Select Energy, parent enter up to $270 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, March 18 – SES Holdings, LLC and its subsidiary Select Energy Services, LLC entered into an up to $270 million amended and restated senior secured revolving credit facility on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The commitment amount is subject to a borrowing base.

The maturity date is March 17, 2027.

Borrowings bear interest at term SOFR plus a margin that ranges from 175 basis points to 225 bps, based on average excess availability and that is initially 175 bps. The unused facility fee is either 25 bps if an average of at least half the commitments are in use or 37.5 bps otherwise.

The interest rate margin and the facility fee rates are also subject to adjustments based on the borrower’s performance of specified sustainability target thresholds.

There is a $40 million sublimit for letters of credit and a $27 million sublimit for swingline loans.

Wells Fargo Bank, NA is administrative agent and is a bookrunner and lead arranger along with Bank of America, NA. Wells Fargo Capital Finance, LLC is sustainability structuring agent.

SES is a subsidiary of Select Energy Services, Inc., a Houston-based provider of innovative, efficient, end-to-end water management solutions for energy producers.

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