Drilling Tools International Amends and Extends ABL Credit Facility and Enters into New Term Loan
Portfolio Pulse from Benzinga Newsdesk
Drilling Tools International (DTI) has amended and extended its ABL credit facility, enhancing financial flexibility and extending maturity to 2029. It also modified certain financial covenants. Additionally, DTI secured a new term loan, adding $25 million to its borrowing capacity.
March 18, 2024 | 11:30 am
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DTI has improved its financial position by amending its ABL credit facility for greater flexibility and extending its maturity to 2029. It also secured a new term loan, increasing its borrowing capacity by $25 million.
The amendment and extension of the ABL credit facility, along with the acquisition of a new term loan, directly enhance DTI's financial flexibility and borrowing capacity. This is likely to be viewed positively by investors as it indicates a stronger financial foundation and potential for growth or operational expansion. The extension of the credit facility's maturity to 2029 provides long-term stability in DTI's financial planning, while the additional $25 million from the new term loan could be used for further investments or to improve the company's balance sheet.
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