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CIT Northbridge Arranges $20MM Credit Facility for Arkos Field Services

March 29, 2018, 07:15 AM
Filed Under: Energy

CIT Group Inc. announced that CIT Northbridge Credit served as sole lead arranger on a three-year, $20 million senior secured revolving and term loan credit facility for Arkos Field Services LP, a leading provider of aftermarket services to the energy industry.

Arkos, based in Houston, Texas, intends to use the credit facility to support continued growth and for general corporate purposes. Notably, the financing includes a $4 million tranche of capital supported by fixed assets.

Arkos provides comprehensive aftermarket support -- including call-out services, preventative care, maintenance, commissioning, parts, components and upgrades -- to companies that own or lease natural gas compressors and other related equipment throughout the United States. 

"We are pleased to lead this transaction on behalf of Arkos Field Services as the company continues to expand its ability to serve the energy industry with exceptional aftermarket support," said Neal Legan, who leads CIT Northbridge.

“CIT Northbridge demonstrated the expertise and flexibility we needed to reach this financing agreement and was a great partner throughout the process,” said Arkos Field Services Chief Financial Officer Lee Sumrall.


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