Cactus amended and restated its existing credit facility in connection with the acquisition to provide for a $125 million term loan and $225 million in revolving commitments. In addition to funding the $125 million term loan, $30 million was drawn on the facility’s revolving portion upon closing.
Scott Bender, President and CEO of Cactus, commented, “We believe the acquisition of FlexSteel offers a unique opportunity for Cactus and enhances our position as a premier manufacturer of spoolable pipe technologies delivered directly to our industry’s end-users. We are excited about the ability to add these specialized products, technologies and associates to the Cactus family.”
Cactus designs, manufactures, sells and rents a range of highly engineered wellhead, pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers throughout North America and Australia, while also providing equipment and services in select international markets.