Frank’s International enters $100 million five-year ABL facility

By Marisa Wong

Morgantown, W.Va., Nov. 6 – Frank’s International NV entered into a $100 million five-year senior secured revolving credit facility on Nov. 5 with JPMorgan Chase Bank, NA as administrative agent, according to a press release.

The credit facility includes an up to $15 million sublimit for letters of credit.

The maximum amount that Frank’s may borrow under the new ABL facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments.

Frank’s is an oil services company based in Den Helder, the Netherlands.

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