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Capital One Leads $70MM Credit Facility for Permian Basin Materials, LLC

September 28, 2017, 08:00 AM
Filed Under: Lender Finance

Capital One N.A. Sponsor Finance announced that it led a $70 million senior secured credit facility for Permian Basin Materials, LLC (PB Materials), majority owned by funds managed by WL Ross & Co. LLC (WL Ross). Capital One acted as Administrative Agent and Sole Lead Arranger for the transaction. The financing supports the strategic acquisition of three ready-mix concrete and aggregates producers and refinanced existing debt. 

“The team at Capital One excelled for us, providing competitive financing and successfully syndicating the deal in a very tight timeframe,” said Patrick J. Machir, Principal for WL Ross, the majority owner of PB Materials.

“Capital One is pleased to lead this transaction, structuring a tailored financial solution and staying responsive to our client’s needs,” said Eric Wiener, Managing Director for Capital One Sponsor Finance. 

WL Ross is a value-oriented private equity firm driven to provide "high-touch" capital and operational solutions in situations where it can influence the outcome including special situations, opportunistic buyouts and restructurings/turnarounds. PB Materials is a leading regional producer of ready-mix concrete and sand & gravel and limestone aggregates in the Permian Basin region of West Texas and New Mexico.

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