Entry into a Material Definitive

On April5, 2019, Key Energy Services, Inc. (the Company) and Key Energy Services, LLC (together with the Company, the ABL Borrowers), as borrowers, the financial institutions party thereto as lenders and Bank of America, N.A. (the ABL Agent), as administrative agent for the lenders, entered into Amendment No.1 (Amendment No.1) to the Loan and Security Agreement (the ABL Facility), among the ABL Borrowers, the financial institutions party thereto from time to time as lenders, the ABL Agent and the

co-collateral

agents for the lenders, Bank of America, N.A. and Wells Fargo Bank, National Association. The amendment makes changes to, among other things, lower (i)the applicable margin for borrowings to (x)from between 2.50% and 4.50% to between 2.00% and 2.50% for LIBOR borrowings and (y)from 1.50% and 3.50% to between 1.00% and 1.50% for base rate borrowings, in each case depending on the ABL Borrowers fixed charge coverage ratio at such time, (ii)appoint the Bank of America, N.A. as sole collateral agent under the ABL Facility, (iii)extend the maturity of the credit facility from June15, 2021 to the earlier of (x)April5, 2024 and (y) 6 months prior to the maturity date of the ABL Borrowers term loan credit agreement and other material debts, as identified under the ABL Facility, (iv)increase the maximum amount of revolving loan commitment increases from $30million to $50million and (v)revise certain triggers applicable to the covenants under the ABL Facility.

The foregoing description of Amendment No.1 is summary in nature and is qualified in its entirety by reference to the full and complete terms of Amendment No.1. A copy of Amendment No.1 is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

Item9.01 Financial Statements and Exhibits.

(d)Exhibits.

10.1

Amendment No.1 to Loan Agreement dated as of April 5, 2019 among Key Energy Services, Inc. and Key Energy Services, LLC, as borrowers, the financial institutions party thereto as lenders and Bank of America, N.A., as administrative agent for the lenders.

SIGNATURE

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.

KEY ENERGY SERVICES, INC.

Date: April5, 2019

By:

/s/ Katherine I. Hargis

Katherine I. Hargis

Senior Vice President, General Counsel

& Corporate Secretary

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Entry into a Material Definitive - May 22, 2020
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