Flotek Industries Inc. - 2011-09-26
Description
The company and its domestic subsidiaries have entered into a Revolving Credit and Security Agreement with PNC Bank N.A.
The facility provides up to $35 million of revolving borrowing capacity to be used for working capital, acquisitions and capital expenditures. The initial maturity date of the facility is December, 2012 which can be extended, at the lender's option through September, 2014, should Flotek restructure its outstanding senior convertible notes.