On October 5, 2023, Flotek Industries, Inc. (the "Company") entered into the First Amendment (the "First Amendment") to that certain Revolving Loan and Security Agreement, dated August 14, 2023 (the "Loan Agreement") with Flotek Chemistry, LLC and JP3 Measurement, LLC, wholly owned subsidiaries of the Company (collectively with the Company, the "Borrowers"), and Amerisource Funding, Inc. ("Amerisource"), as lender, to, among other things, increase the aggregate Revolving Credit Facility Maximum from $10,000,000 to $13,812,500. The First Amendment was entered into pursuant to Section 2.08 of the Loan Agreement, which provides for a Revolving Credit Facility Maximum increase upon receipt of an appraisal and finalization of legal documentation satisfactory to Amerisource regarding certain pledged real estate, and in connection therewith, Flotek Chemistry, LLC has pledged the real estate interests described on Exhibit "B" attached to the First Amendment.
In addition to the foregoing increase in the aggregate Revolving Credit Facility Maximum, the First Amendment (i) specifies that the "net orderly liquidation value" of Eligible Inventory will be used to calculate the Revolving Inventory Sub-Limit, (ii) incorporates, as appropriate, language regarding the pledged real estate described in Exhibit "B" attached to the First Amendment, and (iii) provides that the Collateral Management Fee will be charged monthly on the Revolving Credit Facility Maximum instead of the average daily balance. All capitalized terms used and not defined herein have the same meanings herein as set out in the First Amendment or, if not so defined in the First Amendment, in the Loan Agreement. The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the First Amendment, which is filed herewith as Exhibit 10.1 and incorporated by reference herein.
Flotek Industries Inc. published this content on 06 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2023 10:03:17 UTC.
Flotek Industries, Inc. is a technology-driven, specialty green chemistry and data company. The Companyâs segments include Chemistry Technologies and Data Analytics. The Companyâs Chemistry Technologies segment designs, develops, manufactures, packages and distributes green, specialty chemicals that help customers improve their return on invested capital, lower operational costs and realize tangible environmental benefits aimed at enhancing the profitability of hydrocarbon producers. The Companyâs Data Analytics segment provides analytics associated with their hydrocarbon streams in seconds rather than minutes or days. The real-time access to information prevents waste, reduces reprocessing and allows users to pursue automation of their hydrocarbon streams to increase their profitability. It helps customers across industrial and commercial markets improve their environmental performance. It serves specialty chemistry needs for both domestic and international energy markets.
FLOTEK INDUSTRIES, INC. 
