THE WOODLANDS, Texas–(BUSINESS WIRE)–NPK International Inc. (NYSE: NPKI) (“NPK” or the “Company”) today announced that it has entered into a new credit agreement (“Agreement”) effective June 20, 2025, which includes a $150 million revolving loan facility, replacing the Company’s previous asset-based revolving credit facility. The Agreement has a term of five years and also includes an accordion feature, allowing for the expansion of the revolving loan facility up to $250 million. Under the terms of the Agreement, revolving loans bear interest at either Term SOFR plus 175 to 225 basis points or the Base Rate plus 75 to 125 basis points, with the applicable margin determined based on the Company’s consolidated leverage ratio, as calculated in accordance with the Agreement.
The bank group participating in the facility includes Bank of America, N.A., Amegy Bank, Regions Bank, First Horizon Bank, Texas Capital Bank and Woodforest National Bank.
Gregg Piontek, NPK’s Senior Vice President and Chief Financial Officer, stated, «We are very pleased to have the support of our bank group, including our long-term partners, as well as new partnerships established through this Agreement. The new facility provides expanded liquidity and improved flexibility, better enabling us to execute on our long-term growth strategy and capital allocation priorities, consistent with our focus on driving long-term value creation for our shareholders.»
For further information regarding the Agreement, please refer to the Company’s Current Report on Form 8-K, to be filed with the Securities and Exchange Commission on or before June 26, 2025.
ABOUT NPK INTERNATIONAL
NPK International Inc. is a worksite access solutions company that manufactures, sells, and rents industry-leading sustainable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. The Company delivers superior quality and reliability across critical infrastructure markets, including electrical transmission & distribution, oil and gas exploration, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.npki.com.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as “will,” “may,” “could,” “would,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “guidance,” and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by NPK, particularly its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to our sale of the Fluids Systems business; our ability to generate organic growth; economic and market conditions that may impact our customers’ future spending; the effective management of our fleet, including our ability to properly manufacture, safeguard, and maintain our fleet; international operations; operating hazards present in our and our customers’ industries and substantial liability claims; our contracts that can be terminated or downsized by our customers without penalty; our product offering and market expansion; our ability to attract, retain, and develop qualified leaders, key employees, and skilled personnel; expanding our services in the utilities sector, which may require unionized labor; the price and availability of raw materials; inflation; capital investments and business acquisitions; market competition; technological developments and intellectual property; severe weather, natural disasters, and seasonality; public health crises, epidemics, and pandemics; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity incidents or business system disruptions; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; share repurchases; and our amended and restated bylaws, which could limit our stockholders’ ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. NPK’s filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.npki.com.
Contacts
IR CONTACT
Noel Ryan or Paul Bartolai
Investors@npki.com
