Oil States International entered into a new $125 million asset-based revolving credit agreement with Wells Fargo Bank as the administrative agent. In addition to Wells Fargo, lenders under the Credit Agreement include Bank of America, JPMorgan Chase Bank,  and Royal Bank of Canada. Borrowing availability under the Credit Agreement is based on eligible U.S. receivables and inventory. The Credit Agreement replaces Oil States' existing $200 million revolving credit facility. The maturity date of the Credit Agreement is February 10, 2025.

The Credit Agreement contains customary representations, warranties, covenants, terms and conditions for a facility of this type, including limitations on the accumulation of U.S. cash in excess of $30 million, incurrence of additional indebtedness and liens, the repayment of other indebtedness, the making of investments, the payment of dividends, the repurchase of shares of common stock and the sale of material amounts of assets.

Borrowings outstanding under the Credit Agreement will bear interest at LIBOR plus a margin of 2.75% to 3.25%, based on the Company’s availability under the revolving credit facility. The Company must also pay a quarterly commitment fee of 0.375% to 0.50%, on the unused commitments.

Oil States International, Inc. is a global provider of manufactured products and services to customers in the oil and natural gas, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe.