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CARBO Reports Structural Changes to Credit Facility; Remains at $65MM
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CARBO Ceramics Inc. has reported changes to its credit facility.
The company has entered into an amended credit agreement with the Wilks Brothers, LLC and a promissory note with its affiliate, Equify Financial LLC. The total amount of borrowings under this new structure remains the same at $65 million, however, the debt is now split between the Wilks and Equify, $33 million and $32 million, respectively.
The interest rate of 9%, maturity on December 31, 2022, and the terms and conditions for both loans remain the same as the previous credit agreement.
By amending the previous credit agreement, the Company is able to retain the net cash proceeds from the sale of its Millen, Georgia facility that otherwise would have been required to pay down the credit facility principle if not reinvested within 270 days from the completion of the sale.
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