Keane Announces Amended Asset-Based Revolving Credit Facility

HOUSTON–(BUSINESS WIRE)–Keane Group, Inc. (“Keane” or the “Company”) today announced that on
December 22, 2017, the Company amended and restated its Asset-Based
Revolving Credit Facility (“New ABL Facility”). The New ABL Facility
expands the Company’s total availability by $150 million to a total of
$300 million, subject to a borrowing base. In addition, subject to
approval by the applicable lenders and other customary conditions, the
New ABL Facility allows for an increase in commitments of up to an
additional $150 million, up from a previous amount of up to $75 million.
Keane’s estimated availability under its New ABL Facility following the
amendment is approximately $215 million. The New ABL Facility bears
interest at LIBOR + 150-200 bps, compared to LIBOR + 400-450 bps
previously. The New ABL Facility also benefits from a lower undrawn
commitment fee of 25-37.5 bps, compared to 100-125 bps previously. The
New ABL Facility also amended certain terms to reflect Keane’s growth
and provide additional flexibility under its covenants.

“This latest amendment to our ABL facility significantly expands our
revolving credit capacity, materially reduces interest costs and deepens
our lender base,” said Greg Powell, President and Chief Financial
Officer of Keane. “We are pleased to enhance our already strong
liquidity position, enhancing our growth and financial flexibility
against a highly constructive market backdrop for U.S. completions
services.”

BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Citigroup, PNC Capital
Markets LLC and Barclays acted as the joint lead arrangers and joint
book runners for the New ABL Facility. Bank of America, N.A. will serve
as the administrative agent for the New ABL Facility. For further
information regarding the New ABL Facility, please refer to the
Company’s current report on Form 8-K to be filed with the Securities and
Exchange Commission.

About Keane Group, Inc.

Headquartered in Houston, Texas, Keane is one of the largest pure-play
providers of integrated well completion services in the U.S., with a
focus on complex, technically demanding completion solutions. Keane's
primary service offerings include horizontal and vertical fracturing,
wireline perforation and logging, engineered solutions, and cementing,
as well as other value-added service offerings. Keane currently owns
approximately 1.2 million hydraulic fracturing horsepower and 31
wireline trucks and provides engineered solutions. Keane’s broad
geographic footprint spans the most prolific U.S. shale basins including
the Permian, Marcellus / Utica, Bakken and SCOOP / STACK. Keane prides
itself on its outstanding employee culture, its efficiency and its
ability to meet and exceed the expectations of its customers and
communities in which it operates.

Forward-Looking Statements

The statements contained in this release that are not historical facts
are forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on Keane’s current expectations and are subject to uncertainty and
changes in circumstances. Actual results may differ materially from
these expectations due to changes in global, regional or local economic,
business, competitive, market, regulatory and other factors, many of
which are beyond Keane's control. Any forward-looking statement in this
release speaks only as of the date of this release. Keane undertakes no
obligation to publicly update or review any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by any applicable securities laws.

Contacts

For Keane Group, Inc.
Investor Relations
713-893-3602
or
ICR
Marc
Silverberg
[email protected]