Flotek amends fixed-charge coverage ratio under credit facility

By Marisa Wong

Madison, Wis., July 23 – Flotek Industries, Inc. entered into a fourth amendment to its amended and restated revolving credit, term loan and security agreement with PNC Bank, NA dated May 10, 2013 to revise definitions related to its required financial metrics, according to an 8-K filing with the Securities and Exchange Commission.

The amendment includes changes to the definition of adjusted EBITDA and fixed-charge coverage ratio.

The fixed-charge coverage ratio covenant was amended to require the company to maintain, beginning on June 30, a fixed-charge coverage ratio of at least 1.1 to 1 as of the last day of each fiscal quarter for the four-fiscal-quarter period then ending.

The company agreed to pay a fee in connection with the amendment, which was completed on July 21.

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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