Basic Energy Services is refinancing and expanding its UBS-led credit facility. The oil and gas well servicing company is increasing both its revolver and term loan by $20 million each. The facility will now consist of a $50 million revolver and $160 million term loan. In addition, the term loan spread will be reduced by 50 basis points to LIBOR plus 3%. The revolver pricing will remain the same. It is tied to a leveraged-based grid that ranges from LIBOR plus 2 1/2-3%. Jim Carter, Basic Energy's cfo, did not return calls.
UBS Refinances Basic Energy