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CM - Oil States converts to asset-based facility, sees reduction - June 2020
Oil States International’s revolving credit facility was reduced to $200 million from $350 million in exchange for suspension of financial covenants from July 1, 2020, through March 30, 2021. During this period, borrowing availability will be determined by a monthly borrowing base of 70% of the consolidated net book value of eligible receivables and 20% of the consolidated net book value of eligible inventory, with the availability the lesser of 85% of the borrowing......
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