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THE WOODLANDS, Texas - NPK International Inc. (NYSE: NPKI) has entered into a new $150 million revolving loan credit agreement effective June 20, 2025, replacing its previous asset-based revolving credit facility, according to a company press release.
The five-year agreement includes an accordion feature that allows for expansion of the facility up to $250 million. Interest rates on revolving loans will be either Term SOFR plus 175 to 225 basis points or Base Rate plus 75 to 125 basis points, with the applicable margin determined by the company’s consolidated leverage ratio.
The banking consortium for the facility comprises Bank of America, N.A., Amegy Bank, Regions Bank, First Horizon Bank, Texas Capital Bank, and Woodforest National Bank.
"The new facility provides expanded liquidity and improved flexibility, better enabling us to execute on our long-term growth strategy and capital allocation priorities," said Gregg Piontek, NPK’s Senior Vice President and Chief Financial Officer.
NPK International, a worksite access solutions company, manufactures, sells, and rents composite matting products and services to infrastructure markets including electrical transmission, oil and gas exploration, pipeline, renewable energy, and construction industries.
The company stated it will file a Current Report on Form 8-K with the Securities and Exchange Commission with further details about the agreement by June 26, 2025.
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