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Encina Business Credit Provides $5MM in Working Capital to Oilfield Services Company

Date: Jul 25, 2017 @ 08:12 AM
Filed Under: Energy Services

Encina Business Credit, LLC (EBC) announced that it has provided a $5 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 will be used primarily to provide working capital for growth.

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 ranging in size from $5 – $50 million and secured by accounts receivable, inventory, machinery & equipment and real estate. The platform lends to both privately-owned (sponsor and non-sponsor) 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.
   

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