Encina Business Credit, LLC (EBC) announced that it has provided a $24 million senior secured credit facility to an oilfield services company.
The facility consists of a revolving line of credit and a term loan. Loan proceeds were used to refinance a commercial bank’s credit facility and provide a dividend to the company’s shareholders.
Launched in March 2016, EBC is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada. The firm provides revolving lines of credit and term loans ranging in size from $10–$100 million and secured by accounts receivable, inventory, machinery & equipment and real estate.