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Chiron Financial Arranges $20.6MM Restructuring Refi for Genco Energy Services

July 19, 2018, 07:09 AM
Filed Under: Energy

Chiron Financial, LLC served as the exclusive investment banker to Genco Energy Services in an out of court restructuring and refinancing comprised of the placement of new debt facilities totaling $20.6 million including additional borrowing capacity to support the company's growth and the elimination of $33.7 million of debt from its balance sheet. A revolving credit facility was provided by Republic Business Credit, mezzanine financing was provided by Super G Capital, and an equipment financing facility was provided by Utica Leaseco.

Genco has significantly improved its financial position by reducing its debt by $13 million, converting $6.0 million of legacy subordinated debt to preferred stock and issuing $1.2 million of additional preferred stock.

Established in 1996, Genco provides well site equipment rentals and related services to many of the leading public and large independent exploration & production companies. Genco rents mobile accommodations, light towers, water tanks, fork lifts, generators, and other support equipment, as well as associated services such as rig up/rig down, field internet, sewer and water service.

Republic Business Credit is a nationally recognized commercial finance company, supporting the working capital requirements of companies nationwide with its asset-based lines of credit, leveraged lines of credit and invoice factoring services.

Super G Capital is a national provider of senior and second lien debt to owner/operators and sponsor-backed companies throughout the United States.

Utica Leaseco specializes in providing competitive equipment loan and lease options to businesses of all sizes throughout the continental U.S.

Chiron is an investment banking firm that arranges private placements of debt and equity capital as well as mergers, acquisitions and sales for middle market companies. Chiron raises growth capital and restructuring capital, and assists with refinancing, financial restructuring, and other special situations. Clients included companies in a wide breadth of industries including agriculture, energy, oilfield services, healthcare, retail and manufacturing.

Chiron team members included Managing Directors Scott W. Johnson and Jay H. Krasoff, Vice President Alban Meteyer and Associate Johann Bosch-Salcedo.

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