Attached files
file | filename |
---|---|
8-K - FORM 8-K - NEWPARK RESOURCES INC | c25278e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - NEWPARK RESOURCES INC | c25278exv10w1.htm |
Exhibit 99.1
NEWS RELEASE
Contacts: | Gregg Piontek, CFO | |||
Newpark Resources, Inc. | ||||
281-362-6800 | ||||
FOR IMMEDIATE RELEASE
|
Ken Dennard, Managing Partner | |||
Dennard Rupp Gray & Lascar, LLC | ||||
ksdennard@drg-l.com | ||||
713-529-6600 |
NEWPARK RESOURCES ANNOUNCES AMENDED CREDIT FACILITY
THE
WOODLANDS, TX November 29, 2011 Newpark Resources, Inc. (NYSE: NR) announced today that
it has entered into an amendment and restatement of its existing credit agreement, which provides
for a $125 million revolving line of credit and extends the facility through November 2016. The
amended and restated credit facility also includes an accordion feature, allowing for the expansion
of the line up to $200 million. The bank group participating in the facility consists of JP
Morgan, Wells Fargo, Bank of America, Capital One and Comerica.
Paul Howes, Newparks President and Chief Executive Officer, stated, We are pleased to have
completed this amendment to our credit facility, which provides lower borrowing costs and increased
financial flexibility, allowing us the opportunity to further execute our growth strategy. We
continue to be optimistic about our prospects and the overall fundamentals of the industry and will
continue to invest in our business domestically and in key international markets.
For further information regarding the amended credit agreement, please refer to the Companys
Current Report on Form 8-K, filed November 29, 2011 and the copy of the amended agreement filed as
an exhibit to such Report.
Newpark Resources, Inc. is a worldwide provider of drilling fluids, temporary worksites and
access roads for oilfield and other commercial markets, and environmental waste treatment
solutions. For more information, visit our website at www.newpark.com.
This news release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act that are based on managements current expectations, estimates and
projections. All statements that address expectations or projections about the future, including
Newparks strategy for growth, product development, market position, expected expenditures and
financial results are forward-looking statements. Some of the forward-looking statements may be
identified by words like expects, anticipates, plans, intends, projects, indicates, and
similar expressions. These statements are not guarantees of future performance and involve a number
of risks, uncertainties and assumptions. Many factors, including those discussed more fully
elsewhere in this release and in documents filed with the Securities and Exchange Commission by
Newpark, particularly its Annual Report on Form 10-K for the year ended December 31, 2010, as well
as others, could cause results to differ materially from those stated. These risk factors include,
but are not limited to, our ability to successfully integrate the business acquired from Rheochem
and to realize the anticipated benefits from the acquisition, the impact of restrictions on
offshore drilling activity in the Gulf of Mexico, our customer concentration and cyclical nature of
our industry, the availability of raw materials and skilled personnel, our market competition, the
cost and continued availability of borrowed funds, our international operations, legal and
regulatory matters, including environmental regulations, inherent limitations in insurance
coverage, potential impairments of long-lived intangible assets, technological developments in our
industry, and the impact of severe weather, particularly in the U.S. Gulf Coast. Newparks filings
with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as
through our website at www.newpark.com.
# # #