National Energy Services Reunited Corp. filed an 8-K on November 4, 2026, disclosing that it entered into a new Term and Revolving Facilities Agreement on October 29, 2026, refinancing its existing secured credit facilities with total initial capacity of approximately $747.1 million.

Key Highlights

  • Total facilities of approximately $747.1 million at inception, comprising approximately $298.1 million in term loan facilities, a $5.0 million revolving credit facility, and approximately $444.0 million in uncommitted working capital facilities.
  • 36-month term on the Secured Term Loans, with scheduled installment repayments and any remaining outstanding principal due at maturity in October 2029.
  • Accordion feature allows the company to request an increase in total facility capacity by up to an additional $152.9 million, subject to lender approval.
  • Interest margins on the Secured Term Loans range from 2.35% to 2.60% per annum above the applicable benchmark rate (SOFR or SAIBOR), depending on the company's Total Net Debt to EBITDA ratio.
  • Financial covenants require a maximum leverage ratio of 2.00, a minimum debt service coverage ratio greater than 1.25, and a minimum interest coverage ratio of 4.00, tested quarterly on a rolling twelve-month basis.
  • Prior agreement terminated: the 2021 Secured Facilities Agreement was terminated in connection with entering into the new facilities.

NESR's 2026 Refinancing: Structure, Terms, and Covenant Requirements

According to the filing, National Energy Services Reunited Corp. (NASDAQ:NESR), together with certain of its subsidiaries, satisfied all conditions precedent on October 29, 2026 to bring the 2026 Secured Facilities Agreement into effect. The agreement was entered into with a syndicate of financial institutions and is intended to refinance the company's existing secured credit facilities while providing financing for ongoing operations and working capital requirements.

The company disclosed that the Secured Term Loans bear interest at the applicable benchmark rate plus a margin of 2.35% to 2.60% per annum, while the Secured Revolving Credit Facility carries a margin of 2.55% to 2.80% per annum above the applicable benchmark rate. The Working Capital Facilities, which support letters of guarantee, letters of credit, and other permitted instruments, generally bear interest at the applicable benchmark rate plus a margin of 1.45% per annum. All margins are subject to adjustment based on the company's leverage ratio and certain sustainability-related performance measures, as described in the filing.

The 2026 Secured Facilities Agreement contains customary affirmative and negative covenants, according to the filing, including restrictions on additional indebtedness, liens, acquisitions, disposals, and distributions to shareholders. The filing states that dividend payments and other distributions are restricted unless the company satisfies applicable financial covenants on a pro forma basis and no Event of Default is continuing, or the distribution is otherwise permitted under the agreement. The company's Chief Financial Officer, Stefan Angeli, signed the report on November 4, 2026.

What Was Disclosed

NESR disclosed the execution of a new $747.1 million secured facilities agreement dated October 29, 2026, the simultaneous termination of the prior 2021 Secured Facilities Agreement, the creation of a direct financial obligation, and the filing of the full agreement as Exhibit 10.1.