National Energy Services Reunited Corp. (NESR) has entered into a new Term and Revolving Facilities Agreement totaling approximately $747.1 million. The new credit facilities, effective October 29, 2026, were established to refinance the company's existing 2021 secured credit agreement and to provide financing for ongoing operations and working capital needs.
Key Details
- Facility Structure: The agreement comprises a ~$298.1 million secured term loan, a $5.0 million secured revolving credit facility, and ~$444.0 million in uncommitted working capital facilities.
- Terms & Maturity: The secured term loans are repayable in installments over a 36-month term, with a final maturity in October 2029. The previous 2021 Secured Facilities Agreement was terminated in connection with the new financing.
- Expansion Option: The agreement includes an uncommitted accordion feature, allowing NESR to request an increase in total facility capacity by up to an additional $152.9 million, subject to lender approval.
- Interest & Covenants: Borrowings bear interest based on SOFR or SAIBOR plus a margin (ranging from 1.45% to 2.80%) dependent on the facility and the company's leverage ratio. The agreement contains financial covenants, including a maximum leverage ratio of 2.00.