UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
washington, d.c. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry Into A Material Definitive Agreement.
On June 22, 2022, RPC, Inc., a Delaware corporation (“RPC”), entered into that certain Amendment No. 6 to Credit Agreement (the “Amendment”), between RPC, the Lenders party thereto, the Subsidiary Loan Parties party thereto and Bank of America, N.A., as Administrative Agent.
The Amendment, among other things:
· | Extends the termination date for revolving loans from July 26, 2023 to June 22, 2027; |
· | Replaces LIBOR with Term SOFR as an interest rate option in connection with revolving loan borrowings and reduces the applicable rate margins by approximately 25.0 basis points at each pricing level; |
· | Introduces a 1.00% per annum floor for base rate borrowings; |
· | Permits the issuance of letters of credit in currencies other than U.S. dollars. |
The foregoing description of Amendment No. 6 to the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full Amendment included hereto as Exhibit 99.
Item 9.01 Financial Statements and Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, RPC, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RPC, Inc. | |
Date: June 23, 2022 | /s/ Michael L. Schmit |
Michael L. Schmit | |
Vice President and Chief Financial Officer |
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