Superior Drilling Products Inc. has reported the completion of a new US$3 million credit facility. The facility is comprised of a two year, US$2.5 million accounts receivable revolving credit facility and a US$0.5 million, asset-based term loan amortised over five years. The Company can subsequently request evaluation by the lender for a prospective inventory loan to be effective as early as six months after closing.
Commenting on the credit facility, Christopher D. Cashion, Chief Financial Officer of Superior Drilling Products, stated: “The completion of this credit facility is a testament to the quality of our customer base as well as the lender’s confidence in our future. With this flexibility, we have the needed working capital to invest in expanding our inventory of tools to meet expected growth in demand.”
Troy Meier, Chairman and CEO of Superior Drilling Products, added: “Our entire organisation is highly confident in our ability to increase the market penetration of our multi-patented Drill N Ream™ well bore conditioning tool and our recent new technology, the patents pending Strider drill string oscillation system. Our customers repeatedly confirm the improved drilling results, efficiencies gained and costs saved with our technologies. As we expand our partnerships to broaden our channels to market, we expect the success of our tools to compound. Importantly, the SDP team knows that there are more opportunities in the long term beyond our current technologies and are motivated to be invested in that potential.”
Edited from press release by Angharad Lock
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