BJ Energy Solutions opens $100 million credit facility for continued deployment of company’s contracted Next Generation Titan Fleets
THE WOODLANDS, Texas, Dec. 13, 2022 /PRNewswire/ – BJ Energy Solutions today announced that it has closed on a fully committed credit facility with Eclipse Business Capital. This will allow for a $100 Million ABL revolver.
The facility will be used to refinance existing indebtedness, fund the construction of the Company’s next generation TITAN™ fleets, and other corporate purposes, including working capital.
“This debt placement helps us secure financing to continue to organically pursue our business plan, meet our contracted customer needs and sustain our continued rollout of the TITAN Next Generation fracturing platform, demonstrating our commitment to providing lower carbon technologies to the Oil & Gas Industry,” said Warren Zemlak, President & CEO of BJ Energy. “We are delighted to be partnering Eclipse Business Capital on the new credit facility. They have been a great support in executing and executing our strategic plan.”
Piper Sandler & Co served as the exclusive financial advisor and sole placement agent on the transaction.
About BJ Energy Solutions
BJ Energy has 150 years of technological innovation, a rich heritage that began in 1872. BJ Energy is committed to promoting sustainable products and emissions reductions through the investment in, development and commercialization technology that reduces our carbon footprint. BJ Energy’s recent introductions of the TITAN technology platform support the industry’s ongoing efforts to improve its environmental impact as well as social responsibilities. Please visit our website for further information. www.bjenergy.com.
Eclipse Business Capital
Eclipse Business Capital (“EBC”) was founded in 2016 and is one of the nation’s most respected independent asset-based lending platforms. It targets both publicly traded and privately owned companies from a variety of industries. The company offers term loans and revolving credit lines. $10 – 200 million that are secured by collateral such as accounts receivable, inventory, equipment or real estate.
EBC has been underwriting more than 84 transactions since its inception. $3.25 Billion In aggregate credit facilities EBC’s 45-member team is comprised of experienced professionals. They are located in Chicago, Boston, New York, Los Angeles, San Francisco, Houston, Charlotte, DallasAnd Fort Lauderdale Provides financing for middle-market borrowers in America Canada.
Contact BJ Energy Solutions Company
Ernesto Bautista III
Chief Financial Officer
[email protected]
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SOURCE BJ Energy Solutions