The company will receive $35m of revolving borrowing capacity to be used for working capital, acquisitions and capital expenditures.
The initial maturity date of the facility is December, 2012 which can be extended, at the lender’s option through September, 2014.
Flotek chairman and president John Chisholm said that the company is very pleased with the new transaction with PNC Bank.
"This facility is both the right size and right price and comes at the right time as Flotek continues to see significant growth opportunities in our key markets." Chisholm added.
