July 21 - Diversified oil and gas supplier Newpark Resources Inc (NR.N) said its creditors granted a waiver of the financial covenants that it violated, and its revolving credit facility was reduced to $150 million from $175 million.
The company said it had $100.6 million outstanding under the credit facility, including letters of credit of $3.6 million, on June 30.
As part of the amendment of its credit agreement, the margin on LIBOR-based borrowings, which constitute a substantial portion of the company's debt, was raised to a range of 400 to 750 basis points (bps), from 150 to 250 bps.
Shares of the company closed at $2.70 Tuesday on the New York Stock Exchange.
The company said it had $100.6 million outstanding under the credit facility, including letters of credit of $3.6 million, on June 30.
As part of the amendment of its credit agreement, the margin on LIBOR-based borrowings, which constitute a substantial portion of the company's debt, was raised to a range of 400 to 750 basis points (bps), from 150 to 250 bps.
Shares of the company closed at $2.70 Tuesday on the New York Stock Exchange.
