RNGR · 10-Q · 2026Q1 · Full report

Outstanding Indebtedness

Ranger Energy Services, Inc. · 2026-04-28 · Importance 49 · Surprise 6

On May 31, 2023 Ranger entered into a Wells Fargo Credit Agreement providing a secured Revolving Credit Facility with an aggregate principal amount of $75.0 million, collateralized by substantially all assets and maturing on May 31, 2028. As of March 31, 2026, borrowings outstanding under the facility were $26.7 million, Letters of Credit outstanding totaled $4.2 million, and the borrowing base (reflecting a $66.5 million capacity) left $35.6 million available. Borrowings under the facility bear interest at SOFR + 1.75%–2.25% (or Base Rate + 0.75%–1.25%) depending on average excess availability, and the weighted average interest rate for the loan was approximately 5.8% for Q1 2026. The facility contains borrowing base mechanics, cash-dominion provisions and an acceleration clause, and the Company has amended the Credit Agreement (June 17, 2024 amendment) to permit a percentage of unbilled revenue in the borrowing base calculation.

Key facts

Under the Wells Fargo Revolving Credit Facility the total loan capacity was $66.5 million based on a borrowing base certificate in effect as of March 31, 2026.
The Company entered into the First Amendment to the Wells Fargo Revolving Credit Facility on June 17, 2024 allowing a percentage of unbilled revenue to be included in the borrowing base calculation.
Letters of Credit outstanding under the Wells Fargo Revolving Credit Facility totaled $4.2 million as of March 31, 2026.
The Company had outstanding borrowings of $26.7 million under the Wells Fargo Revolving Credit Facility as of March 31, 2026.
As of March 31, 2026 the Company’s borrowing base did not include any accounts receivable or unbilled revenue from the AWS acquisition.
The Wells Fargo Revolving Credit Facility is scheduled to mature on May 31, 2028.
The Company has up to $5.0 million available under the Wells Fargo Revolving Credit Facility for letters of credit, subject to assignment.
As of March 31, 2026, the Company was in compliance with the Credit Agreement covenant of maintaining a Fixed Charge Coverage Ratio of greater than 1.0, which is applicable only under certain borrowing levels.

Impact estimates

metric	direction	stage	expected	basis
liability	negative	realized	-5.8%	The Company had outstanding borrowings of $26.7 million under the Wells Fargo Revolving Credit Facility as of March 31, 2026.
liability	negative	realized	-0.9%	Letters of Credit outstanding under the Wells Fargo Revolving Credit Facility totaled $4.2 million as of March 31, 2026.