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Cactus, Inc. (NYSE:WHD) announced Monday that its subsidiary, Cactus Companies, LLC, has amended its existing credit agreement to establish a new delayed draw term loan facility of up to $100 million. The amendment, dated December 1, 2025, was entered into with JPMorgan Chase Bank, N.A. and other lenders, according to a statement in a press release and a filing with the Securities and Exchange Commission.
Under the terms of the amendment, Cactus Companies may draw up to two times from the term loan facility within six months of the amendment’s closing, subject to certain conditions. The total amount available will be the lesser of $100 million or 85% of the appraised value of the company’s machinery and equipment, including that of its subsidiaries that guarantee the obligations.
Proceeds from the term loan facility may be used to partially finance the acquisition of membership interests in Baker Hughes Pressure Control LLC, as well as for other uses related to Baker Hughes Pressure Control LLC as permitted under the agreement. At the time of closing, no amount had been drawn from the term loan facility. Any amounts drawn will mature three years from the date of the first funding.
Borrowings under the facility will bear interest at the company’s choice of the Alternate Base Rate plus 2.50% per annum, or either the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR, each plus 3.50% per annum. Unused portions of the facility are subject to a fee of 0.05% per month. Repayment of the term loan will occur quarterly, beginning no earlier than April 1, 2026, according to the amortization schedule. The facility can be prepaid without penalty, except for customary breakage costs.
The amendment also extends the maturity date for revolving loan commitments under the credit facility from July 26, 2027, to December 1, 2030. The collateral for the facility has been expanded to include certain equipment and intellectual property. Cactus Companies is required to maintain a leverage ratio not greater than 2.50 to 1.00 until the term loan is paid in full.
This information is based on a press release statement and a filing with the SEC.
In other recent news, Cactus Inc . reported its third-quarter 2025 earnings, which exceeded Wall Street expectations. The company achieved an earnings per share (EPS) of $0.67, surpassing the forecasted $0.58. Additionally, Cactus reported revenue of $264 million, outperforming the anticipated $257.08 million. These results highlight the company’s strong financial performance in the recent quarter. Analysts had projected lower figures, but Cactus managed to deliver above those estimates. The earnings announcement was followed by a notable reaction in the market. The company’s financial results reflect its operational efficiency and market position. This development is part of a series of recent updates about Cactus Inc.
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