SEC Filing Summary: Select Energy Services, Inc.
Business Context and Reporting Period
This Form 8-K was filed on June 16, 2017, reporting events occurring on June 13, 2017. The registrant is Select Energy Services, Inc., a Delaware corporation and emerging growth company. The filing details a material amendment to the company's credit facilities involving its subsidiary, SES Holdings, LLC, and the Borrower, Select Energy Services, LLC.
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt balances, or liquidity ratios. The document focuses exclusively on the terms of a credit agreement amendment.
Material Changes
The primary material change is the execution of Waiver and Amendment No. 16 to the Amended and Restated Credit Agreement (originally dated May 3, 2011). Key modifications include:
- Removal of the "Positive EBITDA Test" requirement for businesses or assets acquired by the Borrower or Guarantors to qualify as Permitted Acquisitions.
- Granting of a waiver for any existing defaults resulting from a previously consummated acquisition that did not comply with the Positive EBITDA Test.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard disclosure regarding the Administrative Agent (Wells Fargo Bank, National Association). The document notes that the Administrative Agent and other lenders may perform financial advisory, commercial banking, and investment banking services for the Company and may trade the Company's securities in the ordinary course of business.
Investor Verification Checklist
- Verify the full text of Exhibit 10.1 (Waiver and Amendment No. 16) to understand any additional covenants or fees associated with the amendment.
- Confirm the identity and financial impact of the specific acquisition that triggered the waiver of the Positive EBITDA Test default.
- Review the company's most recent 10-Q or 10-K to assess current leverage ratios and liquidity, as this 8-K does not contain updated financial statements.
- Monitor future filings for any further amendments to the Credit Agreement or disclosures regarding the performance of the acquired assets.