Flotek Industries, a chemistry and data technology company focused on serving the energy industry, has secured a $120 million term loan that will provide the company with enhanced liquidity and financial flexibility to support strategic initiatives and future growth opportunities.
Elda River Capital Management was the lead lender under the new financing, with an affiliate of Antarctica Capital among its additional investors.
The senior-secured term loan agreement will provide $75 million of funding at closing and up to $45 million of delayed-draw availability. Proceeds are expected to be used to support capital expenditures related to the company’s growing data analytics segment, refinance the company’s existing $40 million term loan, fund working capital requirements and other general corporate purposes.
“This financing provides Flotek with long-term capital and additional flexibility to invest in our key growth initiatives,” said Ryan Ezell, CEO of Flo
