Item 1.01 Entry into a Material Definitive Agreement.
On December 1, 2021, Nuverra Environmental Solutions, Inc. ("Nuverra" or the
"Company"), entered into a Third Amendment to Loan Agreement (the "Third
Amendment") with First International Bank & Trust, a North Dakota banking
corporation (the "Lender"), pursuant to which the Company and the Lender agreed
to amend that certain Master Loan Agreement, dated November 16, 2020 (as
previously amended, the "Loan Agreement"), between the Company and Lender in
order to (i) amend and restate the promissory note relating to the letter of
credit facility (the "Amended and Restated Letter of Credit Note") to extend the
maturity date to November 18, 2022, (ii) amend and restated the promissory note
relating to the undrawn $5.0 million operating line of credit loan (the "Amended
and Restated Operating LOC Note") to extend the maturity date to June 1, 2022,
and (iii) permit the Company to use approximately $1.3 million of asset sale
proceeds to fund specified capital expenditures relating to its solid waste
landfill facility in Arnegard, North Dakota. The Third Amendment also contains
customary representations and warranties from the Company and is executed by
each of the Company's wholly-owned guarantor subsidiaries.
The foregoing descriptions of the Third Amendment, the Amended and Restated
Letter of Credit Note and the Amended and Restated Operating LOC Note do not
purport to be complete and are qualified in their entirety by reference to the
full text of such documents, which are attached as Exhibits 10.1, 10.2 and 10.3,
respectively, to this Current Report on Form 8-K and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
10.1 Third Amendment to Loan Agreement, dated December 1, 2021, between Nuverra
Environmental Solutions, Inc. and First International Bank & Trust
10.2 Amended and Restated Letter of Credit Promissory Note, dated December 1,
2021, by Nuverra Environmental Solutions, Inc. in favor of First International
Bank & Trust
10.3 Amended and Restated Operating LOC Promissory Note, dated December 1, 2021,
by Nuverra Environmental Solutions, Inc. in favor of First International Bank
& Trust
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses