OIL STATES INTERNATIONAL, INC 8-K

What Happened

• On January 28, 2026, Oil States International, Inc. announced an amended and restated Cash Flow Credit Agreement with Wells Fargo Bank, N.A. as administrative agent. The agreement replaces its prior asset-based credit agreement (Feb 10, 2021) and provides up to $125.0 million in total commitments: a $75.0 million revolving credit facility (including a $40.0 million letters-of-credit sublimit) and a $50.0 million multi-draw term loan facility. The facilities are available through July 28, 2026, and each facility matures on January 28, 2030. The revolver commitments may be increased by up to $50.0 million under certain conditions.

Key Details

• Total commitments: $125.0 million (Revolver $75.0M; Term Loan $50.0M).
• Interest: Term SOFR + 2.50%–3.50% or base rate + 1.50%–2.50%, depending on leverage; unused-commitment fee 0.375%–0.50% p.a.
• Security: Secured by substantially all U.S. assets of the Company and certain foreign subsidiary stock.
• Financial covenants: Interest coverage ratio ≥ 3.00x; total net leverage ≤ 2.50x (in some cases ≤ 3.25x) and senior secured net leverage ≤ 2.00x.

Why It Matters

• The new agreement provides near- to long-term liquidity and replaces the prior credit agreement, giving Oil States committed borrowing capacity through 2030 and flexibility to support operations and capital needs.
• The maintenance covenants and secured nature of the loans limit how much additional debt the company can take, and restrict dividends, asset sales, and certain transactions—important for investors assessing balance sheet flexibility and downside risk.
• Default provisions could trigger acceleration of amounts due, so compliance with leverage and coverage ratios will be a key indicator for ongoing financial health.