Flotek Lands $120M Term Loan to Fuel Data Analytics Growth
FTK has more than doubled off its 52-week low of $12.77.
Summary
Flotek secured a $120 million senior secured term loan, with $75 million funded at closing, $15 million in committed delayed-draw availability until June 30, 2027, and up to $30 million in additional delayed-draw loans subject to lender approval. Elda River Capital Management leads the financing, joined by an affiliate of Antarctica Capital. Proceeds will fund Data Analytics capex, refinance the existing $40 million term loan, and support working capital. The asset-based loan maturity was extended to October 2027, adding $20 million in borrowing capacity. The term loan bears interest at Term SOFR plus 6.50% with a 2.50% floor and matures September 23, 2031. PC Energy Credit I LLC exchanged $12.5 million of PWRTEK Note obligations for initial term loans. This follows the September 9 guidance raise and the August termination of the Puerto Rico contract, signaling lenders' confidence in the company's growth strategy. The financing strengthens liquidity and provides long-term capital for expansion.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — The credit agreement provides for $75M initial term loans, $15M committed initial delayed draw term loans available until June 30, 2027, and up to $30M additional delayed draw term loans subject to lender approval. Interest is Term SOFR plus 6.50% with a 2.50% floor, maturing September 23, 2031. PC Energy Credit I LLC exchanged $12.5M of PWRTEK Note obligations for initial term loans.
At the time of this announcement, FTK was trading at $30.43 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $12.77 to $39.67. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.