Cactus amends credit facility, adds $100.0 million delayed draw term loan for Baker Hughes deal
Cactus Companies, LLC, a Cactus subsidiary, amended its ABL credit facility on December 1, 2025, adding a delayed draw term loan of up to the lesser of $100.0 million and 85% of the appraised value of pledged machinery and equipment. Proceeds may partly fund the acquisition of membership interests in Baker Hughes Pressure Control LLC. The amendment also extends the revolving loan commitments' maturity from July 26, 2027 to December 1, 2030.
Key points
- Term loan of up to the lesser of $100.0 million and 85% of appraised equipment value; undrawn at closing
- Borrowings bear interest at a margin of 3.50% per annum (Term Benchmark/RFR) or 2.50% (ABR), with a leverage ratio covenant of no greater than 2.50 to 1.00 until the term loan is repaid
- Up to two draws permitted within six months of closing; term loan amortization starts no earlier than April 1, 2026
- Revolving loan commitments now mature December 1, 2030, up from July 26, 2027
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:07 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 02, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.