Business Context and Reporting Period
Company: Oil States International, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 4, 2016
Event Date: October 3, 2016
Context: The Company entered into a material definitive agreement regarding its existing credit facilities.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, or specific debt balances. The report focuses exclusively on a legal amendment to a credit agreement.
Material Changes
On October 3, 2016, the Company executed Consent and Amendment No. 1 to its Credit Agreement dated May 28, 2014. Key changes include:
- Intercompany Transactions: The amendment permits certain intercompany transactions between the Company and its subsidiaries that might otherwise be restricted as impermissible investments under the original Credit Agreement.
- Technical Amendments: The agreement includes other technical changes and amendments to the Credit Agreement terms.
- Parties Involved: The agreement involves the Company, its guarantors, the Lenders, and Wells Fargo Bank, N.A., as administrative agent.
Guidance, Outlook, and Risks
Management Commentary: The filing provides a summary of the amendment and incorporates the full text of the agreement by reference as Exhibit 10.1. No forward-looking guidance or outlook is provided in this specific report.
Risks and Contingencies: The filing does not disclose new risks or contingencies beyond the modification of existing credit agreement covenants.
Investor Verification Checklist
- Review Exhibit 10.1 (Consent and Amendment No. 1) for the full text of permitted intercompany transactions.
- Verify the impact of the amendment on the Company's ability to fund subsidiaries or restructure internal capital.
- Confirm that no other covenants in the Credit Agreement were negatively impacted by the technical changes.