Item 1.01. Entry into a Material Definitive Agreement. OnJune 17, 2020 ,Oil States International, Inc. (the "Company") entered into an omnibus amendment (the "Credit Agreement Amendment") amending its Amended and Restated Credit Agreement withWells Fargo Bank, N.A ., as administrative agent for the lenders party thereto, and the lenders and other financial institutions from time to time party thereto. Total lender commitments under the Amended and Restated Credit Agreement (as amended by the Credit Agreement Amendment, the "Amended Credit Agreement") are reduced to$200 million in exchange for the suspension of the existing financial covenants fromJuly 1, 2020 thoughMarch 30, 2021 . The maturity date of the Amended Credit Agreement remainsJanuary 30, 2022 . During the financial covenant suspension period, borrowing availability under the amended revolving credit facility will be determined by a monthly borrowing base calculated as the sum of 70% of the consolidated net book value of eligible receivables and 20% of the consolidated net book value of eligible inventory (the "Borrowing Base"). Calculated availability will be further limited during the financial covenant suspension period to the lesser 85% of (i) the Borrowing Base or (ii)$200 million . Additionally, the Amended Credit Agreement contains customary representations, warranties, covenants, terms and conditions for a facility of this type, including limitations on the accumulation ofU.S. cash in excess of$45 million , incurrence of additional indebtedness and liens, the repayment of other indebtedness, the making of investments, the payment of dividends, the repurchase of shares of common stock and the sale of material amounts of assets. Borrowings outstanding under the amended revolving credit facility will bear interest at LIBOR plus a margin of 2.50% to 3.75%, or at a base rate plus a margin of 1.50% to 2.75%, in each case based on a ratio of the Company's total net funded debt to consolidated EBITDA. The Company must also pay a quarterly commitment fee of 0.50%, based on unused commitments. The foregoing description of the Amended Credit Agreement and the amended revolving credit facility is only a summary, does not purport to be complete and is subject to, and qualified in its entirety by reference to the Omnibus Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. Item 7.01 Regulation FD Disclosure OnJune 17, 2020 , the Company issued a press release announcing the entry into the Credit Agreement Amendment further described in Item 1.01 above. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The press release shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing. Item 9.01. Financial Statements and Exhibits. (d) Exhibits 10.1 Omnibus Amendment dated as ofJune 17, 2020 , among the Company,Wells Fargo Bank, N.A ., as administrative agent and the financial institutions party thereto. 99.1 Press Release datedJune 17, 2020 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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