Superior Drilling Company, Inc. Enters into an Amendment to the Loan and Security Agreement
January 02, 2020 at 07:32 pm IST
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On December 30, 2019, Superior Drilling Company, Inc. entered into an amendment to the Loan and Security Agreement with Austin Financial Services, Inc. The company and each of its subsidiaries is a borrower under the agreement. Under the amendment, the term loan portion of the facility was increased from $800,000 to $1,000,000. A principal balance of $650,000 was due on the term loan at the time of the amendment, but was reloaded to $800,000 prior to the $200,000 increase such that the total funds available to the Company are $350,000. Certain additional assets were also added as collateral for the facility. All other material terms of the facility remain the same.
Superior Drilling Products, Inc. is a drilling and completion tool technology company engaged in providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs, and sells drilling tools in the United States, Canada, and the Middle East. Its drilling solutions include the patented Drill-N-Ream well bore conditioning tool and the patented Strider oscillation system technology. In addition, the Company is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for oil field service companies. The Company operates a drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers' custom products. Its subsidiaries include Superior Drilling Solutions, LLC, Superior Design and Fabrication, LLC, Extreme Technologies, LLC, Meier Properties Series, LLC, Meier Leasing, LLC, and Hard Rock Solutions, LLC.
SUPERIOR DRILLING PRODUCTS, INC. 
