Business Context and Reporting Period
This Form 8-K is a current report filed by Oil States International, Inc. on February 14, 2003, covering events occurring between September 23, 2002, and February 13, 2003. The filing details amendments to the Company's credit facilities and a significant equity underwriting agreement.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or liquidity figures. However, it discloses the following debt and capital structure metrics:
- Credit Facility Availability: Increased from $150 million to $168 million.
- Debt Maturity: Extended to January 25, 2005.
- Equity Offering: Sale of up to 7,000,000 shares of common stock, plus up to 1,050,000 additional shares for over-allotments.
Material Changes
The Company executed three material changes to its financing arrangements:
- Amendment No. 1 (Sept 23, 2002): Modified covenants regarding acquisitions under the existing Credit Agreement.
- Amendment No. 2 (Dec 12, 2002): Extended the maturity date of the Credit Agreement and increased committed availability.
- Underwriting Agreement (Feb 13, 2003): Entered into an agreement for the sale of common stock by affiliates SCF-III, L.P. and SCF-IV, L.P., with Credit Suisse First Boston LLC and Goldman, Sachs & Co. as representatives.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook for future periods. No specific risks or contingencies are detailed beyond the execution of the financial agreements. The filing explicitly states that financial statements and pro-forma financial information are not applicable.
Investor Verification Checklist
- Verify the final proceeds and pricing of the 7,000,000 share offering by SCF-III, L.P. and SCF-IV, L.P.
- Confirm the specific terms of the acquisition covenant changes in Amendment No. 1.
- Review the impact of the increased credit facility ($168 million) on the Company's leverage ratios.
- Check subsequent filings for the utilization of the extended credit facility maturing in 2005.