Business
KLX Energy Services Holdings, Inc. Enters Into New Credit Agreement to Refinance Existing Senior Secured Notes Due 2025
KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLX", the "Company", "we", "us" or "our") announced today that it has entered agreements to refinance its existing 2025 senior secured notes by issuing approximately $232 million of senior secured notes due March 2030. The Company also announced it has entered into a new ABL credit facility due March 2028 with a $125 million commitment, a first-in-last-out facility with a $10 million commitment, and a committed incremental loan option with a $2
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"New $232 Million Senior Secured Notes to mature March 2030","length":58,"tagName":"p","attribs":{}},{"type":"text","content":"KLX also enters into new $125 Million ABL Credit Facility","length":57,"tagName":"p","attribs":{}},{"type":"text","content":"Company To Hold 2024 Fourth Quarter/Year End Conference Call on March 14, 2025","length":78,"tagName":"p","attribs":{}},{"type":"text","content":"HOUSTON, March 7, 2025 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLX", the "Company", "we", "us" or "our") announced today that it has entered agreements to refinance its existing 2025 senior secured notes by issuing approximately $232 million of senior secured notes due March 2030. The Company also announced it has entered into a new ABL credit facility due March 2028 with a $125 million commitment, a first-in-last-out facility with a $10 million commitment, and a committed incremental loan option with a $25 million commitment. The closing of the refinancing is expected to occur on or about March 11, 2025, subject to certain closing conditions.","length":729,"tagName":"p"},{"type":"text","content":"Additionally, KLX expects 2024 fourth quarter revenue to come in at the midpoint of previously disclosed guidance, and Adjusted EBITDA margin to exceed the high-end of previously disclosed guidance. "I am pleased to announce that we finished the year strong despite typical seasonal headwinds and fourth quarter budget exhaustion driven by customer frac holidays," said Chris Baker, KLX President and Chief Executive Officer. "Our continued focus on cost controls combined with favorable mix shifts in product service line contribution enabled us to significantly increase our 2024 fourth quarter Adjusted EBITDA margin compared to last year's fourth quarter. Despite the U.S. rig count being down approximately 5% over the same period, our weighting to completion and production and intervention business lines and technologies, which is primarily post frac weighted, sustained KLX's strong performance deep into the fourth quarter in the face of industry headwinds. We look forward to communicating our results and much more on March 14th."","length":1075,"tagName":"p"},{"type":"text","content":"Keefer Lehner, EVP and Chief Financial Officer, added, &...