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Note 9 - Debt
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Long-term Debt [Text Block]

Note 9Debt

 

Credit Facility

 

Asset Based Revolving Credit Facility

 

On  November 5, 2018, FICV, Frank’s International, LLC and Blackhawk, as borrowers, and FINV, certain of FINV’s subsidiaries, including FICV, Frank’s International, LLC, Blackhawk, Frank’s International GP, LLC, Frank’s International, LP, Frank’s International LP B.V., Frank’s International Partners B.V., Frank’s International Management B.V., Blackhawk Intermediate Holdings, LLC, Blackhawk Specialty Tools, LLC, and Trinity Tool Rentals, L.L.C., as guarantors, entered into a 5-year senior secured revolving credit facility (the “ABL Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and other financial institutions as lenders with total commitments of $100.0 million including up to $15.0 million available for letters of credit.

 

As of  September 30, 2021, FINV had no borrowings outstanding under the ABL Credit Facility.

 

On October 1, 2021, in connection with the Merger, the Company terminated the ABL Credit Facility and entered into a senior secured revolving credit facility by and among the Company and certain of its subsidiaries, including Exploration and Production Services (Holdings) Limited and Expro Holdings US Inc., as borrowers (the "New Credit Facility"), with DNB Bank ASA, London Branch, as agent, and other financial institutions as lenders with an aggregate commitment of $200.0 million with up to $130.0 million available for drawdowns as loans and up to $70.0 million for bonds and guarantees. Please see Note 17—Subsequent Events for further discussion.