TETRA Technologies Announces New Credit Facility

TETRA Technologies, Inc. (NYSE:TTI) has entered into a new $140 million bank credit facility.

Geoffrey M. Hertel, Chief Executive Officer, stated, "The $140 million multi-currency revolving bank credit facility replaces an expiring $95 million credit facility. The new five-year facility is unsecured and is expandable to $200 million with the agreement of the existing lenders or additional lenders. Borrowings under the facility bear interest at a rate of LIBOR plus 75 - 175 bps, depending on the leverage ratio. The new facility, which was closed today, has commitments from six banks and was led by Bank of America and Bank One (a wholly owned subsidiary of JPMorgan Chase & Co.)," concluded Hertel.

TETRA is an oil and gas services company, including an integrated calcium chloride and brominated products manufacturing operation that supplies feedstocks to energy markets, as well as other markets.