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Title of each class
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Class A Common Stock, par value $0.01
WHD
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
1
Item 1.01 Entry into a Material Definitive Agreement.
On July 25, 2022, Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary through which Cactus, Inc. (the “Company”) operates its business, entered into an amendment (the “ABL Credit Facility Amendment”) to its five-year senior secured asset-based revolving credit facility originally entered into on August 21, 2018 by and among Cactus LLC, a syndicate of lenders, JPMorgan Chase Bank, N.A., as administrative agent for such lenders and as an issuing bank and the swingline lender (as amended prior to the ABL Credit Facility Amendment, the “ABL Credit Facility”).
The ABL Credit Facility Amendment amended the ABL Credit Facility to, among other things, (i) increase the committed amount of the revolving credit facility from $75 million to $80 million, (ii) extend the maturity date of the revolving credit facility to July 25, 2027, or such earlier date that is 91 days prior to the maturity date of any indebtedness that has a principal balance exceeding $30 million, (iii) adjust the pricing grid to reduce the interest rate margins applicable to borrowings under the ABL Credit Facility (as amended by the ABL Credit Facility Amendment) and (iv) increase the advance rate for investment grade accounts receivable.
The other material terms of the ABL Credit Facility were unchanged.
The description above is only a summary of the ABL Credit Facility Amendment. It is not complete and is qualified in its entirety by reference to the full text of the ABL Credit Facility Amendment, which will be filed as an Exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2022.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this Current Report is incorporated by reference in this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Cactus, Inc.
July 29, 2022
By:
/s/ Stephen Tadlock
Date
Name:
Stephen Tadlock
Title:
Vice President, Chief Financial Officer and Treasurer
