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Bank of America Business Capital Arranges $175MM Facility for MV Purchasing

May 23, 2013, 08:05 AM
Filed Under: Energy

Bank of America Business Capital has completed a senior secured credit facility for MV Purchasing, LLC to refinance the company’s existing debt and provide ongoing working capital. The financing includes a revolving credit facility and a term loan to fund certain growth initiatives.

“MV Purchasing is pleased to have entered into this financing agreement with Bank of America Merrill Lynch,” said Gary Navarro, president of MV Purchasing. “Our business has many exciting opportunities to evaluate in the coming years, and the new financing agreement will provide MV Purchasing with capital and flexibility needed to pursue the best of those opportunities. I value our collaborative and seamless working relationship and look forward to growing together.”

Founded in 2008, MV Purchasing, LLC is a privately-owned energy logistics company headquartered in Wichita, Kansas. MV Purchasing provides gathering, transportation, storage, distribution, marketing and other midstream services to independent oil and natural gas producers, refiners of petroleum products, and other market participants located throughout the United States.

Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than 10 primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of $10 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.

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