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Shares of Forum Energy Technologies Inc (NYSE: FET), an oilfield products company, were trading higher by more than 9 percent heading into the last hour of trading after the company announced an amendment to its revolving credit facility.
Forum Energy Technologies said that its total lender commitments have been reduced to $200 million from $600 million with an ability to increase the credit facility by an additional $150 million.
The company also said that its maximum senior secured leverage ratio as of each quarter end rose to 4.50x from 3.50x through December 31, 2016, 4.0x through 2017 and 3.5x through the maturity of the facility.
Cris Gaut, Forum's chairman and Chief Executive Officer, commented, "This amendment reduces our cost by eliminating borrowing capacity we were unlikely to use, and provides sufficient availability for potential acquisitions and anticipated capital needs. We believe the amended facility will provide our shareholders further confidence that Forum is among the select group of companies that has staying power throughout this downturn."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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