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C&J's Credit Facility Reduced by $200MM as Frac Ops Decline
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C&J Energy Services Ltd. has entered into a waiver and second amendment and a third amendment to the credit agreement governing its existing senior secured credit facilities to provide the Company with increased financial flexibility through the third quarter of 2018. The Company is also providing an update to the previously issued guidance regarding its third quarter results.
Amendments to Credit FacilityThe Amendments include, among other things, the following terms:
Reduction in revolving credit facility commitment from $600 million to $400 million, subject to ongoing compliance with a newly implemented collateral coverage covenant, anticipated to provide sufficient liquidity Suspension of the quarterly maximum leverage ratio test and the quarterly minimum interest coverage ratio…- ✓ Full news archive — U.S., Canada & international coverage
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