Encina Business Credit, LLC (EBC) announced that it has provided a $40 million asset-based revolving credit facility to an oilfield services company. The credit facility consists of a revolver secured by accounts receivable, the proceeds of which have been used primarily to facilitate an acquisition and to provide for working capital.
Launched in March 2016, EBC is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada that cannot obtain required financing from traditional banks. The firm provides revolving lines of credit and term loans secured by accounts receivable, inventory, machinery & equipment and real estate to fund working capital, acquisitions, refinancings, growth, restructurings/turnarounds, debtor-in-possession (DIP)/exit financings and other special situations.
source: Oil & Gas via ABL Advisor