Drilling Tools International Corp. announced that it has completed an amendment (the "ABL Amendment") to its existing Amended and Restated Senior Secured Asset-Based Revolving Credit, Security And Guaranty Agreement, with PNC Business Credit, a division of PNC Bank, National Association (the "ABL Credit Facility"). The ABL Amendment, among other things, increases the borrowing capacity from $60 million to $80 million, improves pricing to SOFR + 2.50%, and removes certain negative financial covenants.

Additionally, the maturity date of the ABL Credit Facility has been extended to March 2029. DTI also announced it has entered into a new $25 million Term Loan ("Term Loan"), also with PNC, to further support its growth strategy. The Term Loan is secured by a mix of rental fleet assets and machinery and equipment.

Pricing on the Term Loan is SOFR + 4.00% The Term Loan matures in March 2029. The ABL Amendment and new Term Loan were entered into with PNC Bank acting as the sole lender and PNC Business Credit served as Administrative Agent. Winston & Strawn served as legal counsel for DTI and Holland & Knight represented PNC Business Credit.