EX-99.1 2 t83510_ex99-1.htm EXHIBIT 99.1

 

 

EXHIBIT 99.1

 

Reduction of COMMITment NOTICE

 

Date: November 3, 2015

 

To:Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Credit Agreement, dated as of August 31, 2010 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among RPC, Inc., a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

Pursuant to Section 2.06 of the Agreement, this serves as notice to reduce the Aggregate Commitments by $225,000,000, with the remaining Aggregate Commitments totaling $125,000,000. Accordingly, the reduction will be applied to the Commitment of each Lender according to its Applicable Percentage, with a revised Schedule 2.01 attached.

  

  RPC, INC.

 

  By:    /s/ Richard A. Hubbell

 

  Name:   RICHARD A. HUBBELL

 

  Title: PRESIDENT & CEO

 

 

 

 

Schedule 2.01

 

Commitments and Applicable Percentages

 

Lender  Existing Commitment   New Commitment   Applicable Percentage 
Bank Of America, N.A  $60,000,000.00   $21,428,571.43    17.142857143%
SunTrust Bank  $60,000,000.00   $21,428,571.43    17.142857143%
Regions Bank  $60,000,000.00   $21,428,571.43    17.142857143%
PNC Bank, National Association  $60,000,000.00   $21,428,571.43    17.142857143%
Wells Fargo Bank, National Association  $40,000,000.00   $14,285,714.29    11.428571429%
Branch Banking & Trust Company  $40,000,000.00   $14,285,714.29    11.428571429%
First Commercial Bank, a division of Synovus Bank  $30,000,000.00   $10,714,285.70    8.571428571%
Total  $350,000,000.00   $125,000,000.00    100.000000000%