Drilling tools international corp. amends and extends abl credit facility and enters into new term loan
Abl amendment provides additional financial flexibility, extends maturity to 2029 and modifies certain financial covenants new term loan adds $25 million of increased borrowing capacity houston , march 18, 2024 /prnewswire/ -- drilling tools international corp. (nasdaq: dti) ("dti" or the "company"), a global oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, today announced that it has completed an amendment (the "abl amendment") to its existing amended and restated senior secured asset-based revolving credit, security and guaranty agreement, with pnc business credit, a division of pnc bank, national association (the "abl credit facility"). the abl amendment, among other things, increases the borrowing capacity from $60 million to $80 million, improves pricing to sofr + 2.50%, and removes certain negative financial covenants.
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