KLX Energy Services Secures $232 Million in Senior Notes
KLX Energy Services Achieves Major Financial Milestone
KLX Energy Services Holdings, Inc. (NASDAQ: KLXE) has recently completed a significant financial transaction that will enhance its operations and future growth. The company has successfully closed on refinancing its existing senior secured notes by issuing approximately $232 million of new senior secured notes, with a maturity date set for March 2030. This move includes warrants that give investors the option to purchase common stock in the company, indicating strong confidence in KLX's strategic direction.
New ABL Credit Facility
Alongside the notes, KLX announced the closing of a new asset-based lending (ABL) credit facility worth $125 million. This facility is designed to support the company’s ongoing operational needs and growth initiatives. Structured as a first-in-last-out facility, it also includes a $10 million commitment and an additional $25 million available through a committed incremental loan option. This robust financial backing will play a crucial role in enabling KLX to better serve its clients and expand its service offerings.
About KLX Energy Services Holdings, Inc.
KLX Energy Services is dedicated to providing a comprehensive range of oilfield services, catering to both onshore oil and natural gas exploration companies. The company operates throughout several major basins and is committed to meeting the challenges presented by technically demanding wells. With a network of over 50 service and support facilities, KLX is positioned to deliver essential services in drilling, completion, production, and intervention activities.
Innovative Solutions and Expertise
What sets KLX apart is its combination of innovative proprietary products and specialized services. These offerings are backed by a team of highly skilled professionals. Their expertise, paired with a robust portfolio of in-house manufacturing, repair, and maintenance capabilities, allows the company to remain competitive in the rapidly evolving oil and gas sector.
Contact Information
For inquiries regarding KLX Energy Services, Keefer M. Lehner, Executive Vice President and Chief Financial Officer, can be reached directly at (832) 930-8066. The company aims to maintain transparent communication with its stakeholders, emphasizing the importance of investor relations in advising potential and current investors on the company’s developments.
Investor Relations
Additionally, investors seeking further information can connect with Dennard Lascar Investor Relations at (713) 529-6600. This investor relations team is prepared to facilitate communications, ensuring that all inquiries are addressed swiftly and comprehensively.
Firm Commitment to Growth
KLX Energy Services Holdings, Inc. is on a trajectory of growth and expanded service capacities. The recent financial developments signify the company's commitment to strengthening its market position and providing top-tier services to clients in the oil and gas industry. The successful issuance of new senior secured notes and the new ABL credit facility demonstrate KLX's proactive approach to capital management.
Frequently Asked Questions
What is the total value of the new senior secured notes issued by KLXE?
The total value of the new senior secured notes issued by KLX Energy Services Holdings, Inc. is approximately $232 million.
What is the maturity date of the new senior secured notes?
The new senior secured notes are due in March 2030.
What is the purpose of the new ABL credit facility?
The new ABL credit facility is designed to support ongoing operational needs and growth initiatives for KLX Energy Services.
Who can be contacted for investor relations inquiries?
For investor relations inquiries, Keefer M. Lehner, EVP and CFO, is available at (832) 930-8066.
How does KLX Energy Services position itself in the market?
KLX Energy Services positions itself as a leading provider of diversified oilfield services to onshore oil and natural gas companies, focusing on technically demanding wells and innovative solutions.
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