MidCap Business Credit announced it has completed a $5 million asset-based line of credit to RAE Energy, Inc., headquartered in Houston, TX. RAE Energy is an oilfield service provider that offers pipe welding, automatic ultrasound testing, and coating services for the onshore and offshore pipeline fabrication markets.

In addition to refinancing the previous lender, the proceeds will be used to support working capital requirements.   MidCap Business Credit was chosen to provide the financing because of its flexibility to support the company through its anticipated growth as well as its speed to close the credit facility.   The opportunity was sourced and closed out of MidCap’s office in Houston.

MidCap Business Credit provides asset-based credit facilities to small- and middle-market businesses nationwide, who have borrowing requirements from $1 million to $10 million.