Key elements of the Credit Facility include:
-
Total lender commitments reduced to
$200 million from$600 million with an ability to increase the Credit Facility by an additional$150 million , subject to certain restrictions. - Maximum total leverage ratio and minimum interest coverage ratio eliminated.
-
Maximum senior secured leverage ratio as of each quarter end increased
to 4.50 times from 3.50 times through
December 31, 2016 , 4.0 times through 2017, and 3.5 times through the maturity of the facility. - Added a new minimum fixed charge coverage ratio of 1.25 times that is only tested if availability falls below certain levels.
Availability under the Credit Facility is subject to a borrowing base
comprised of eligible accounts receivable, inventory and cash. The
Credit Facility maturity date of
Additional information regarding the Credit Facility can be accessed in
a Current Report on Form 8-K, filed with the
Forum Energy Technologies is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company’s products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe. For more information, please visit www.f-e-t.com.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the company
based on management's experience and perception of historical trends,
current conditions, anticipated future developments and other factors
believed to be appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the company, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. Among other things, these include the volatility of oil and
natural gas prices, oilfield development activity levels, the
availability of raw materials and specialized equipment, the company's
ability to deliver backlog in a timely fashion, the availability of
skilled and qualified labor, competition in the oil and gas industry,
governmental regulation and taxation of the oil and natural gas
industry, the company's ability to implement new technologies and
services, the availability and terms of capital, and uncertainties
regarding environmental regulations or litigation and other legal or
regulatory developments affecting the company's business, and other
important factors that could cause actual results to differ materially
from those projected as described in the company's filings with the
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160226005582/en/
Source:
Forum Energy Technologies, Inc.
Investor Contact
Mark
Traylor, 281.368.1108
Vice President, Investor Relations
mark.traylor@f-e-t.com
or
Media
Contact
Donna Smith, 281.949.2514
Director, Marketing &
Communications
donna.smith@f-e-t.com