HOUSTON, Dec. 17, 2012 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK) ("Flotek" or the "Company") today announced that it has entered into an Amendment to its current credit facility with PNC Bank ("PNC") that, among other terms, extends the maturity to January 31, 2013 and allows the Company to repurchase up to $40 million of its outstanding convertible notes.
In addition, the Company announced that it has reached an agreement in principle on a permanent restatement and extension of its facility with PNC Bank and expects to complete formal documentation and closing prior to year-end.
"We are pleased that PNC Bank has agreed to extend the terms of our current credit facility and to expand our relationship. Once finalized, this will provide Flotek with capital to refinance all of our remaining convertible notes and additional access to capital on flexible and efficient terms to fund our future growth plans," said John Chisholm, Chairman, President and Chief Executive Officer of Flotek. "PNC has been an exceptional partner for Flotek over the past two years and we look forward to expanding our partnership in the months and years to come."
Chisholm continued, "Combined with our cash position of nearly $30 million Flotek is well positioned to finish the year in one of the strongest financial positions in the history of our Company, a testament to the hard work and dedication of the entire Flotek team over the past twelve months."A complete summary of the Amendment to the current facility can be found in a Form 8-K filed today with the U.S. Securities and Exchange Commission. The terms of the expanded and restated credit facility will be released upon completion of the final agreement between the Company and PNC. While the agreement in principle indicates the Company and PNC have agreed to conceptual terms of a new credit agreement, there can be no assurance that the parties will agree to final, binding terms and conditions.