Benzinga | Aug 20, 2020 04:23PM EDT

US Well Services Inc Says Co, Units Entered Into Second Amendment To ABL Credit Agreement; Pursuant To Amendment, Aggregate Revolving Commitment Under Facility Was Reduced To $50M, Among Other Things

On August 17, 2020, U.S. Well Services, Inc. (the "Company"), U.S. Well Services, LLC, a subsidiary of the Company, and all of the other subsidiaries of the Company entered into the Second Amendment (the"ABL Amendment") to the ABL Credit Agreement (the "ABL Facility") with the lenders party thereto and Bank of America, N.A., as the administrative agent, swing line lender and letter of credit issuer.

Pursuant to the ABL Amendment, the aggregate revolving commitment under the ABL Facility was reduced from $60 million to $50 million and certain modifications were made to eligible accounts in the borrowing base and to the applicable thresholds in the cash dominion trigger period and financial covenant trigger period, among other things. The Borrower's option to request an increase in commitments under the accordion feature was also removed under the terms of the ABL Amendment.

The foregoing description of the ABL Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the ABL Amendment, which is filed herewith as Exhibit 10.1.