THE WOODLANDS, Texas, June 07, 2022 (GLOBE NEWSWIRE) — ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX), today announced that it has refinanced its existing credit facilities with a secured credit facility senior retiree, amending and updating his 2018 senior secured credit facility. The restated agreement provides for a 7-year, $625 million B term loan and a 5-year, $700 million revolving credit facility. year. The Company will use the proceeds of the Term Loan and an initial draw on the Revolving Credit Facility to (a) repay amounts outstanding under its 2018 Senior Secured Credit Facility and (b) repay and terminate its 2020 term loan, and to repay all outstanding 6.375% senior bonds due 2026. Proceeds from future draws on the revolving credit facility will be used for working capital and other general corporate purposes. the company.
“We are delighted with the successful execution of this debt refinancing, which further simplifies our balance sheet, extends the maturity of our nearest debt to 2027 and strengthens our strong liquidity position,” said Sivasankaran “Soma » Somasundaram, President and CEO of ChampionX. .
The Restated Senior Secured Credit Facility continues to be guaranteed by certain of the Company’s wholly-owned national subsidiaries and secured by substantially all of the assets of the Company and each guarantor.
ChampionX is a global leader in chemical solutions and advanced equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX’s products ensure efficient operation throughout the life cycle of a well with a focus on the production phase of wells. To learn more about ChampionX, visit our website at www.championX.com.
Byron Pope – [email protected] – 281-602-0094
John Breed – [email protected] – 281-403-3751