Key Energy Services Inc. - 2015-06-02
Description
Closed a $100 million asset-based revolving credit facility and closed and funded a $315 million term loan facility replacing the $400 million senior revolving credit facility. Key must maintain $100 million in liquidity under the ABL. Key must also maintain certain liquidation ratios, and the term loan was issued with certain Libor requirements. Bank of America Merrill Lynch is the sole lead arranger of the term loan facility. Bank of America Merrill Lynch and Wells Fargo are joint lead arrangers on the ABL.