Short answer
FLOTEK INDUSTRIES INC/CN/ (FTK) filed an 8-K current report with the SEC on September 23, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item 1.02 (Termination of a Material Definitive Agreement), Item 7.01 (Regulation FD Disclosure), Item EX-99.1 (Exhibit EX-99.1). $75.0M senior secured term loan refinances PWRTEK Note and funds capital expenditures, working capital, and corporate purposes.
FLOTEK INDUSTRIES INC/CN/ 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- $75.0M senior secured term loan refinances PWRTEK Note and funds capital expenditures, working capital, and corporate purposes
- Interest at Term SOFR plus 6.50%, with 2.50% SOFR floor; default rate adds 2.00%
- Additional borrowing capacity includes $15.0M initial delayed draw and up to $30.0M lender-approved delayed draws
- Debt secured by substantially all assets, with subsidiary guarantees and restrictive covenants including 3.00:1.00 leverage cap
- Maturity September 23, 2031; mandatory prepayments and 1.30x MOIC repayment feature increase refinancing and cash-flow obligations
Item 1.02 · Termination of a Material Definitive Agreement
- $40 million PWRTEK Note repaid in full using proceeds from Initial Term Loans
- 10.0% annual interest obligation eliminated before its five-year term
- First-priority liens on acquired power assets and after-acquired property released
- Company guarantee terminated, reducing secured debt and collateral encumbrances related to the acquisition
Item 7.01 · Regulation FD Disclosure
- Press release dated September 23, 2026 announced closing of the Credit Agreement
- Credit Agreement completion marks a financing milestone for Flotek
- Exhibit 99.1 contains the substantive transaction details and terms
Item EX-99.1 · Exhibit EX-99.1
- $75 million funded at closing, with up to $45 million in delayed-draw availability
- Proceeds refinance the existing $40 million term loan, fund Data Analytics capital expenditures, and support working capital
- Term loan matures September 23, 2031, with no amortization or excess-cash sweep during the first two years
- Existing asset-based loan remains, providing up to $20 million additional capacity, with maturity extended to October 31, 2027
- Delayed draws include $15 million through June 30, 2027 and $30 million subject to lender consent through March 31, 2028
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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