Cases & Deals

FTS International completes $1.25 billion refinancing

Clients FTS International, Inc.

Jones Day represented FTS International, Inc. (FTSI), a leading provider of well completion services used to enhance recovery rates from oil and gas wells, in the $1.25 billion refinancing of a term loan.

The refinancing consisted of the following:

$500 million in aggregate principal amount of 6.25% Senior Secured Notes due 2022 in a private transaction that is exempt from the registration requirements of the Securities Act of 1933.

A new $550 million senior secured term loan facility. Wells Fargo Bank, National Association acted as administrative agent and the sole initial lender. Wells Fargo Securities; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and UBS Securities LLC acted as joint lead arrangers and joint bookrunners.

A new $200 million senior secured asset-based revolving credit facility with a $100 million accordion for FTSI and its operating subsidiary, FTS International Services, LLC (FTSI Services). Wells Fargo Bank, National Association acted as administrative agent, sole lead arranger, and joint bookrunner. Bank of America, N.A., acted as joint bookrunner and documentation agent. UBS Securities LLC acted as managing agent.

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