RPC extends credit facility to 2027, trims margin by 25 bps

By Wendy Van Sickle

Columbus, Ohio, June 23 – RPC, Inc. amended its credit agreement with Bank of America, NA as administrative agent on Wednesday to push out the maturity to June 22, 2027 from July 26, 2023, among other things, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The amendment also replaces Libor with term SOFR as an interest rate option and reduces the margin at each pricing level by 25 basis points. Also, a floor of 1% per annum was introduced for base rate borrowings, and a provision was added to permit the issuance of letters of credit in U.S. dollars.

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

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