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MB Business Capital Announces $6MM Credit Facility for Adler Hot Oil Service

November 29, 2017, 08:01 AM
Filed Under: Energy

MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $6,000,000 senior credit facility to Vernal, UT-based Adler Hot Oil Service, LLC (Adler). Adler provides heating services for oil and gas well sites. MB’s credit facility was used to refinance existing senior indebtedness and will fund working capital needs going forward.

Spell Capital Mezzanine Partners (Spell) made a capital investment in Adler. Spell provides subordinated debt and non-control equity to businesses in a variety of industries across the United States. They finance leveraged acquisitions backed by lower middle-market private equity sponsors, management- and family-driven ownership transitions, add-on acquisitions, recapitalizations, and growth initiatives.

“MB Business Capital stepped up to help its SBIC partner Spell Capital refinance Adler. Despite being in the difficult oilfield services industry, MB was able to structure a loan that helped keep Adler operating as it headed into the busy season,” says Michael Sharkey, President of MB Business Capital.

“We appreciate the support, creativity, and flexibility that MB Business Capital provided to Spell and Adler. Following the senior debt refinancing, Adler is very well positioned to capitalize on the continued recovery in the sector,” says Stacy Harmsen, Managing Director of Spell Capital Mezzanine Partners.  

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