OKLAHOMA
CITY, Oct. 19, 2023 /PRNewswire/ -- Mammoth
Energy Services, Inc., ("Mammoth" or the "Company") (NASDAQ: TUSK)
today announced that, on October 16,
2023, it entered into a new revolving credit facility
agreement and a new term loan agreement, which refinanced, in full,
Mammoth's indebtedness outstanding under its previous revolving
credit facility.
The new five-year revolving credit facility with Fifth Third
Bank, National Association ("Fifth Third"), provides for revolving
commitments of up to $75 million,
subject to a borrowing base calculation prepared monthly. The new
five-year term loan agreement with Wexford Capital LP ("Wexford"),
an affiliate of Mammoth, provides for term commitments of
$45 million.
Mark Layton, Chief Financial
Officer, commented, "We are pleased with the outcome of this
refinancing transaction and look forward to building a long-term
relationship with Fifth Third. In addition, we appreciate Wexford
and their ongoing commitment to the Company. We believe these new
agreements will provide Mammoth with a strong base of liquidity for
years to come."
About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented energy services
company focused on the providing products and services to enable
the exploration and development of North American onshore
unconventional oil and natural gas reserves as well as the
construction and repair of the electric grid for private utilities,
public investor-owned utilities and co-operative utilities through
its infrastructure services businesses. Mammoth's suite of services
and products include: well completion services, infrastructure
services, natural sand and proppant services, drilling services and
other energy services. For more information, please visit
www.mammothenergy.com.
Contacts:
|
Mark Layton,
CFO
|
Rick Black /
Ken Dennard
|
Mammoth Energy
Services, Inc
|
Dennard Lascar Investor
Relations
|
investors@mammothenergy.com
|
TUSK@dennardlascar.com
|
Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the
subjects of this release, including on the conference call
announced herein) contains certain statements and information that
may constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts that
address activities, events or developments that Mammoth expects,
believes or anticipates will or may occur in the future are
forward-looking statements. The words "anticipate," "believe,"
"ensure," "expect," "if," "intend," "plan," "estimate," "project,"
"forecasts," "predict," "outlook," "aim," "will," "could,"
"should," "potential," "would," "may," "probable," "likely" and
similar expressions, and the negative thereof, are intended to
identify forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include statements, estimates
and projections regarding the Company's business outlook and plans,
future financial position, liquidity and capital resources,
operations, performance, acquisitions, returns, capital expenditure
budgets, costs and other guidance regarding future developments.
Forward-looking statements are not assurances of future
performance. These forward-looking statements are based on
management's current expectations and beliefs, forecasts for the
Company's existing operations, experience and perception of
historical trends, current conditions, anticipated future
developments and their effect on Mammoth, and other factors
believed to be appropriate. Although management believes that the
expectations and assumptions reflected in these forward-looking
statements are reasonable as and when made, no assurance can be
given that these assumptions are accurate or that any of these
expectations will be achieved (in full or at all). Moreover, the
Company's forward-looking statements are subject to significant
risks and uncertainties, including those described in its Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other filings it makes with the SEC,
including those relating to the Company's acquisitions and
contracts, many of which are beyond the Company's control, which
may cause actual results to differ materially from historical
experience and present expectations or projections which are
implied or expressed by the forward-looking statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to: any continuing impacts of the COVID-19 pandemic,
related global and national health concerns and economic
repercussions; demand for our services; the volatility of oil and
natural gas prices and actions by OPEC members and other exporting
nations affecting commodities prices and production levels; the
impact of the war in Ukraine on
the global energy and capital markets and global stability;
inflationary pressures; rising interest rates and their impact on
the cost of capital; instability in the banking and financial
services sectors; the outcome of ongoing government investigations
and other legal proceedings, including those relating to the
contracts awarded to the Company's subsidiary Cobra Acquisitions
LLC ("Cobra") by the Puerto Rico Electric Power Authority
("PREPA"); the failure to receive or delays in receiving
governmental authorizations, approvals and/or payments, including
payments with respect to the PREPA account receivable for prior
services to PREPA performed by Cobra; the Company's inability to
replace the prior levels of work in its business segments,
including its infrastructure and well completion services segments;
risks relating to economic conditions, including concerns over a
potential economic slowdown or recession; impacts of the recent
federal infrastructure bill on the infrastructure industry and our
infrastructure services business; the loss of or interruption in
operations of one or more of Mammoth's significant suppliers or
customers; the loss of management and/or crews; the outcome or
settlement of our litigation matters and the effect on our
financial condition and results of operations; the effects of
government regulation, permitting and other legal requirements;
operating risks; the adequacy of capital resources and liquidity;
weather; natural disasters; litigation; volatility in commodity
markets; competition in the oil and natural gas and infrastructure
industries; and costs and availability of resources.
Investors are cautioned not to place undue reliance on any
forward-looking statement which speaks only as of the date on which
such statement is made. We undertake no obligation to correct,
revise or update any forward-looking statement after the date such
statement is made, whether as a result of new information, future
events or otherwise, except as required by applicable law.
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SOURCE Mammoth Energy Services, Inc.