Wintrust Commercial Finance (WCF) announced the recent funding of approximately $24.2 million in debt financing for an Oklahoma-based oilfield services company. WCF will hold $7.5 million of the transaction and has successfully syndicated the remaining $16.7 million to two separate investors.

The funds were used to purchase a new frac fleet, the company’s fourth overall. The deal was led by Justin Piot, Vice President of Direct Originations for WCF, and syndication was arranged by Justin Clark, Vice President of Capital Markets.

“Piot and Clark did a remarkable job keeping this transaction on pace and guiding it towards ultimate close,” said Joe Thompson, Executive Vice President and Chief Operating Officer of WCF.

The Oklahoma-based company primarily provides coil tubing, pressure pumping, nitrogen pumping and fluid pumping to oil and gas producers. Its operations are focused in the major oil and gas producing areas of the U.S., primarily in North Dakota, Texas, Oklahoma and Colorado.

“This was a large transaction comprised of 63 different assets that delivered funds to the customer and their vendors on a coordinated basis among multiple parties,” added Tom Forbes, Senior Vice President and Group Head of Capital Markets for WCF. “The efforts of the entire WCF team and our syndication partners are highly commendable.”

Since its inception in 2015, WCF, a division of Wintrust Asset Finance Inc., has provided more than $1.2 billion in financing for its customers and strategic partnerships. WCF is an equipment-focused financing group, headquartered in Frisco, TX, offering sophisticated loan and lease products to commercial companies throughout the U.S. Its focus industries include transportation, construction, manufacturing, energy services, aviation, marine, environmental and waste, packaging and turnkey property, plant and equipment, among others. WCF is a business unit of Wintrust Financial Corporation.

“WCF delivered an overall turnkey and competitive financing solution to the customer in an industry that has struggled the past few years,” Piot said. “We are pleased to have been afforded this opportunity to serve the customer’s needs and demonstrate WCF’s ability to execute.”