MidCap Business Credit completed a $17 million asset-based credit facility to Virginia Explosives & Drilling Company. The business was established in 1998 and is headquartered in Vansant, VA.  Virginia Drilling Company, LLC was formed when the owners at the time, David Hale and Virlo Stiltner, decided to begin providing drilling services in addition to blasting services. This model led the company to offer bundled services including full turnkey drilling and blasting packages along with any and all combinations of drilling and blasting services a customer may need. With the model set in place, Virginia Drilling Company, LLC became a household name within the mining, quarry, and construction industries in Central Appalachia.

Kevin Staton, Chief Financial Officer of Virginia Explosives & Drilling Company, commented, “It was refreshing to work with MidCap Business Credit through our transaction as they provided exceptional service and responsiveness throughout the process. MidCap and their Team listened to our needs and leaned on their extensive experience to design a solution which will drive down our financing costs and position us to capitalize on growth opportunities going forward. We look forward to building a long standing relationship with MidCap.”  

The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, Senior Vice President of MidCap Business Credit, LLC, said, "We were able to  provide a flexible Asset Based Line of Credit. Our new loan will be utilized to support the company’s growth trajectory and free up suppressed availability limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”