ENCINA BUSINESS CREDIT PROVIDES $24MM FACILITY TO OILFIELD SERVICES COMPANY
Chicago, IL May 17, 2019 – Encina Business Credit, LLC (EBC) announced today that it has provided a $24 million senior secured credit facility to an oilfield services company. The facility consists of a revolving line of credit and a term loan. Loan proceeds were used to refinance a commercial bank’s credit facility and provide a dividend to the company’s shareholders.
Launched in March 2016, EBC is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada. The firm provides revolving lines of credit and term loans ranging in size from $10–$100 million and secured by accounts receivable, inventory, machinery & equipment and real estate. The platform lends to both privately-owned and publicly-traded companies across a wide range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution and consumer products. Borrowers use loan proceeds to fund working capital, acquisitions, refinancings, growth, restructurings/turnarounds, debtor-in-possession (DIP)/exit financings and other special situations. Positive cash flow is not a requirement.