PNC Bank, N.A., announced that it has closed a $26 million senior secured credit facility for Aegis Chemical Solutions, LLC (Aegis), a portfolio company of Houston–based Intervale Capital, LLC (Intervale). PNC Bank, N.A. (PNC), served as administrative agent and sole lender.
Headquartered in Houston, TX, Aegis will use the funds to refinance existing senior bank debt, partially fund capital expenditures, and provide for ongoing working capital needs. The new facility consists of a $20 million revolving credit facility, a $4 million term loan, and a $2 million CAPEX line of credit. Products associated with the transaction include treasury management services.
“This was a great opportunity to work with a financial services organization active in the energy sector,” said Gary Cooper, CEO, Aegis. “We were pleased to close our new credit facility, which provides added flexibility and enhanced liquidity to support the future growth and strategic direction of our business.”
Established in 2012, Aegis provides a full suite of oilfield chemical and water treatment solutions, focused on production chemicals, specialty stimulation chemicals and chlorine dioxide water treatment services across key shale plays throughout Texas, New Mexico, Oklahoma, and Louisiana. Aegis has grown rapidly despite challenging market conditions to expand and engage with the most active operators across its footprint.
“We are excited to further build our relationship and partnership with Intervale as they execute on their investment strategies,” said John Tyler, Senior Vice President, Western Regional Executive, PNC Business Credit. “Aegis is well positioned for the future and we are fortunate to partner with this exciting company and management team.”
Founded in 2006, Intervale Capital is a specialized energy-focused investment firm. Intervale invests primarily in middle-market energy services and manufacturing companies. The firm has raised $1.3 billion of committed capital since its inception, and is currently investing its third fund.