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News Breaks | | | | December 28, 2012 | | 07:04 EDT |  | FTK | Flotek 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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News For FTK From The Last 14 Days Check below for free stories on FTK the last two weeks. |
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| May 16, 2013 | | 11:33 EDT |  | FTK | Options with decreasing implied volatility: PANL CSC FTK A NVDA
 Subscribe for More Information | | | May 10, 2013 | | 11:21 EDT | | FTK | High option volume stocks: UBNT FTK ABFS OPTR IRBT
Subscribe for More Information | | | 06:41 EDT | | FTK | Flotek announces agreement to acquire Florida Chemical for $49.5M
Subscribe for More Information | | | May 9, 2013 | | 16:35 EDT |  | FTK | Flotek reports Q1 EPS 15c, consensus 18c
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