Newpark Resources Inc. has entered into a new $225 million secured credit facility with a bank group led by JP Morgan Chase Bank, N.A.
This new facility consists of a $175 million revolving line of credit and a $50 million term loan. Borrowings under this new facility were used to repay in full the outstanding balances and terminate the company's $150 million term credit facility and $100 million revolving credit facility. In conjunction with the termination of these credit facilities, the company expects to record a non-cash charge of approximately $4.0 million during the fourth quarter of 2007 to write-off capitalized financing costs. The maturity date of the new facility is Dec. 21, 2012.
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