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Republic Provides $4MM Facility to Oil & Gas Services Company

August 20, 2014, 07:14 AM
Filed Under: Energy Services

Republic Business Credit announced it is supporting a Southwest based energy sector fabrication and repair service business with a $4 million accounts receivable facility to foster the company’s continuing growth.

The business had a long term banking relationship but was constrained in its growth by bank covenants. Republic Business Credit provided a covenant free structure combined with an availability increase to assist the business in attaining its goal of growth.

“Although our client’s previous banking relationship had been previously productive for them, its terms limited the business’ ability to grow,” said Stewart Chesters, Republic Business Credit’s chief operating officer. “We worked with the business to ensure it had the capability to pursue its opportunities without any restrictive covenants. With a management team that understands and has a long tenure working with oil and gas service businesses, Republic is able to assess and respond positively to the needs of its many clients in this sector."

Republic Business Credit provides asset-based facilities, including ABL, receivables purchase lines of credit and factoring facilities, inventory, equipment and purchase order lines to provide working capital for rapidly growing, turnaround and start-up companies. Facilities can range from $100,000 to $10 million. Republic Business Credit is targeting a variety of industries, including energy, oil and gas service companies, apparel, manufacturing, temporary staffing, automotive, distribution, transportation, food distribution, safety and security, government contracting, marine, printing and others.

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