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OFS - Oil States agrees to smaller revolver for covenant waiver - July 2020
Oil States International lenders reduced their commitments under the revolving credit facility to $200 million. In exchange, the revolver’s existing financial covenants will be suspended from July 1 through March 30, 2021. While Oil States expected it would have sufficient liquidity to meet its liabilities over the next 12 months, its leverage ratio covenant would be breached in Q3, the company warned in its Q1 earnings report filed May 1. The revolver officially had......
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