Business Context and Reporting Period
Company: Oil States International, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: December 13, 2007
Event: Entry into a Material Definitive Agreement to expand credit facilities.
Key Financial Metrics
This filing reports on debt capacity adjustments rather than operational performance metrics. Specific revenue, profit, cash flow, or margin data are not provided in this document.
| Metric | Previous Value | New Value |
|---|---|---|
| Total Credit Commitments | $400 million | $500 million |
| Total U.S. Commitments | $300 million | $325 million |
| Total Canadian Commitments | $100 million | $175 million |
Material Changes
On December 13, 2007, the Company exercised the "Accordion" feature under its existing Credit Agreement dated October 30, 2003. This action increased the total available commitments by $100 million. The increase was allocated between U.S. and Canadian facilities, with the Canadian portion seeing a larger proportional increase ($75 million) compared to the U.S. portion ($25 million).
Guidance, Outlook, and Risks
Management Commentary: The filing indicates a strategic decision to increase borrowing capacity, likely to support operations or expansion, though specific strategic rationale is not detailed in the text.
Risks and Contingencies: The filing does not explicitly list new risks or contingencies associated with this agreement, other than the inherent obligations of the expanded credit facility.
Unusual Items: None reported.
Investor Verification Checklist
- Verify the specific interest rates and fees associated with the incremental $100 million commitment.
- Review the full Incremental Assumption Agreement (Exhibit 10.12D) for covenants and repayment terms.
- Confirm the Company's current utilization rate of the credit facility to assess immediate liquidity needs.
- Check subsequent filings for actual drawdowns against the new $500 million limit.