Core Laboratories amends, extends $350 million revolver, reduces fees

By Tali Rackner

Norfolk, Va., Aug. 29 – Core Laboratories NV and Core Laboratories (U.S.) Interests Holdings, Inc. entered into a sixth amended and restate credit agreement on Friday, increasing the borrowing limit to $350 million from $300 million and extending the maturity to Aug. 19, 2019, according to an 8-K filing with the Securities and Exchange Commission.

There is an option to increase the facility to $400 million.

Pricing on the revolver was reduced and now ranges from Libor plus 125 basis points to 200 bps, based on the company's consolidated net debt to consolidated EBITDA ratio.

Commitment fees were also reduced and range from 25 bps to 40 bps.

Bank of America NA is the administrative agent, swingline lender and letter of credit issuer.

Core Laboratories is a Houston-based provider of production enhancement and reservoir management services for the petroleum industry.

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