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Get filing alertsRPC extends $100M credit facility to 2031, adds EBITDA-tiered covenant structure
Filed July 7, 2026 · Period ending June 30, 2026 · ~1 min read
Key Changes
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Credit facility maturity extended from June 2027 to June 2031, providing nearly four additional years of committed liquidity; SOFR adjustment pricing removed from interest rate calculation.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
New borrowing-base mechanism activates when EBITDA falls below $50M, limiting availability to lesser of commitment or formula based on 80% of eligible billed accounts plus 70% of unbilled accounts.
Exhibit 99.1 view on EDGAR → -
high
Financial covenants tier by EBITDA level: above $50M requires max 2.5x leverage and min 2.0x debt service coverage; below $50M requires min $400M tangible net worth instead.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Interest pricing grid ranges from Term SOFR plus 1.25% (leverage below 0.50x) to Term SOFR plus 2.25% (leverage above 2.00x), with commitment fees from 0.20% to 0.30%.
Exhibit 99.1 view on EDGAR →
Summary
RPC amended and restated its $100 million revolving credit facility with Bank of America, extending the maturity from June 2027 to June 2031. The amendment introduces a two-tier covenant structure that adjusts based on the company's operating performance. When trailing four-quarter EBITDA reaches $50 million or more, RPC operates under traditional leverage and debt service coverage tests.
Below that threshold, the facility switches to a borrowing-base mechanism that limits availability based on eligible accounts receivable, and replaces the leverage covenants with a minimum tangible net worth requirement of $400 million. This structure provides lenders with downside protection during weaker operating periods while giving RPC full access to its $100 million commitment when performance is stronger.
The pricing grid rewards deleveraging with lower spreads, ranging from 1.25% to 2.25% over Term SOFR depending on leverage ratio. The amendment also simplified pricing by removing the SOFR adjustment that previously added 10 to 25 basis points. For a company in the cyclical oilfield services sector, the extended maturity and flexible covenant structure provide financial stability through industry cycles.
Section-by-Section Diff
Event · Exhibit 99.1
RPC amended and restated its $100M revolving credit facility, extending the maturity date and modifying certain financial covenants and borrowing-base mechanics.
Added in current filing · verify on EDGAR →
AMENDED AND RESTATED CREDIT AGREEMENT
This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of June 30, 2026, among RPC, INC., a Delaware corporation (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.
RECITALS:
The Borrower, the lenders party thereto and the Administrative Agent have entered into that certain Credit Agreement, dated as of August 31, 2010 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”).
The Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the Administrative Agent and the Lenders have agreed to amend and restate the Existing Credit Agreement and extend the revolving credit facility to the Borrower.
RPC amended and restated its revolving credit facility originally dated August 31, 2010. The new agreement, effective June 30, 2026, maintains Bank of America as administrative agent and continues the revolving credit structure. This is a routine refinancing that extends the facility and updates terms to current market conditions.
Added in current filing · view on EDGAR →
“Aggregate Commitments” means the Commitments of all the Lenders.
“A ... vailability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02. ... Aggregate Amount of | Commitment | for all Lenders
The amended facility provides RPC with a $100 million revolving credit commitment. The agreement runs through a maturity date that is not explicitly stated in the excerpted sections but is defined elsewhere in the full document. The facility includes provisions for letters of credit and swing line loans within the overall commitment.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 30, 2026, RPC entered into that certain Amended and Restated Credit Agreement (the "Amended Credit Agreement”), between RPC, the Lenders party thereto, the Subsidiary Loan Parties party thereto and Bank of America, N.A., as Administrative Agent, which amended and restated the Credit Agreement. The Amended Credit Agreement, among other things, extends the termination date for revolving loans from June 22, 2027, to June 30, 2031, and removes the SOFR Adjustment to pricing.
RPC amended and restated its existing $100 million revolving credit facility with Bank of America. The amendment extends the maturity from June 22, 2027, to June 30, 2031, providing nearly four additional years of committed liquidity. The amendment also removes the SOFR Adjustment (previously 10 to 25 basis points depending on maturity length) from the interest rate calculation, simplifying the pricing structure to Term SOFR plus a margin of 1.25% to 2.25% based on leverage ratio.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
RPC, Inc. (the “Company” or “RPC”) has a revolving Credit Agreement (the “Credit Agreement”) with Bank of America and other lenders signatory thereto which provides for a line of credit of up to $100 million, including a $35 million letter of credit sub-facility, and a $35 million swingline sub-facility. The Credit Agreement contains customary terms and conditions, including restrictions on indebtedness, dividend payments, business combinations and other related items, as well as providing for acceleration of amounts due upon the occurrence of certain specified events of default.
The credit facility provides $100 million in revolving capacity with sublimits for letters of credit and swingline loans. The facility includes standard covenants restricting indebtedness, dividends, and business combinations, with acceleration provisions upon default. The facility is guaranteed by substantially all domestic subsidiaries.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 8, 2026 · How we verify