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MB Business Capital Provides $14MM Credit Facility to Smart Chemical Services

October 12, 2016, 07:38 AM
Filed Under: Manufacturing

MB Business Capital recently provided a new $14 million senior credit facility to Smart Chemical Services, LP ("SCS") and it's affiliates. Smart Chemical Services manufactures proprietary chemical products and provides services to the drilling, completion, water, oil field production, mid-stream processing, pipelines and fuel industries. Headquartered in Amarillo, Texas, the company operates throughout the Midwest, Southern and Eastern United States with offices throughout Texas, New Mexico and Colorado. Proceeds of the facility were used to refinance existing debt and to fund working capital.

"We could not be more pleased with the MB team. The terms we closed with were exactly what they proposed. We had a short timeline and MB met our timeline and invested the resources to execute and introduced us to senior management so we could get to know them. Could not have been a better process!" says C. Lloyd Brown

Dallas, Texas based Independent Bankers Capital Funds ("IBCF") previously led an institutional mezzanine debt investment in Smart Chemical Services and provided the introduction of MB to Smart Chemical. IBCF focuses on mezzanine lending and purchasing equity securities issued by established lower-middle-market companies, primarily in Texas. They operate three Small Business Investment Companies ("SBIC") licensed by the United States Small Business Administration.

"Based on our relationship with MB Business Capital, IBCF felt comfortable that they would recognize the unique value that Smart Chemical provides operators in today's energy industry and move efficiently to close the transaction. We were very pleased with the entire process" says Tom Hoyt, a partner at IBCF.

"We appreciate IBCF's confidence in us and are excited to have a fine company such as Smart Chemical Services, LP as a new customer." says Michael Sharkey, President of MB Business Capital.

MB Business Capital is the asset-based lending division of MB Financial Bank, a commercial bank headquartered in Chicago, Illinois. MB Business Capital seeks asset based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million. The firm can also provide access to the full range of business banking products and services offered by MB Financial Bank.

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