DENVER--(BUSINESS WIRE)--Liberty Oilfield Services, LLC ("Liberty" or the "Company") announced today that it has entered into two new debt facilities consisting of a $175 million, five-year term loan and a $250 million asset-based revolving credit facility subject to a borrowing base. Upon closing, $55 million was drawn on the new ABL, positioning Liberty with over $100 million of available liquidity. The new debt facilities were used to retire the Company’s prior debt facilities and will provide liquidity to fund future growth and operations.
Chris Wright, Chief Executive Officer of Liberty, said, “Completion of the new debt facilities on attractive terms provides Liberty with the financial flexibility to execute on our disciplined organic growth strategy, and to further invest in the latest technological innovations, from custom fluid systems and integrated completion analysis techniques to next-generation equipment developments across the Liberty fleet. We continue to be driven by our relentless focus on improving our customer’s well productivity.”
Houlihan Lokey Capital, Inc. and Wells Fargo Securities, LLC served as the Company’s lead placement agents on the new term loan and new ABL financings, respectively.
About Liberty Oilfield Services, LLC
Liberty is an independent provider of hydraulic fracturing services to onshore oil and natural gas exploration and production companies in North America. Liberty was founded in 2011 with a relentless focus on improving tight-oil completions, and an emphasis on customer partnerships and technology to find innovative answers to frac optimization. Liberty is a privately held company with headquarters in Denver, Colorado. For more information about Liberty, please visit www.libertyfrac.com
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Liberty’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Liberty’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Liberty does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Liberty to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Liberty’s initial public offering. The risk factors and other factors noted in Liberty’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.
Liberty Oilfield Services, LLC
Michael Stock, 303-515-2800
Chief Financial Officer