FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


Briar Capital Closes $12MM Loan Facility for Oil Country Tubular Goods Services Company

January 13, 2022, 06:07 AM
Filed Under: Real Estate

Briar Capital Real Estate Fund ("Briar") closed a new $12.023MM real estate loan facility to a company that provides Oil Country Tubular Goods (“OCTG”) services to support businesses in the oil and gas industry. The Briar real estate loan facility consisted of two term loans, $10.06MM First Lien and $1.963MM Second Lien, secured by multiple owner-occupied properties in Houston and Odessa, Texas. The Briar loans were the main financing component of the company’s Chapter 11 Reorganization Plan used to exit bankruptcy.    
Briar was brought into this transaction by a prominent investment banking team whom they had worked with in the past.  That team felt Briar was uniquely positioned for this challenging credit due to its expertise financing large real estate transactions, ability to work well with other lenders in the capital stack and experience financing companies in Chapter 11.  While providing most of the funds used for the company’s successful exit from bankruptcy, the Briar real estate facility was paired with loans from other lenders who financed the accounts receivable and inventory assets.  Working diligently alongside these lenders and the investment banking firm, Briar was able to meet the company’s end of year deadline to close and satisfy specific requirements of their secured creditors.  Free from the confines of Chapter 11 and with stable lending partners by its side, this OCTG services company is poised for growth in 2022 and beyond.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.