The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Regions Bank Provides $35MM Asset-Based Facility to Forbes Energy Services
Wednesday, November 21, 2018
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Lenders/Participants
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Regions Bank [Lender]
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Structure
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Asset-Based Credit Facility
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Amount
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$35.000
Million
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Borrower(s)
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Forbes Energy Services, Ltd.
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Description
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Forbes Energy Services, Ltd. announced that it has acquired Cretic Energy Services, LLC (“Cretic” or the “Company”) from Catapult Energy Services Group, LLC, an NGP and NGP Energy Technology Partners portfolio company. In order to fund the Cretic acquisition, Forbes (i) entered into a new $35 million ABL facility with Regions Bank and (ii) amended and upsized its existing first lien term loan to receive an additional $60 million of term loan proceeds. Following the Cretic acquisition, the short term portion of Forbes’ term loan, in the amount of $50 million, is expected to be repaid with proceeds from a planned offering of rights to purchase unsecured subordinated convertible debt securities to its existing shareholders on a pro rata basis. Forbes’ two largest shareholders have committed to purchase the debt securities underlying any rights that are not exercised by other shareholders. In the event Forbes does not consummate the planned rights offering within twelve months following the Cretic transaction, the short term portion of the term loan will automatically convert to unsecured subordinated convertible debt securities.
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Industry
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Energy Services
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Location
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TX
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| Related Tags |
Regions Bank
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ABL Advisor
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