Boots & Coots Closes on $54.4MM Bank Facility
Boots & Coots has entered into a new $54.4 million syndicated credit facility led by Wells Fargo & Company as Lead Arranger and Administrative Agent. Included in this facility are a three-year term debt facility of $34.4 million and a three-year revolving line of credit of up
to $20 million, both of which respectively replace the Company's existing facilities.
"Successfully completing a new financing arrangement in today's economic and credit environment demonstrates the strength of our balance sheet and the Company's positive outlook," stated Jerry Winchester, chief executive officer of Boots & Coots. "This facility not only provides adequate liquidity, it also gives Boots & Coots the flexibility to execute our business plan and continue to achieve positive results for shareholders."
The Company intends to use the proceeds to pay off $21.2 million of senior subordinated notes held by Oil States International and for working capital requirements.
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