Flotek Closes $120M Senior Secured Term Loan, Refinances PWRTEK Note
FTK has more than doubled off its 52-week low of $12.77.
Summary
Flotek closed a $120M senior secured term loan with $75M funded at closing, refinancing its $40M PWRTEK note and extending its ABL facility to October 2027. The deal includes a 1.30x MOIC payment and a related-party cashless roll by a ProFrac affiliate.
Key Events · Financing and Capital Events · FTK
-
$120M Term Loan Closed
Flotek entered a $120M senior secured term loan facility with $75M funded at closing, $15M committed delayed-draw available through June 30, 2027, and $30M uncommitted delayed-draw available through March 31, 2028. Maturity is September 23, 2031.
-
PWRTEK Note Refinanced
Proceeds were used to repay in full the $40M PWRTEK Note (10% interest, due 2030) held by PC Energy, an affiliate of ProFrac's Wilks brothers. PC Energy rolled $12.5M of the note into the new term loans via a cashless exchange.
-
Expensive Capital Terms
Interest accrues at Term SOFR (2.50% floor) + 6.50% margin. A MOIC Payment Amount based on a 1.30x factor is due on full prepayment, maturity, or acceleration — effectively a 30% minimum return to lenders on top of interest.
-
ABL Extended to October 2027
Amerisource consented to the term loan and extended the existing ABL facility maturity from October 31, 2026 to October 31, 2027. The ABL provides up to $20M of additional borrowing capacity.
Analysis · FTK · Industrial Applications And Services
Flotek closed a $120 million senior secured term loan facility with $75 million funded at closing, replacing its existing $40 million PWRTEK note and extending its ABL maturity to October 2027. The new debt carries a Term SOFR + 6.50% margin (2.50% floor) and a 1.30x MOIC payment on full prepayment or maturity — expensive capital that reflects the company's need for liquidity after the Puerto Rico contract termination. The deal includes a related-party cashless roll of $12.5 million by PC Energy, an affiliate of ProFrac's Wilks brothers, which was approved by the Audit Committee. The split-collateral intercreditor structure with Amerisource preserves the ABL's priority on receivables and inventory while giving the new term lenders first priority on all other assets.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 40.4% of the 1069 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.35%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FTK was trading at $30.43 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $12.77 to $39.67. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.