THE WOODLANDS, Texas, June 07, 2022 (GLOBE NEWSWIRE) -- ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX), today announced that it has refinanced its existing credit facilities with a restated senior secured credit facility, amending and restating its 2018 senior secured credit facility. The restated agreement provides a $625 million 7-year term loan B and a $700 million 5-year revolving credit facility. The Company will use the proceeds from the term loan, and an initial draw from the revolving credit facility, to (a) repay outstanding amounts under its 2018 senior secured credit facility and (b) repay and terminate its 2020 term loan facility, and to redeem all outstanding 6.375% Senior Notes due 2026. Proceeds from future draws of the revolving credit facility will be used for working capital and other general corporate purposes.
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