RPC extends maturity, lowers interest by 12.5 bps on revolving loans

By Toni Weeks

San Luis Obispo, Calif., Jan. 24 - RPC, Inc. amended its credit agreement on Jan. 17, extending the maturity dates and lowering interest rates, according to an 8-K filed Friday with the Securities and Exchange Commission.

The amendment lowered interest rates on the revolving loans under the credit agreement by 12.5 basis points at all pricing levels, and commitment fees were reduced by 2.5 bps at some pricing levels. The initial coupon is Libor plus 112.5 bps, and the initial commitment fee is 22.5 bps. Both are based on the company's consolidated leverage ratio.

The maturity date of all revolving loans was extended to Jan. 17, 2019 from Aug. 31, 2015.

In addition, the swingline subfacility under the agreement was increased to $35 million from $25 million.

Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer. BofA Merrill Lynch, SunTrust Robinson Humphrey, Inc., Regions Capital Markets and PNC Capital Markets LLC are the joint lead arrangers and joint bank managers.

RPC incurred commitment fees and other debt-related costs associated with the amendment of about $687,500, the filing notes.

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

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