HOUSTON, June 17, 2020 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that it has amended its credit agreement. Total lender commitments under the amended revolving credit facility are reduced to $200 million in exchange for the suspension of the existing financial covenants from July 1, 2020 through March 30, 2021. The maturity date of the amended credit agreement remains January 30, 2022.

During the financial covenant suspension period, borrowing availability under the amended revolving credit facility will be determined by a monthly borrowing base calculated as the sum of 70% of the consolidated net book value of eligible receivables and 20% of the consolidated net book value of eligible inventory (the Borrowing Base). Calculated availability will be further limited during the financial covenant suspension period to the lesser of 85% of (i) the Borrowing Base or (ii) $200 million.

The amended credit agreement contains customary representations, warranties, covenants, terms and conditions for a facility of this type, including limitations on the accumulation of U.S. cash in excess of $45 million, incurrence of additional indebtedness and liens, the repayment of other indebtedness, the making of investments, the payment of dividends, the repurchase of shares of common stock and the sale of material amounts of assets.

Borrowings outstanding under the amended revolving credit facility will bear interest at LIBOR plus a margin of 2.50% to 3.75%, or at a base rate plus a margin of 1.50% to 2.75%, in each case based on a ratio of the Company's total net funded debt to consolidated EBITDA. Oil States must also pay a quarterly commitment fee of 0.50% based on unused commitments.

About Oil States

Oil States International, Inc. is a global products and services company predominantly serving the drilling, completion, subsea, production and infrastructure sectors of the oil and gas industry. The Company's manufactured products include highly engineered capital equipment as well as products consumed in the drilling, well construction and production of oil and natural gas. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol "OIS".

For more information on the Company, please visit Oil States International's website at www.oilstatesintl.com.