MIDLAND, Texas–(BUSINESS WIRE)–On April 13, 2022, ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) announced the extension of its existing asset-based loan facility (the “Amended ABL”) to five one-year and a reduction in covenants of $300 million to $150 million. The amended ABL will extend the maturity from 2023 to 2027 and, through updated advance formulas and other provisions, provide increased availability with improved pricing. No advances under the amended LBA are currently in progress.
David Schorlemer, the company’s Chief Financial Officer, said: “We are very pleased with the continued support of our financial partners with Barclays, as well as other ABL participants, namely JPMorgan Chase, Goldman Sachs and a new entrant in our facility, Bank of America. Extending maturity to 2027 is reassuring to know that these leading financial institutions are helping to support our efforts to provide reliable energy services to our industry. The reduction in liabilities is also consistent with our passion for capital efficiency with the resources we employ. Reducing ongoing commitment fees and interest charges and improving uptime is a win-win situation for ProPetro. We believe this facility, along with our working capital and operating cash flow, will provide strong liquidity to support ProPetro in the future.
ProPetro Holding Corp. is a Midland, Texas-based oil services company that provides pressure pumping and other ancillary services to major upstream oil and gas companies engaged in the exploration and production of unconventional oil and gas resources in North America. For more information, visit www.propetroservices.com.
Except for historical information contained in this press release, the statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding business growth and wellsite performance. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. These risks and uncertainties include operational disruption and market volatility resulting from the COVID-19 pandemic and other factors are described in ProPetro’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in particularly the “Risk Factors” sections of these filings and other filings with the Securities and Exchange Commission. In addition, ProPetro may be subject to currently unforeseen risks that could have a material adverse effect on it. Accordingly, there can be no assurance that actual events and results will not differ materially from the anticipated results described in the forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release. ProPetro does not undertake and expressly disclaims any obligation to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent disclosure is required by law.