Ranger Energy Services, Inc. Announces New Asset Based Lending Facility
31 Mai 2023 - 10:08PM
Business Wire
Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the
“Company”), a leading provider of well service rigs and associated
services to the oil and gas industry, is pleased to announce the
successful closing of a new asset based lending facility (“ABL”)
with Wells Fargo Bank, N.A, as administrative agent and sole
lender. The facility includes $75 million of committed liquidity
and features an accordion that allows for potential expansion up to
$150 million to support future growth opportunities. Under the
terms of the agreement, the ABL will have a tenor of five years,
providing Ranger with enhanced financial flexibility and support
for its strategic initiatives.
This new facility will consolidate all material existing debt
instruments into the new expanded facility, enabling Ranger to
simplify its debt structure and reduce its cost of capital. The
asset based facility incorporates a tiered pricing structure based
on the Secured Overnight Financing Rate (SOFR), offering borrowing
levels with significantly better economic terms compared to the
existing financings. The facility includes standard fixed charge
coverage ratio covenant tests to be applied.
Stuart Bodden, Ranger’s Chief Executive Officer, commented,
"Ranger is pleased to announce the refinancing of its debt and
enhanced liquidity into a more streamlined and economical facility
that provides flexibility to grow in the future. The agreed terms
evidence the strides made by the business to strengthen the balance
sheet after the acquisitions completed in 2021, as well as the
value those acquisitions have brought to Ranger. Going forward, we
will be able to access capital when needed to grow at attractive
rates without significant administrative burden. This is an
important step in Ranger's journey, and we are excited to continue
down our strategic path with the enhanced liquidity now available
to us."
Ranger remains committed to delivering exceptional service to
its customers and maintaining its position as a leader in the
oilfield services industry. With the closing of the ABL, the
Company is optimally positioned to leverage its strengthened
balance sheet and execute on new growth opportunities.
Winston & Strawn LLP served as legal counsel to Ranger on
the ABL facility.
About Ranger Energy Services, Inc.
Ranger is one of the largest providers of high specification
mobile rig well services, cased hole wireline services, and
ancillary services in the U.S. oil and gas industry. Our services
facilitate operations throughout the lifecycle of a well, including
the completion, production, maintenance, intervention, workover and
abandonment phases.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
“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. These forward-looking statements represent
Ranger’s expectations or beliefs concerning future events, and it
is possible that the results described in this press release will
not be achieved. These forward-looking statements are subject to
risks, uncertainties and other factors, many of which are outside
of Ranger’s control that could cause actual results to differ
materially from the results discussed in the forward-looking
statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Ranger does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Ranger to predict all such factors. When considering
these forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in our filings with the
Securities and Exchange Commission. The risk factors and other
factors noted in Ranger’s filings with the SEC could cause its
actual results to differ materially from those contained in any
forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20230530005583/en/
Melissa Cougle Chief Financial Officer (713) 935-8900
InvestorRelations@rangerenergy.com
Ranger Energy Services (NYSE:RNGR)
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