FET Extends Credit Facility Maturity to February 2031
Forum Energy Technologies, Inc. (NYSE:FET) announced today it has entered into an amendment to its senior secured asset-based lending credit facility ("Credit Facility"). Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., and Bank of America, N.A., acted as joint lead arrangers and joint book runners. Wells Fargo Bank, National Association, will continue to act as the administrative agent.
Lyle Williams, Executive Vice President and Chief Financial Officer, remarked, "This amendment further strengthens FET's balance sheet, and we appreciate our bank group's support. The Credit Facility commitments of $250 million provide significant flexibility for FET to fund strategic initiatives, including long-term debt retirement, organic investments and acquisition opportunities. We are focused on our pursuit of realizing FET 2030."
The amendment's key elements include: (i) the maturity has been extended, subject to certain exceptions, to February 2031; (ii) the total amount of letters of credit that may be issued was increased to $110 million; and (iii) interest rates on borrowings outstanding were modified to an excess availability-based structure with improved pricing. The full text of the amended Credit Facility will be filed with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K.
FET is a global manufacturing company, serving the oil, natural gas, defense, and renewable energy industries. With headquarters in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit www.f-e-t.com.
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