Business Context and Reporting Period
Company: Flotek Industries, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 1, 2019
Event: Termination of a Material Definitive Agreement (Item 1.02).
Key Financial Metrics
This filing reports a specific debt repayment event rather than comprehensive financial performance metrics.
- Debt Repayment: $75 million credit facility repaid in full.
- Liquidity Impact: Proceeds from the divestiture of Florida Chemical Company, LLC were utilized to retire the debt.
- Revenue/Profit/Margins: The filing text does not provide a clear value for revenue, profit, cash flow, or margins.
Material Changes
On March 1, 2019, the Company terminated its Amended and Restated Revolving Credit, Term Loan and Security Agreement with PNC Bank, National Association. This action was taken concurrently with the closing of the divestiture of all membership interests in Florida Chemical Company, LLC. The $75 million facility was fully repaid, and the credit agreement was terminated.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the execution of the debt termination. The event is presented as a completed transaction resulting from a previously announced divestiture.
Investor Verification Checklist
- Verify the closing details and proceeds of the Florida Chemical Company, LLC divestiture.
- Confirm the Company's current debt load and liquidity position post-repayment.
- Review prior 8-K filings (May 2013 through June 2018) for historical terms of the terminated Credit Agreement.