Flotek Industries Secures $120 Million in New Term Loan Financing
1 report, 1 independent
Updated Sep 23
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What happened
Flotek Industries announced a new secured term loan agreement providing $75 million in initial funding and up to $45 million in delayed-draw availability. Elda River Capital Management, LLC is the lead lender, with an affiliate of Antarctica Capital also investing. The total capital available under the term loan is up to $120 million.
From prnewswire.com
Why it matters
The financing provides Flotek Industries with enhanced liquidity and financial flexibility. Proceeds are expected to support capital expenditures related to the Data Analytics segment, refinance an existing $40 million term loan, and fund working capital requirements.
Flotek Industries operates within the Oil and Gas industry, which has shown high implied volatility.
From prnewswire.com