Frac Tech $200 million revolving credit facility led by Credit Suisse

By Sara Rosenberg

New York, Dec. 15 - Frac Tech Services LLC's proposed $200 million four-year senior secured revolving credit facility is being led by Credit Suisse, according to an S-1 filed with the Securities and Exchange Commission on Wednesday.

The company has received commitments for 100% of the proposed revolver from Credit Suisse, RBC, Bank of America and Citigroup, the filing said.

Financial covenants include a maximum ratio of total debt to EBITDA of 3:0 and a minimum interest coverage ratio of 3.5:1.

There is a $100 million accordion feature.

Proceeds will be used to replace an existing revolver and to fund working capital requirements and other general corporate purposes.

The revolver is expected to be completed before the company closes on its initial public offering of common stock.

Frac Tech is a Cisco, Texas-based oilfield service company.

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