Eclipse Provides $77.5MM Revolving Credit Facility to Ranger Energy Services, Inc.
Eclipse Business Capital LLC (“EBC”), formerly known as Encina Business Credit, announced today that it has provided a $77.5 million senior secured credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility to a market leader in the oil and gas well services industry.
The credit facility is secured by certain assets and will be used to acquire the certain assets of Basic Energy Services, Inc., payoff existing indebtedness and provide ongoing working capital financing.
EBC’s demonstrated track record of executing quickly, coupled with its flexible approach, provided the borrower confidence that its business needs would be met.
Originally founded in 2016, EBC is one of the country’s leading independent asset-based lending platforms targeting both privately owned and publicly traded companies across a wide range of industries. The firm provides revolving lines of credit and term loans ranging in size from $10 – 125 million that are secured by collateral such as accounts receivable, inventory, equipment or real estate.
Since it was established, EBC has underwritten more than 70 transactions totaling over $1.7 billion in aggregate credit facilities. EBC has an experienced team of 47 professionals, located in Chicago, Boston, New York, Connecticut, Los Angeles, San Francisco, Houston, Charlotte and Fort Lauderdale and provides financing to middle-market borrowers in the U.S and Canada.