Oil States enters into new bank credit agreement
HOUSTON — Oil States International Inc. announced that it has entered into a new $125 million asset-based revolving credit agreement.
Wells Fargo Bank is the administrative agent for the credit agreement. In addition to Wells Fargo, lenders under the credit agreement include Bank of America, National Association, JPMorgan Chase Bank, N.A. and Royal Bank of Canada.
Borrowing availability under the credit agreement is based on eligible U.S. receivables and inventory. The credit agreement replaces Oil States’ existing $200 million revolving credit facility. The maturity date of the credit agreement is Feb. 10, 2025.
The credit agreement contains customary representations, warranties, covenants, terms and conditions for a facility of this type, including limitations on the accumulation of U.S. cash in excess of $30 million, incurrence of additional indebtedness and liens, the repayment of other indebtedness, the making of investments, the payment of dividends, the repurchase of shares of common stock and the sale of material amounts of assets.
Borrowings outstanding under the credit agreement will bear interest at LIBOR plus a margin of 2.75% to 3.25%, based on the company’s availability under the revolving credit facility. The company must also pay a quarterly commitment fee of 0.375% to 0.50%, on the unused commitments.
For more information, visit oilstatesintl.com.
ICD Building Automation expands distribution of Honeywell Products
HOUSTON — ICD Building Automation, a business unit of Rawson/Industrial Controls, announced that it will be a Honeywell Authorized System Distributor (ASD) in California and Hawaii.
Honeywell has an integrated set of solutions to help building owners improve the health of their building environments, operate more cleanly and safely, comply with social distancing polices and help reassure occupants that it is safe to return to the workplace.
Honeywell’s solutions provide building owners with more control over critical health, safety and security factors to encourage sustained compliance with changing building standards, safety guidelines, government-issued regulations and a company’s risk management policies.
Honeywell Healthy Building products and solutions now available through ICD Building Automation include: building automation systems, HVAC controllers, energy meters, field devices and commercial thermostats
Oil States announces earnings conference call
HOUSTON — Oil States International Inc. announced that it has scheduled its fourth quarter earnings conference call for 9 a.m. Thursday.
Oil States will discuss the results for the quarter ending Dec. 31, which are expected to be released Wednesday after the markets close.
The call is being webcast and can be accessed at ir.oilstatesintl.com. Participants may join the call by dialing 888-771-4371 in the United States or by +1-847-585-4405 internationally, using the passcode 50092279.
A replay will be available shortly after the completion of the call.
W&T Offshore announces earnings release
HOUSTON — W&T Offshore Inc. announced the timing of its fourth quarter and full year earnings release and conference call.
The company said it will issue its year-end earnings release March 3 after the close of trading and host a conference call to discuss financial and operational results at 9 a.m. Thursday.
Interested parties may participate by dialing 844-739-3797. International parties may dial 412-317-5713. Participants should request to be joined to the “W&T Offshore, Inc. Conference Call.”
The call will be webcast and available at wtoffshore.com under “Investors.” An audio replay will be available on the company’s website.
Axele hosting webinar about optimizing operations
DALLAS — Axele LLC is hosting the webinar “Optimizing Your Operation Using New Hours of Service Flexibility.”
Attendees can learn how carriers and drivers can use new Hours of Service (HoS) flexibility to improve operation efficiency.
Dave Osiecki, a 30-year transportation industry veteran and president of Scopelitis Transportation Consulting, will share his expertise and knowledge about the rule changes during the free webinar at 1 p.m. Wednesday.
TPC Group enters into note purchase agreement
HOUSTON — TPC Group Inc. announced that it has entered into an agreement for the issuance and sale of $153 million aggregate principal amount of new 10.875 percent Senior Secured Notes due 2024.
The notes were issued in a private placement that was exempt from the registration requirements of the Securities Act of 1933, as amended. The notes are guaranteed on a senior unsecured basis by TPC Holdings Inc. and on a senior secured basis by all of the company’s existing or future direct and indirect domestic subsidiaries, other than certain excluded subsidiaries.
The net proceeds from the offering will be used to repay and terminate the company’s $70 million term loan credit facility, to pay all fees and expenses related to the transactions and for general corporate purposes.
Interest on the notes begins accruing on the issue date of the notes at a rate of 10.875 percent per year and is payable quarterly in arrears Feb. 1, May 1, Aug. 1 and Nov. 1 of each year, commencing May 1.
Moelis & Company LLC acted as financial advisor in connection with the transaction.
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