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KLX Energy Services Announces Amendment and Extension of Its ABL Credit Facility, Including Additional Borrowing Capacity
Provides Significant Financial Flexibility – Extending Maturity and Increasing Facility Size HOUSTON, June 20, 2023 /PRNewswire/ -- KLX Energy Services
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"Provides Significant Financial Flexibility – Extending Maturity and Increasing Facility Size \nHOUSTON, June 20, 2023 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (\"KLX\" or the \"Company\") (NASDAQ: KLXE) today announced that it has entered into a Fourth Amendment (the \"Amendment\") to the Credit Agreement governing the Company's asset-based lending facility (the \"ABL Facility\"), led by JPMorgan Chase Bank, N.A. (\"JPM\"), which amends KLX's existing Credit Agreement, dated as of August 10, 2018 (as amended, the \"Credit Agreement\").\nThe Amendment, among other things, modifies the current agreement to: (i) extend the maturity date of the Credit Agreement from September 15, 2024 to the earlier of (A) September 15, 2025 or (B) August 1, 2025, if the Company's senior secured notes are still outstanding as of such date; and (ii) increase the revolving credit commitment from $100 million to $120 million.\nKeefer Lehner, EVP and Chief Financial Officer, said, \"We are very pleased to have the continued support of our lenders and to announce an Amendment that upsizes and extends maturity on our ABL Facility. The successful execution of our Amendment provides considerable financial flexibility, augments liquidity, extends the Company's debt maturity profile and is an important step that enables KLX to continue its focus on free cash flow generation, deleveraging and further accretive consolidation.\"\nPro forma for the Amendment, KLX's available liquidity as of March 31, 2023 would have increased by $20 million to $104 million, consisting of $40 million in cash and $64 million of pro forma availability under the ABL Facility. Further, KLX ended May 31, 2023 with a cash balance of $67 million and pro forma available liquidity of $130 million, including $63 million of pro forma availability under the ABL Facility.\n($ in millions) \n \nMarch 31, 2023 \nAs Reported\nMarch 31, 2023 \nPro Forma for Amendment\nMay 31, 2023\nMay 31, 2023\nPro Forma for Amendment\nCash*\n$ 40\n$ 40\n$ 67\n$ 67\nABL Availability*\n44\n64\n44\n63\nAvailable Liquidity*\n$ 84\n$ 104\n$ 111\n$ 130\n* Amounts are unaudited\n \nAbout KLX Energy ServicesKLX is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in the ...