This new facility, which replaces the Company's current revolving credit facility of $70 million, provides improved liquidity for growth. The maturity date of the new facility is June 25, 2011, which is a three-year extension of the Company's current facility. Additionally, the Company may elect to increase this facility, subject to approval by the Board of Directors and the bank group, by $30 million if the need arises.
Paul Howes, President and Chief Executive Officer of Newpark, stated, "This new revolving credit facility gives us the liquidity and flexibility to capitalize on the robust drilling market and pursue opportunities in our businesses, both domestically and internationally, over the next several years."
Additionally, Newpark announced that all items voted upon at its December 28, 2006 shareholder meeting were approved. Those items were the election of nine directors, approval of the 2006 Equity Incentive Plan, approval of an amendment to the 1999 Employee Stock Purchase Plan and ratification of the appointment of Ernst & Young LLP as the Company's independent auditor for 2006.
Newpark Resources, Inc. is a worldwide provider of drilling fluids, environmental waste treatment solutions, and temporary worksites and access roads for oilfield and other commercial markets.
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