Energy Equipment and Services
Company Overview of Stewart & Stevenson, LLC
Stewart & Stevenson LLC, together with its subsidiaries, designs, manufactures, and markets specialized equipment; and provides aftermarket parts and services to the oil and gas and other industries in the United States and internationally. It offers equipment for well stimulation, drilling and well servicing rigs, coiled tubing, cementing, nitrogen pumping, power generation, and electrical systems. The company’s products include well stimulation equipment, power generation systems, transmissions, prime movers, material handling equipment, engines, rigs, rail car movers, coiled tubing equipment, and other equipment comprising cementing, nitrogen pumping, fluid pumping, and seismic and electr...
1000 Louisiana Street
Houston, TX 77002
Founded in 2005
Key Executives for Stewart & Stevenson, LLC
President of Distribution
President of Manufacturing Technologies
Senior Vice President of Engineered Oilfield Products
Compensation as of Fiscal Year 2013.
Stewart & Stevenson, LLC Key Developments
Stewart & Stevenson LLC Announces Executive Changes
Sep 27 13
Stewart & Stevenson, LLC announced the appointment of John B. Simmons as Chief Executive Officer. He succeeds Stephen Fulgham who assumes the position of Senior Advisor to the Executive Chairman of the company. Prior to joining Stewart & Stevenson, Simmons served as Chief Financial Officer of Cooper Energy Services, a division of Cooper Cameron Corporation.
Stewart & Stevenson, LLC and its Subsidiaries Expands Credit Agreement
Jul 17 12
Pursuant to the terms of the third amended and restated credit agreement with JPMorgan Chase Bank, N.A. as the administrative agent, collateral agent, lender and export-related lender and the other lenders party thereto, Stewart & Stevenson LLC and certain of its subsidiaries exercised $75 million of the $125 million accordion feature in the credit agreement on July 11, 2012. With this exercise, the credit agreement provides for a $325 million asset-based revolving credit facility, which is expandable by a $50 million accordion, and is secured by substantially all accounts receivable, inventory and property, plant and equipment of the company. The credit agreement continues to operate pursuant to its existing terms and conditions, as contemplated therein for the exercise of the accordion, which results in the automatic increase of certain thresholds.
Stewart & Stevenson, LLC Enters into the Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A
Dec 27 11
Stewart & Stevenson, LLC and certain of its subsidiaries entered into the Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as the administrative agent, collateral agent, lender and export-related lender and the other lenders party thereto. The Credit Agreement provides for a $250 million asset-based revolving credit facility, which is expandable by a $125 million accordion, and is secured by substantially all accounts receivable, inventory and property, plant and equipment of the company. The Credit Agreement expires on December 23, 2016. The company may use borrowings under the Credit Agreement for working capital, capital expenditures, repayment of certain debt, debt service and general corporate purposes. Borrowings under the Credit Agreement bear interest at the rates specified therein and borrowing availability is impacted by the amount of borrowings outstanding, working capital and qualifying assets of the company and other factors as disclosed in the Credit Agreement. The Credit Agreement contains customary financial and operating covenants, including the maintenance of a fixed charge coverage ratio under certain circumstances, and restrictions related to the incurrence of certain indebtedness, investments, asset sales, liens and fundamental changes. To the extent the company has not, as of the date 60 days prior to the maturity of the Senior Notes, which such
Senior Notes maturity is July 15, 2014, either repaid, repurchased or defeased the Senior Notes or extended the maturity of the Senior Notes to a date at least 90 days after the expiration of the Credit Agreement, the amount otherwise available to be borrowed under the Credit Agreement will be subject to reduction by an amount equal to the principal amount of any outstanding Senior Notes the maturity of which has not been so extended, plus $25 million. This availability reduction will be decreased to the extent any outstanding Senior Notes are held by certain affiliates that agree to subordination and enforcement standstill terms with respect to their Senior Notes for the benefit of the lenders under the Credit Agreement. The Credit Agreement also provides that the company is able, to the extent it satisfies certain financial conditions, to repay or repurchase all or any portion of the Senior Notes.
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