HOUSTON, Aug. 14, 2023 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced that it has entered into a revolving loan and security agreement in connection with an Asset Based Loan ("ABL") with Amerisource Funding, Inc. ("Lender"). The ABL provides for a 24-month term with up to $10 million of initial credit availability for eligible accounts receivable and eligible inventory. After closing and subject to certain conditions, including an acceptable appraisal and the pledge of real estate collateral by the Company, the credit availability is expected to be increased by the lesser of 50% of the appraised value of the real estate and $5 million. Borrowings under the ABL bear interest at the Wall Street Journal Prime Rate plus 2.5% per annum. The ABL also contains customary administrative and facility fees.
Read more at prnewswire.comFlotek Announces Entry into Asset Based Loan Agreement
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