Flotek lifts credit facility capacity in connection with acquisition

By Jennifer Chiou

New York, May 10 - Flotek Industries, Inc. announced an amendment to its credit facility with PNC Bank, increasing the size to $125 million from $75 million, in connection with its definitive agreement to acquire all of the outstanding stock of Florida Chemical Co., Inc.

The facility is comprised of a $50 million term loan and a $75 million revolver.

Under the terms of the acquisition agreement, Flotek will pay $49.5 million in cash and 3,284,180 shares of Flotek common stock for the privately held Florida Chemical.

Flotek is a Houston-based developer and distributor of oilfield technologies, including specialty chemicals and down-hole drilling and production equipment.

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