Chicago, IL – March 4, 2020 – Encina Business Credit, LLC (EBC) announced today that it has provided a $15 million senior secured credit facility to a leading oilfield services pressure pumping company. The credit facility consists of a revolving line of credit based on accounts receivable. Loan proceeds will be used to pay down a portion of an existing term loan and to support ongoing working capital and maintenance capex requirements.
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.