Fort Worth-based FTS International (formerly Frac Tech) said Friday it cut its debt about $340 million using proceeds from the recent sale of its proppant and logistics assets. In September it said it closed the transaction with Fairmount Minerals for an undisclosed price. The company said it repurchased $297 million of its outstanding senior notes due in 2018, and also repurchased $42 million of a senior secured loan.
FTS said Standard & Poor’s Ratings Services upgraded its rating on the company's senior secured term loan due in 2016 and improved its guidance. FTS is one of the largest providers of hydraulic fracturing services.
-- Jim Fuquay