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RES > SEC Filings for RES > Form 8-K on 3-Sep-2009All Recent SEC Filings

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Form 8-K for RPC INC


3-Sep-2009

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01 Entry Into Material Definitive Agreement.

On September 2, 2009, RPC, Inc. (the "Company") entered into that certain Second Amendment to Revolving Credit Agreement dated as of September 2, 2009, by and among the Company, the several banks and other financial institutions party thereto and SunTrust Bank, in its capacity as Administrative Agent (the "Amendment"). As previously reported in the Company's Current Reports on Form 8-K dated September 8, 2006 and June 9, 2008, the Company maintains a revolving credit facility which, prior to the Amendment, allowed for maximum borrowings of up to $296.5 million. The Amendment serves to (i) reduce the amount of the credit facility to $200 million, (ii) revise the definition of the term "Base Rate" to provide that such rate will not be less than the per annum rate determined by increasing the one month LIBOR rate by one percent, and (iii) revise the definition of the term "Interest Coverage Ratio" to provide that such ratio will be determined by the Company's EBITDA and not EBIT. The Amendment is filed as Exhibit 99.1 hereto and is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(a) Financial Statements

(b) Pro Forma Financial Information

(c) Exhibits

Exhibit Description

Number

99.1    Second Amendment to Revolving Credit Agreement dated
        as of September 2, 2009, by and among the Company,
        the several banks and other financial institutions
        from time to time party thereto and SunTrust Bank, in
        its capacity as Administrative Agent


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