RPC amends credit facility to reduce availability, revise covenants

By Wendy Van Sickle

Columbus, Ohio, Oct. 1 – RPC, Inc. amended its credit agreement with Bank of America, NA on Sept. 25 to reduce the amount available under the credit facility, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The amendment reduces the amount available to $100 million from $125 million.

The amendment also decreases the minimum tangible net worth covenant level to not less than $400 million from not less than $600 million, and increases the margin spreads and commitment fees payable by 37.5 basis points and 5 bps, respectively, at each pricing level of the applicable rate without any changes to the leverage ratios used to calculate the spreads.

Atlanta-based RPC provides oilfield services and equipment to independent and major oilfield companies.

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