Flotek Industries borrows $75M, lines up $15M more
Quarterly amortization begins after the two-year restricted period, while the agreement sets a September 23, 2031 maturity.
Rhea-AI Filing Summary
Flotek Industries, Inc. (FTK) entered a senior secured credit agreement under which lenders funded $75.0 million of initial term loans on September 23, 2026. The agreement includes $15.0 million of committed initial delayed-draw loans, which FTK may request once after closing and on or before June 30, 2027, plus up to $30.0 million in additional delayed-draw commitments subject to Required Lenders’ approval through March 31, 2028. Draws require a Consolidated Leverage Ratio no higher than 2.00:1.00 after borrowing.
A portion of the net proceeds repaid all outstanding obligations under the PWRTEK Note; proceeds are expected to support capital expenditures, working capital and general corporate purposes. PC Energy exchanged $12.5 million of PWRTEK Note obligations for term loans through a cashless roll; it is an affiliate of ProFrac founders Dan Wilks and Farris Wilks, and the audit committee approved the transactions. Interest is Term SOFR, subject to a 2.50% floor, plus a 6.50% margin. Quarterly installments equal to 0.25% of each tranche’s aggregate initial principal begin two years after closing, with remaining principal due September 23, 2031. A 3.00:1.00 quarter-end leverage limit applies beginning with the first full fiscal quarter after closing. The existing asset-based loan was extended 12 months to October 31, 2027.
Positive
- None.
Negative
- None.
Filing Explained
The closed loan gives lenders broad collateral rights, and certain repayment events can trigger a further payment under a one-point-three-times factor.
The closed term loan gives its lenders security interests in substantially all of Flotek's assets and those of subsidiary guarantors, and wholly owned domestic subsidiaries also guarantee the debt.
Under the split-collateral arrangement, Amerisource has first-priority liens on specified ABL collateral, while the new collateral agent has first priority on the other assets; each holds a second-priority lien on the other's priority collateral.
A further MOIC payment, based on a 1.30x factor (or a blended factor if delayed-draw loans are extended), is due upon full voluntary repayment, mandatory prepayment, repayment at maturity, or acceleration after default; partial voluntary prepayments do not trigger that payment. Once aggregate payments reach the aggregate loan principal extended multiplied by the applicable factor, no further MOIC payment is due.
8-K Event Classification
5 items: 1.01, 1.02, 2.03, 7.01, 9.01
5 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 1.02
Termination of a Material Definitive Agreement
Business
A significant contract was terminated, which may affect business operations or revenue.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Initial term loans: $75.0 million
Committed initial delayed-draw loans: $15.0 million
Additional delayed-draw commitments: Up to $30.0 million
+5 more
8 metrics
Initial term loans
$75.0 million
Funded on September 23, 2026
Committed initial delayed-draw loans
$15.0 million
May be requested once on or before June 30, 2027
Additional delayed-draw commitments
Up to $30.0 million
Subject to Required Lenders’ approval through March 31, 2028
Loan interest rate
2.50% floor plus 6.50% margin
Term SOFR-based interest rate
Quarterly amortization installment
0.25% of each tranche’s aggregate initial principal
Begins two years after closing
Delayed-draw leverage condition
2.00:1.00 maximum Consolidated Leverage Ratio
After giving effect to the borrowing
Quarter-end leverage covenant
3.00:1.00 maximum Consolidated Leverage Ratio
Begins with the first full fiscal quarter after closing
Term loan maturity
September 23, 2031
Maturity date under the credit agreement
Key Terms
Term SOFR, Consolidated Leverage Ratio, MOIC Payment Amount, Intercreditor Agreement, +1 more
5 terms
Term SOFR financial
"equal to Term SOFR, subject to a floor of 2.50%"
Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.
Consolidated Leverage Ratio financial
"the Consolidated Leverage Ratio (as defined in the Credit Agreement)"
A consolidated leverage ratio measures a business group's total debt compared with its ability to pay, by using combined figures for the parent company and its subsidiaries. Think of it like comparing the total mortgage across all properties you own to your overall income or net worth; investors use it to judge how risky the company’s capital structure is and how vulnerable it may be to rising interest rates or income drops.
MOIC Payment Amount financial
"The MOIC Payment Amount ... is payable upon"
Intercreditor Agreement technical
"subject to an Intercreditor Agreement among"
A legal contract among multiple lenders that sets the rules for how their different loans and security interests rank, how payments and collateral are handled, and how disputes are resolved if a borrower defaults. It matters to investors because it determines which creditors get paid first and under what conditions, like a traffic plan that decides which cars can go first at an intersection when everyone wants the same road, affecting recovery and risk.
split-collateral structure technical
"which establishes a split-collateral structure"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did FTK borrow under its new term loan?
Lenders funded $75.0 million of initial term loans on September 23, 2026. The agreement also provides $15.0 million of committed initial delayed-draw loans and up to $30.0 million in additional delayed-draw commitments subject to Required Lenders’ approval.
What delayed-draw financing is available to FTK, and when?
FTK may request the $15.0 million initial delayed-draw amount once after closing and on or before June 30, 2027. It may request up to $30.0 million of additional delayed-draw commitments from the closing date through March 31, 2028, subject to Required Lenders’ approval. Funding is conditioned in part on a post-borrowing Consolidated Leverage Ratio no higher than 2.00:1.00.
What mandatory prepayments does FTK’s term loan require?
The agreement requires prepayment with 100% of net cash proceeds from indebtedness issued or incurred by a loan party, excluding permitted debt, and from asset sales or recovery events exceeding $5.0 million individually. Asset-sale and recovery-event proceeds are subject to a 270-day reinvestment right, extendable by another 270 days if committed. It also requires 50% of excess cash flow after the Restricted Period End Date, subject to a $250,000 threshold and certain voluntary-prepayment reductions. Upon a change of control, each lender may elect to require payment of its pro rata share.
How is FTK’s MOIC payment calculated if it repays the loan?
A MOIC Payment Amount applies upon full voluntary prepayment, mandatory prepayment, repayment at maturity or acceleration after an event of default. The MOIC Factor is 1.30x, or a blended rate using 1.30x for initial term loans and initial delayed-draw loans and 1.20x for delayed-draw loans if those loans have been extended. No MOIC Payment Amount is due for a partial prepayment.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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 ☐
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| Item 1.01 | Entry into a Material Definitive Agreement | ||||
Senior Secured Term Loan Facility
On September 23, 2026 (the “Closing Date”), Flotek Industries, Inc., a Delaware corporation (the “Company” or “Borrower”), entered into a Credit Agreement (the “Credit Agreement”) with the lenders party thereto from time to time (the “Lenders”), Alter Domus (US) LLC, as administrative agent (the “Administrative Agent”), and Alter Domus (US) LLC, as collateral agent (the “Collateral Agent”), with an affiliate of Elda River Capital Management, LLC serving as coordinating lead arranger. Pursuant to the Credit Agreement, the Lenders made initial term loans to the Borrower in an aggregate principal amount of $75.0 million (the “Initial Term Loans”) on the Closing Date. The net proceeds of the Initial Term Loans were used to refinance the Borrower’s existing indebtedness under the PWRTEK Note (as defined below), and are expected to be used to fund capital expenditures, and for working capital and general corporate purposes. The Initial Term Loans may be prepaid or repaid in accordance with the terms of the Credit Agreement, but once repaid or prepaid, may not be reborrowed.
Set forth below are certain of the additional material terms of the Credit Agreement:
Commitments: In addition to the Initial Term Loans, the Credit Agreement provides for committed initial delayed draw term loans in an aggregate principal amount not to exceed $15.0 million (the “Initial Delayed Draw Term Loans”) that the Borrower may request one time after the Closing Date and on or prior to June 30, 2027. The Borrower may also, to the extent approved by the Required Lenders (as defined in the Credit Agreement), request from the Lenders delayed draw term loan commitments of the same class as the outstanding Initial Term Loans in an aggregate amount not to exceed $30.0 million (the “Delayed Draw Term Loans”, and together with the Initial Term Loans and the Initial Delayed Draw Term Loans, the “Loans”) during the period from the Closing Date until March 31, 2028. If the Required Lenders do not consent to the delayed draw term loan commitments or any portion of the requested amount remains uncommitted and unfunded, the Borrower may, in lieu of such Delayed Draw Term Loans, incur other subordinated indebtedness in an amount not to exceed the portion of the $30.0 million uncommitted delayed draw amount that has not been funded as Delayed Draw Term Loans or previously incurred as other subordinated indebtedness. The funding of Initial Delayed Draw Term Loans and Delayed Draw Term Loans is subject to certain conditions, including that the Consolidated Leverage Ratio (as defined in the Credit Agreement) shall not exceed 2.00:1.00 after giving effect to such borrowings.
Interest: Interest on the Loans accrues at a rate per annum equal to Term SOFR (as defined in the Credit Agreement), subject to a floor of 2.50%, plus an applicable margin of 6.50%. Upon the occurrence and during the continuance of an event of default under the Credit Agreement, all overdue principal, overdue interest, overdue fees and other overdue amounts shall bear interest at a rate per annum equal to the lesser of (a) the interest rate otherwise applicable plus 2.00% and (b) the highest rate of interest that lenders may contract for under applicable law. All interest is computed on the basis of a 360-day year.
Amortization: Commencing after the date that is two years after the Closing Date (the “Restricted Period End Date”), the Borrower is required to repay each tranche of Loans in consecutive quarterly installments equal to 0.25% of the aggregate initial principal amount of such Loans, with the remainder due and payable in full on the Maturity Date (as defined below).
Mandatory Prepayments: The Credit Agreement requires the Borrower to make mandatory prepayments with (i) 100% of the net cash proceeds from the issuance or incurrence of indebtedness by any loan party (excluding permitted debt), (ii) commencing with the first fiscal quarter ending after the Restricted Period End Date, 50% of excess cash flow for each fiscal quarter (subject to a $250,000 threshold and reduced by certain voluntary prepayments), (iii) 100% of the net cash proceeds from asset sales or recovery events exceeding $5.0 million individually (subject to a reinvestment right of 270 days, extendable by an additional 270 days if committed), and (iv) upon a change of control, each Lender may elect to require prepayment of such Lender’s pro rata share of the outstanding Loans.
Voluntary Prepayments: The Borrower may at any time after the Restricted Period End Date prepay the Loans, in whole or in part, without premium or penalty (other than in connection with a MOIC Event (as defined below)), upon prior written notice to the Administrative Agent. The MOIC Payment Amount (as defined in the Credit Agreement), which is calculated based on a MOIC Factor (as defined in the Credit Agreement) of 1.30x (or, if Delayed Draw Term Loans have been extended, a blended rate weighted between 1.30x for Initial Term Loans and Initial Delayed Draw Term Loans and 1.20x for Delayed Draw Term Loans), is payable upon (A) voluntary prepayment of the Loans in full, (B) mandatory prepayment pursuant to the Credit Agreement, (C) repayment at maturity, or (D) acceleration following an event of default (each, a “MOIC Event”). Once the aggregate amount of all payments to the Lenders equals or exceeds the product of the aggregate Loan principal extended multiplied by the MOIC Factor, no further MOIC Payment Amount is due. No MOIC Payment Amount is due in connection with a partial prepayment of the Loans.
Security and Collateral: The obligations under the Credit Agreement are secured by security interests in substantially all of the property and assets of the Borrower and each Subsidiary Guarantor (as defined below), subject to certain excluded assets and permitted liens, pursuant to a Guarantee and Collateral Agreement. The security interests are subject to an Intercreditor Agreement (the “Intercreditor Agreement”) among Amerisource (as defined below), the Collateral Agent, the Borrower and the other grantors, which establishes a split-collateral structure. Under the Intercreditor Agreement, Amerisource holds a first priority lien on the accounts receivable, inventory, related instruments and chattel paper, certain blocked accounts, real estate and proceeds of the foregoing of the borrowers under the ABL Agreement (as defined below) (the “Amerisource Priority Collateral”), while the
Collateral Agent holds a first priority lien on all personal property and assets of the Borrower and each Subsidiary Guarantor that is not Amerisource Priority Collateral. Each creditor holds a second priority lien on the other creditor’s priority collateral.
Guarantees: The obligations of the Borrower under the Credit Agreement are guaranteed by each wholly-owned domestic subsidiary of the Borrower (each a “Subsidiary Guarantor”), pursuant to the Guarantee and Collateral Agreement.
Covenants: The Credit Agreement requires the Borrower to comply with certain customary affirmative covenants, including the delivery of financial statements, maintenance of properties, maintenance of insurance, compliance with laws, and further assurances regarding collateral. The Credit Agreement also contains certain negative covenants that, among other things, restrict, subject to certain exceptions, the ability of the Borrower and its subsidiaries to incur indebtedness, grant liens, make investments, engage in acquisitions, mergers or consolidations, pay dividends and other restricted payments, dispose of assets and enter into transactions with affiliates. The Credit Agreement also requires the Borrower to maintain a Consolidated Leverage Ratio (as defined in the Credit Agreement) not exceeding 3.00:1.00 at the end of any fiscal quarter, commencing with the first full fiscal quarter ending after the Closing Date.
Maturity: The Loans mature on September 23, 2031 (the “Maturity Date”), subject to earlier acceleration pursuant to the terms of the Credit Agreement.
One of the Lenders, PC Energy Credit I LLC (“PC Energy”), exchanged through a cashless roll, $12.5 million of the obligations under the PWRTEK Note for the Initial Term Loans held by them. PC Energy is an affiliate of Mr. Dan Wilks and Mr. Farris Wilks (the founders and principal stockholders of ProFrac Holding Corp., a Delaware corporation (“ProFrac”)) and entities owned by or affiliated with them and a related party to ProFrac. The transactions contemplated by the Credit Agreement were approved by the Audit Committee of the Board of Directors pursuant to its Related-Party Transactions Policy.
The foregoing description of the Credit Agreement and the Intercreditor Agreement is qualified in its entirety by reference to the Credit Agreement and Intercreditor Agreement, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2, and incorporated by reference herein.
Extension of ABL Agreement
On August 14, 2023, the Company and certain of its subsidiaries entered into a Revolving Loan and Security Agreement (as amended, the “ABL Agreement”) with Amerisource Funding, Inc. (“Amerisource”), as lender. On the Closing Date, the Company and certain of its subsidiaries entered into that certain Consent and Extension Agreement (the “Consent and Extension Agreement”) with Amerisource, pursuant to which, among other things, Amerisource consented to the transactions contemplated by the Credit Agreement and the Company extended the term of the ABL Agreement for an additional twelve (12) months to October 31, 2027.
The foregoing description of the Consent and Extension Agreement is qualified in its entirety by reference to the Consent and Extension Agreement, a copy of which is attached hereto as Exhibit 10.3, and incorporated by reference herein.
| Item 1.02 | Termination of a Material Definitive Agreement | ||||
As previously disclosed, on April 28, 2025, PWRTEK, LLC, a Texas limited liability company (“PWRTEK”) and a subsidiary of the Company, issued a secured promissory note in the initial principal amount of $40 million (the “PWRTEK Note”) to ProFrac GDM, LLC (“ProFrac GDM”), a Texas limited liability company and a wholly-owned subsidiary of ProFrac, in connection with PWRTEK’s acquisition of certain mobile power generation assets and related intellectual property from ProFrac GDM pursuant to an Asset Purchase Agreement, dated as of April 28, 2025 (the “Asset Purchase Agreement”). The PWRTEK Note provided for a five-year term and was subject to a 10.0% annual interest rate. PWRTEK’s obligations under the PWRTEK Note were secured by a first priority lien on the assets acquired by PWRTEK under the Asset Purchase Agreement, including the leased equipment, as well as certain after-acquired property of PWRTEK, and were guaranteed by the Company. The PWRTEK Note was subsequently assigned to PC Energy.
On the Closing Date, the Company used a portion of the net proceeds from the Initial Term Loans under the Credit Agreement to repay in full all outstanding obligations under the PWRTEK Note, and the PWRTEK Note was terminated. Upon such repayment, all liens securing the PWRTEK Note were released.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. | ||||
The information provided under Item 1.01 of this Current Report on Form 8-K regarding each of the transactions described therein is also responsive to Item 2.03 of this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.03.
| Item 7.01 | Regulation FD Disclosure | ||||
On September 23, 2026, the Company issued a press release announcing the closing of the Credit Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K and in Exhibit 99.1 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is not subject to the liabilities of that section and is not deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01 | Financial Statements and Exhibits. | ||||
d) Exhibits.
| Exhibit Number | Description | |||||||
| 10.1* | Credit Agreement dated September 23, 2026, among Flotek Industries, Inc., the lenders party thereto from time to time, Alter Domus (US) LLC, as administrative agent, and Alter Domus (US) LLC, as collateral agent, with an affiliate of Elda River Capital Management, LLC serving as coordinating lead arranger. | |||||||
| 10.2* | Intercreditor Agreement dated September 23, 2026, among Amerisource Funding, Inc., Alter Domus (US) LLC, as administrative agent and collateral agent, Flotek Industries, Inc. and the other grantors party thereto. | |||||||
| 10.3 | Consent and Extension Agreement dated September 23, 2026, among Flotek Industries, Inc., Flotek Chemistry, LLC, JP3 Measurement, LLC and Amerisource Funding, Inc. | |||||||
| 99.1 | Press Release dated September 23, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
*Certain schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company undertakes to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request. | ||||||||
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.
| FLOTEK INDUSTRIES, INC. | ||||||||
Date: September 23, 2026 | /s/ Bond Clement | |||||||
| Name: | Bond Clement | |||||||
| Title: | Chief Financial Officer | |||||||
Exhibit 99.1
Flotek Secures $120 Million Senior Secured Term Loan to Support Continued Strategic Growth
HOUSTON, September 23, 2026 — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced that it has entered into a new secured term loan agreement providing $75 million of funding at closing and up to $45 million of delayed-draw availability. Elda River Capital Management, LLC (“Elda River”) is the lead lender under the new financing, with additional investors including an affiliate of Antarctica Capital.
With up to $120 million in capital, the term loan provides the Company with enhanced liquidity and financial flexibility to support strategic initiatives and future growth opportunities. 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.
The Company’s existing asset-based loan will remain in place, providing up to $20 million of additional borrowing capacity, with its maturity extended from October 31, 2026 to October 31, 2027.
Term Loan Details
•Initial funding of $75 million with $15 million committed delayed-draw available through June 30, 2027 and an additional $30 million subject to lender consent available through March 31, 2028
•Maturity date of September 23, 2031
•No loan amortization or excess cash sweep required during first two years
“This financing provides Flotek with long-term capital and additional flexibility to invest in our key growth initiatives,” said Ryan Ezell, Chief Executive Officer of Flotek. “It also reflects our lenders’ confidence in our corporate strategy, differentiated technology platform, and long-term opportunities across both data analytics and chemistry technologies. We look forward to developing a long-term partnership with Elda River as the lead capital provider in this financing.”
“We are pleased to partner with Flotek to provide the Company with a flexible capital solution to support its strategic objectives,” said Craig Rohr, Partner and Co-Founder at Elda River. “Flotek has a diversified portfolio of growth opportunities across the energy ecosystem, and we look forward to supporting the business over time.”
The Company engaged Piper Sandler and Co. to act as sole and exclusive lead arranger and bookrunner for the transaction.
About Flotek Industries, Inc.
Flotek Industries, Inc. is a leading chemistry and data technology company focused on serving the Energy industry. The Company’s technologies leverage near real-time data to deliver innovative solutions to maximize customer returns. Flotek has an intellectual
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property portfolio of over 130 patents, over 20 years of field and laboratory data, and a global presence in more than 59 countries.
Flotek has established collaborative partnerships focused on sustainable and optimized chemistry and data solutions, aiming to reduce the environmental impact of energy on land, air, water and people.
Flotek is based in Houston, Texas and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). These statements include, without limitation, statements regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects, including the expected benefits of the term loan agreement, the anticipated use of proceeds, the availability and timing of delayed-draw commitments, and the Company's growth strategy and investment plans, including with respect to its Data Analytics segment. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include, among others, the Company's ability to satisfy conditions precedent to future delayed-draw borrowings and to obtain lender consent for additional delayed-draw availability, risks related to the Company's growth strategy and capital expenditure plans, and competitive and market conditions in the energy industry. Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.
Investor contact:
Mike Critelli
Vice President, Commercial & Investor Relations
E: ir@flotekind.com
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