Oil States Enters Into New Credit Agreement

Core Viewpoint - Oil States International, Inc. has entered into an amended and restated credit agreement providing total commitments of $125 million, which includes a $75 million revolving credit facility and a $50 million multi-draw term loan facility, available until July 28, 2026 [1] Group 1: Credit Agreement Details - The Cash Flow Credit Agreement bears interest at Term SOFR plus a margin of 2.50% to 3.50% or at a base rate plus a margin of 1.50% to 2.50%, depending on the Company's net leverage ratio [2] - A commitment fee of 0.375% to 0.500% is applicable on any unused commitments under the agreement [2] - The agreement is secured by a pledge of substantially all of the Company's and guarantors' assets located in the U.S. and the stock of certain foreign subsidiaries [2] Group 2: Financial Covenants - The agreement includes covenants requiring the Company to maintain an interest coverage ratio of at least 3.00 to 1.00 and a maximum total net leverage ratio of no greater than 2.50 to 1.00, or 3.25 to 1.00 during certain periods [3] - A maximum senior secured net leverage ratio of no greater than 2.00 to 1.00 is also mandated [3] Group 3: Recent Financial Activity - In Q4 2025, the Company purchased $50 million principal amount of its 4.75% convertible senior notes due April 1, 2026, using cash on hand [4] - As of December 31, 2025, $53 million principal amount of the 2026 Notes remained outstanding, with cash on hand totaling $70 million [4] - The Company plans to extinguish the remaining 2026 Notes using cash on hand and/or borrowings under the Cash Flow Credit Agreement [4] Group 4: Company Overview - Oil States International, Inc. is a global provider of manufactured products and services to the energy, industrial, and military sectors, with headquarters in Houston, Texas [5] - The Company offers highly engineered capital equipment and consumable products, with manufacturing and service facilities strategically located worldwide [5]