive focused on better lubricity and greater stabilization for drilling programs worldwide. Laboratory and commercial testing indicate that the Flocapso additive will allow the use of water-based fluids in wells that previously required more expensive and invasive oil-based products, providing an environmentally superior, more efficient solution to drilling challenges around the globe. Under the Joint Agreement, Flotek and Solazyme will continue the development of the Flocapso chemistries and work cooperatively to market Flocapso worldwide. The companies are currently in an active validation project with a large national oil company in the Middle East and are pursuing commercial applications in both domestic and international markets.
07:04 EDTFTKFlotek, Solazyme announce agreements to commercialize Flocapso
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use