Business Context and Reporting Period
Company: Flotek Industries, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: December 31, 2013
Event: Entry into a Material Definitive Agreement (First Amendment to Credit Agreement).
Key Financial Metrics
This filing does not provide specific financial performance metrics such as revenue, profit, cash flow, margins, or total debt levels. The report focuses exclusively on the amendment of existing credit facilities.
Material Changes
- Credit Agreement Amendment: On December 31, 2013, the Company entered into the First Amendment to its Amended and Restated Revolving Credit, Term Loan and Security Agreement with PNC Bank, National Association.
- Permitted Acquisitions: The definition of "Permitted Acquisitions" was amended to provide the Company with greater flexibility to execute acquisitions.
- Borrowing Base: Terms of the outstanding term loan were amended to reflect a redetermination of the Company's borrowing base.
- Fees: The Company agreed to pay a one-time fee in connection with the Amendment.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard incorporation by reference of the Amendment terms. The primary contingency noted is the payment of a one-time fee associated with the credit agreement modification.
Investor Verification Checklist
- Review Exhibit 10.1 (First Amendment) for specific details on the new borrowing base calculation and acquisition flexibility limits.
- Verify the amount of the one-time fee paid to PNC Bank, as the exact figure is not disclosed in the summary text.
- Assess the impact of the borrowing base redetermination on the Company's available liquidity and leverage ratios.