<SEC-DOCUMENT>0001193125-16-623007.txt : 20160616
<SEC-HEADER>0001193125-16-623007.hdr.sgml : 20160616
<ACCEPTANCE-DATETIME>20160616070203
ACCESSION NUMBER:		0001193125-16-623007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160615
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160616
DATE AS OF CHANGE:		20160616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TETRA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000844965
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				742148293
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13455
		FILM NUMBER:		161716595

	BUSINESS ADDRESS:	
		STREET 1:		24955 INTERSTATE 45 NORTH
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		2813671983

	MAIL ADDRESS:	
		STREET 1:		24955 INTERSTATE 45 NORTH
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d213144d8k.htm
<DESCRIPTION>8-K
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<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): June&nbsp;15, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TETRA Technologies, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1-13455</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>74-2148293</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>24955 Interstate 45 North </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Woodlands, Texas 77380 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices and zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (281)&nbsp;367-1983 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;15, 2016, TETRA Technologies, Inc. (the &#147;Company,&#148;
&#147;we,&#148; and &#147;our&#148;) issued a press release providing an update on our efforts to amend certain financial covenants and other provisions of our debt agreements. As previously disclosed in our Quarterly Report on Form 10-Q for the
quarter ended March&nbsp;31, 2016, we had determined, based upon financial forecasts and market conditions as of May&nbsp;10, 2016, that it was reasonably possible that we would not be in compliance with our interest coverage ratio covenant under
our revolving credit agreement (the &#147;Credit Agreement&#148;) as of September&nbsp;30, 2016, and that we were in discussions with our lenders for amendments to our Credit Agreement as well as our senior note agreements with regard to those
interest coverage ratio covenants. We were in compliance with the interest coverage ratio covenants and all other financial covenants under the Credit Agreement and our senior note agreements as of March&nbsp;31, 2016, including a leverage ratio of
2.08x as compared to 3.0x maximum leverage ratio allowed under our Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the second quarter of 2016, we drew down a
total of $110.0 million on our Credit Agreement. We used these proceeds to (i)&nbsp;purchase for cash the notes tendered in our previously announced tender offers (the &#147;2010 Notes and 2013 Notes Tender Offers&#148;) for our outstanding 5.09%
Senior Notes, Series 2010-A (the &#147;2010-A Notes&#148;), and 5.67% Senior Notes, Series 2010-B, (the &#147;2010-B Notes&#148; and collectively with the 2010-A Notes, the &#147;2010 Notes&#148;) and our 4.00% Senior Notes, Series 2013 (the
&#147;2013 Notes&#148;) in the aggregate principal amount of $100,000,000, and (ii)&nbsp;redeem $10.0 million of our Senior Secured Notes due April&nbsp;1, 2017 (the &#147;Senior Secured Notes&#148;), reducing the outstanding principal amount of the
Senior Secured Notes to $30 million as of June&nbsp;13, 2016. As of June&nbsp;13, 2016, there was $148 million outstanding under our Credit Agreement resulting in an availability of $68.9 million, subject to compliance with financial covenants and
other provisions of the Credit Agreement that limit borrowings thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on financial forecasts and market conditions as of
June&nbsp;13, 2016, we have now determined that there is a significant level of uncertainty as to whether we will be in compliance with the interest coverage ratio covenant under our Credit Agreement as of September&nbsp;30, 2016. Our interest
coverage ratio is based on our EBITDA less a calculated amount of maintenance capital expenditures rather than actual maintenance capital expenditures, for the last quarterly trailing twelve-month period. For the quarter ending September 30, 2016,
we estimate that the calculated deduction for maintenance capital expenditures will be in excess of our projected capital expenditures for the last quarterly trailing twelve-month period as of September 30, 2016, and this excess may result in our
inability to comply with the interest coverage ratio covenant as of September&nbsp;30, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have advanced the discussions that we
previously disclosed with our lenders to eliminate these covenants and replace them with more conventional fixed charge coverage ratio covenants. We recently received a non-binding term sheet from the administrative agent under our Credit Agreement
that provides for a fixed charge coverage ratio covenant in lieu of the existing interest coverage ratio covenant. The proposed fixed charge coverage ratio compares our EBITDA minus (i)&nbsp;cash income tax expense, (ii)&nbsp;non-financed capital
expenditures, and (iii)&nbsp;cash dividends and distributions to our interest expense plus scheduled principal payments and stock repurchases. In exchange for this change in covenants, the non-binding term sheet contemplates
</P>

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other amendments to the Credit Agreement including, among others, (i)&nbsp;our providing collateral to secure the credit facility, (ii)&nbsp;an increase in the leverage ratio from 3.00x to 4.00x
through June&nbsp;30, 2018, with subsequent step downs, and (iii)&nbsp;an increase in the applicable interest rate margins based upon our leverage ratio. We believe we will be able to obtain these anticipated amendments without a reduction in the
$225 million commitment level under our Credit Agreement. We have been notified by the administrative agent under the Credit Agreement that these proposed amendments to our Credit Agreement are supported by lenders holding a sufficient amount of the
loans necessary to approve such amendments, subject to acceptable documentation and an agreement with GSO Tetra Holding LP (&#147;GSO&#148;), the holder of our 11.0% Series 2015 Senior Notes in the outstanding principal amount of $125 million (the
&#147;11.0% Series 2015 Senior Notes&#148;), on comparable terms. We have also recently received a non-binding term sheet from GSO that provides for a similar replacement of the interest coverage ratio covenant with a fixed charge coverage ratio
covenant, as well as other proposed amendments to the related note purchase agreement (the &#147;Note Purchase Agreement&#148;), including, among others, an increase in the leverage ratio from 3.50x to 4.50x through March&nbsp;31, 2018, with
subsequent step downs. We do not anticipate that the applicable interest rate under the 11.0% Series 2015 Senior Notes will be changed in the amendment. We believe we will be able to consummate the required amendments reflected in both of these
non-binding term sheets promptly following this offering and are in active negotiations with our lenders regarding these amendments. However, these amendments are subject to the satisfaction of certain conditions and our lenders are under no
obligation to agree to the proposed amendments. Accordingly, there is no assurance that we will be successful in amending our Credit Agreement and the Note Purchase Agreement to eliminate the interest coverage ratio covenant as anticipated by the
respective term sheets. We anticipate paying off the remaining $30 million of our Senior Secured Notes prior to September 30, 2016 with drawdowns on our Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are unable to complete the anticipated amendments to our Credit Agreement and Note Purchase Agreement or obtain a waiver to our
anticipated interest coverage ratio covenant breaches, and we are not in compliance with this covenant as of September&nbsp;30, 2016, an event of default will occur under our Credit Agreement. Any such event of default under our Credit Agreement
would allow the lenders to terminate their commitments and to accelerate all indebtedness outstanding thereunder. The significant uncertainty with respect to compliance with our interest coverage ratio covenant for the period ending
September&nbsp;30, 2016 raises a substantial doubt about our ability to continue as a going concern. In addition, the acceleration of the loans under our Credit Agreement will constitute a default under our Senior Secured Notes and our 11.0% Series
2015 Senior Notes giving the holders of such notes the right to accelerate all indebtedness outstanding thereunder. However, we believe that if the amendments are finalized as expected and executed, they will resolve the covenant issue described
above and eliminate any doubt regarding our ability to continue as a going concern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the press release is attached hereto as
Exhibit 99.1 hereto and is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Forward-Looking Statements </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in this Current Report on Form 8-K includes certain statements that are deemed to be forward-looking statements. Generally, the use of words
such as &#147;may,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;projects,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;assume,&#148; &#147;could,&#148; &#147;should,&#148; &#147;plans,&#148;
&#147;targets&#148; or </P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify
forward-looking statements that the Company intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning the terms of anticipated amendments to the
Company&#146;s debt agreements and expectations regarding the ability to complete such amendments, as well as the Company&#146;s beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical.
These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are
appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in the credit market. Investors are cautioned that any such
statements are not guarantees of future performances or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described
in the section titled &#147;Risk Factors&#148; contained in the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2015, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed
with the Securities and Exchange Commission. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated June&nbsp;15, 2016.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date: June&nbsp;16, 2016</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>TETRA Technologies, Inc.</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stuart M. Brightman</P></TD></TR>
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<TD VALIGN="bottom">Name:</TD>
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<TD VALIGN="bottom">Stuart M. Brightman</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Title:</TD>
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<TD VALIGN="bottom">President &amp; Chief Executive Officer</TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated June&nbsp;15, 2016.</TD></TR>
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<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <DIV STYLE="position:relative;float:left; width:10%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g213144im1.jpg" ALT="LOGO">
 </P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:86%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>FOR IMMEDIATE RELEASE </U></I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TETRA TECHNOLOGIES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROVIDES UPDATE ON AMENDING DEBT COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Woodlands, Texas June&nbsp;15, 2016 /PRNewswire/ - TETRA Technologies, Inc. (NYSE:TTI) (the &#147;Company&#148; or &#147;TETRA&#148;)
today provided an update regarding the actions it previously disclosed as being undertaken to enhance its balance sheet and amend its debt covenants. The Company has previously indicated that the following actions have been taken: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="34">&nbsp;</TD>
<TD WIDTH="19" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Covenants under CSI Compressco&#146;s credit facility were amended on May&nbsp;25, 2016 which increased the leverage ratio covenant to 5.75X from December&nbsp;31, 2016 to September&nbsp;30, 2017, with subsequent step
downs. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="34">&nbsp;</TD>
<TD WIDTH="19" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TETRA tendered for and retired at par $100 million of its unsecured senior notes. The purchases of these notes were funded by loans under the Company&#146;s existing credit facility. After completion of this tender
offer, the next maturity of TETRA&#146;s long term debt is in April, 2019. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Additionally, TETRA previously disclosed that it
was in discussions with its lenders to amend its existing credit agreement to, among other things, (a)&nbsp;replace the interest coverage ratio covenant with a fixed charge coverage ratio covenant, (b)&nbsp;increase the revolver leverage ratio from
3.0X to 4.0X from June&nbsp;30, 2016 through March&nbsp;31, 2018, with subsequent step downs, and (c)&nbsp;pledge collateral to secure the obligations to the lender group. TETRA believes it will be able to achieve this without a reduction in the
$225 million commitment level under the revolving credit facility. TETRA was recently notified by the administrative agent under its credit agreement that a majority of the bank lenders have approved the anticipated amendments subject to acceptable
documentation and an agreement with funds managed or advised by GSO Capital Partners on comparable amendments. Additionally, TETRA recently received a non-binding term sheet from funds managed or advised by GSO Capital Partners to amend the terms of
its $125 million unsecured notes without an increase in the interest payable on the notes to (a)&nbsp;increase the leverage ratio from 3.5X to 4.5X through March&nbsp;31, 2018, with subsequent step downs, (b)&nbsp;to replace the interest coverage
ratio covenant with a fixed charge coverage ratio covenant, and (c)&nbsp;to require a pledge of collateral to secure the obligations under the notes, all subject to acceptable documentation. Although TETRA believes that it will be able to finalize
the documentation and complete the amendments with its lenders, there is no assurance that it will be successful in amending its credit agreement or note purchase agreement on terms reasonably acceptable to it or at all. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">While TETRA previously disclosed that as of March&nbsp;31, 2016, its leverage ratio under its credit agreement was 2.08x as compared to 3.0x
as required under the credit agreement, TETRA also previously indicated that it was reasonably possible that one of its financial covenants under its credit agreement would not be achieved as of September&nbsp;30, 2016. Conditions have changed since
this was previously reported and TETRA now believes that there is a significant level of uncertainty as to whether it will be in compliance with the interest coverage ratio covenant under its credit agreement as of September&nbsp;30, 2016. This
uncertainty raises a substantial doubt about TETRA&#146;s ability to continue as a going concern if TETRA is unable to complete the anticipated amendments with its lenders. The interest coverage ratio covenant includes a computation for maintenance
capital expenditures that is significantly above what the company is actually expending or is expected to expend which results in the expected covenant breach. This interest coverage ratio covenant is the covenant that TETRA is in discussions with
its lenders, as noted above, to replace with a more conventional fixed charge coverage ratio covenant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Stuart M. Brightman, TETRA&#146;s
President and Chief Executive Officer, stated, &#147;We are pleased with the progress to-date in strengthening our balance sheet with the retirement of the private notes, the amendment of the CSI Compressco revolver, and the engagement with GSO
Capital Partners and our bank revolver group to amend our covenants to conform to our actual operations. If we are successful in completing these anticipated
</P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV STYLE="position:relative;float:left; width:10%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:86%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">amendments, we believe that these changes will provide us the financial wherewithal to maneuver through this
downturn and be prepared to respond rapidly when activity levels rebound by funding working capital and growth capital.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Investor Contacts
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">TETRA Technologies, Inc., The Woodlands, Texas </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Elijio Serrano, 281-364-5029 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">www.tetratec.com </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Company Overview and
Forward Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">TETRA is a geographically diversified oil and gas services company, focused on completion fluids and
associated products and services, water management, frac flowback, production well testing, offshore rig cooling, compression services and equipment, and selected offshore services including well plugging and abandonment, decommissioning, and
diving. TETRA owns an equity interest, including all of the general partner interest, in CSI Compressco LP (NASDAQ:CCLP), a master limited partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This press release includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as
&#147;may,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;projects,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;assume,&#148; &#147;could,&#148; &#147;should,&#148; &#147;plans,&#148; &#147;targets&#148; or
similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the Company intends to be included within the safe harbor protections provided by the federal securities
laws. These forward-looking statements include statements concerning the terms of anticipated amendments to the Company&#146;s debt agreements and expectations regarding the ability to complete such amendments, as well as the Company&#146;s beliefs,
expectations, plans, goals, future events and performance, and other statements that are not purely historical. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its
perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the
control of the Company, including adverse changes in the credit market. Investors are cautioned that any such statements are not guarantees of future performances or results and that actual results or developments may differ materially from those
projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled &#147;Risk Factors&#148; contained in the Company&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2015, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
</P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
