TETRA Technologies Enters Material Definitive Agreement

TL;DR

TETRA Tech signed a big deal, filing shows.

AI Summary

On May 13, 2024, TETRA Technologies, Inc. entered into a Material Definitive Agreement. The filing also includes financial statements and exhibits related to this agreement. The company is incorporated in Delaware and its principal executive offices are located at 24955 Interstate 45 North, The Woodlands, Texas.

Why It Matters

This filing indicates a significant new agreement for TETRA Technologies, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities that may affect the company's financial health and stock performance.

Key Players & Entities

• TETRA Technologies, Inc. (company) — Registrant
• May 13, 2024 (date) — Date of earliest event reported
• 24955 Interstate 45 North, The Woodlands, Texas 77380 (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $80,000,000 — under the revolving line of credit from $80,000,000 to $100,000,000; (b) modifying the acco
• $100,000,000 — ving line of credit from $80,000,000 to $100,000,000; (b) modifying the accordion feature se
• $25,000,000 — be increased from time to time by up to $25,000,000 in the aggregate; (c) extending the mat
• $0 — (the "UK Borrowing Base Component") to $0 until such time as TETRA elects to rein

Filing Documents

• tti-20240513.htm (8-K) — 36KB
• exhibit101agencysuccession.htm (EX-10.1) — 104KB
• exhibit102sixthamendmentan.htm (EX-10.2) — 2126KB
• image_0a.jpg (GRAPHIC) — 109KB
• 0000844965-24-000053.txt ( ) — 2589KB
• tti-20240513.xsd (EX-101.SCH) — 2KB
• tti-20240513_def.xml (EX-101.DEF) — 7KB
• tti-20240513_lab.xml (EX-101.LAB) — 27KB
• tti-20240513_pre.xml (EX-101.PRE) — 18KB
• tti-20240513_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 13, 2024, TETRA Technologies, Inc., a Delaware corporation ("TETRA"), and certain of its subsidiaries entered into (i) an Agency Resignation, Appointment and Acceptance Agreement (the "Agency Resignation Agreement") with JPMorgan Chase Bank, N.A., as resigning administrative agent ("JPM"), Bank of America, N.A., as successor administrative agent ("BofA") and the lenders party thereto and (ii) an amendment (the "ABL Credit Agreement Amendment") to the Credit Agreement dated as of September 10, 2018 (as previously amended, the "ABL Credit Agreement"), with BofA, as successor administrative agent, and each of the lenders and issuing banks party thereto. As of the date of the ABL Credit Agreement Amendment, there were no amounts drawn and outstanding. The Agency Resignation Agreement and the ABL Credit Agreement Amendment amended the ABL Credit Agreement by, among other things, (a) increasing the commitments of the lenders under the revolving line of credit from $80,000,000 to $100,000,000; (b) modifying the accordion feature set forth in the ABL Credit Agreement to allow TETRA to request that the commitments thereunder be increased from time to time by up to $25,000,000 in the aggregate; (c) extending the maturity date of the ABL Credit Agreement from May 31, 2025 to May 13, 2029; (d) replacing JPM with BofA as administrative agent and swingline lender; (e) decreasing the component of the borrowing base comprised of inventory and receivables of certain subsidiaries organized under the laws of England and Wales (the "UK Borrowing Base Component") to $0 until such time as TETRA elects to reinstate the UK Borrowing Base Component and satisfies certain other conditions related thereto; and (f) amending certain other provisions as set forth therein. The preceding description of the Agency Resignation Agreement and the ABL Credit Agreement Amendment is a summary and is qualified in its entirety by the Agency

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1* Agency Resignation, Appointment and Acceptance Agreement dated May 13, 2024 between TETRA Technologies, Inc. and certain subsidiary borrowers, JPMorgan Chase Bank, N.A. and Bank of America, N.A. 10.2* Sixth Amendment to Credit Agreement and Second Amendment to Pledge and Security Agreement dated May 13, 2024 between TETRA Technologies, Inc., certain subsidiaries of the company, and Bank of America, N.A. 104 Cover Page Interactive Data File * Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TETRA Technologies, Inc. By: /s/Brady M. Murphy Brady M. Murphy President and Chief Executive Officer Date: May 17, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR