Innovex International, Inc. Debt Disclosure

NOTE 9. DEBT

Term Loan and Revolving Credit Facility

The Company’s Second Amended and Restated Revolving Credit, Term Loan, Guaranty and Security Agreement (as amended, the “Second A&R Credit Agreement”) dated June 10, 2022, governed separate debt facilities referred to as the Term Loan and the Revolving Credit Facility. The Second A&R Credit Agreement also included additional borrowing capacities, including swing loans and letters of credit. The Second A&R Credit Agreement defined the Company as the borrower and PNC Bank, National Association (“PNC”) as the agent. The Term Loan and the Revolving Credit Facility were secured by substantially all of the assets of the Company and certain of its subsidiaries, subject to certain customary exclusions.

Debt Modifications—In June 2024, the Second A&R Credit Agreement was amended to permit the change in control event, the payment of the cash dividend contemplated by the Merger Agreement and the acquisition of the 80% issued and outstanding equity securities of DWS not then owned by the Company. Refer to Note 3. Mergers and Acquisitions for discussion of the Merger.

On February 27, 2025, we entered into the Third Amended and Restated Revolving Credit, Guaranty and Security Agreement, dated as of February 27, 2025 (the "Third A&R Credit Agreement" or the "Credit Agreement"), to replace the Second A&R Credit Agreement, which provided for a revolving credit facility of up to $200.0 million, subject to a borrowing base (the “Revolver” and, together with the Term Loan, the “Credit Facility”). The Credit Agreement, among other things, (a) extended the maturity of the agreement from June 10, 2026 to February 27, 2030, (b) increased the maximum revolving advance amount from $110 million to $200 million, which may, subject to certain conditions, be increased to $250 million, (c) eliminated the term loan commitment and (d) provided for an applicable margin for interest on the loans to be based on availability, effective as of April 1, 2025. As of December 31, 2025, we had no outstanding borrowings under the Credit Agreement, and borrowing capacity available under the Credit Facility was $138.0 million.

We performed a debt modification analysis in accordance with Accounting Standards Codification Topic 470, Debt ("ASC 470"), and concluded that the elimination of the term loan represented a debt extinguishment. We recognized a loss in February 2025 due to the write-down of the remaining debt issuance costs pertaining to the term loan of $0.4 million. The debt issuance cost attributable to the Credit Agreement as of December 31, 2025 was $1.2 million and is classified as Other long-term assets in our Consolidated Balance Sheets at December 31, 2025. We were in compliance with our debt covenants at December 31, 2025 and 2024.

For the years ended December 31, 2024 and 2023, our effective interest rate on the Term Loan was approximately 8.77% and 7.61%, respectively. As of December 31, 2025, there were no borrowings under the Term Loan. For the years ended December 31, 2025, 2024, and 2023, our effective interest rate on the revolving line of credit was approximately 8.92%, 9.34%, and 9.56%, respectively. As of December 31, 2025, there were no borrowings under the Credit Agreement. We have no capitalized interest for the years ended December 31, 2025, 2024 and 2023.

Maturities of Debt

There were no future contractual maturities of long-term debt, excluding finance leases, for the period ended December 31, 2025.