NOTE 6. LONG-TERM DEBT

Term Loan Facility

During the three months ended March 31, 2023, we amended the term loan facility to, among other things, increase the size of the term loan facility, and we borrowed $320.0 million under the facility to help fund our acquisition of Performance Proppants and for general corporate purposes.

The term loan facility requires minimum quarterly payments as well as payments based on a percentage of 25% to 50% of excess cash flow (as defined in the term loan facility). The applicable percentage of excess cash flow depends on our leverage ratio as of the last day of the applicable fiscal quarter. During the three months ended March 31, 2023, we repaid $10.5 million of borrowings outstanding under our term loan facility as a minimum quarterly payment.

ABL Credit Facility

In February 2023, we amended the ABL credit facility to, among other things, increase the maximum availability to $400.0 million.

As of March 31, 2023, the maximum availability under the ABL credit facility was the aggregate lender commitments of $400.0 million with $278.0 million of borrowings outstanding and $10.5 million of letters of credit outstanding, resulting in approximately $111.5 million of remaining availability.

Flotek Convertible Notes

In February 2023, Flotek's convertible notes matured and all $12.7 million principal amount were converted to shares of Flotek common stock, which is classified as "Noncontrolling interests" in our unaudited condensed consolidated balance sheets.

Debt Compliance

Both the term loan facility and the ABL credit facility contain certain customary representations and warranties and affirmative and negative covenants. As of March 31, 2023, we were in compliance with these covenants.