Monroe Credit Advisors announced that it has placed $65 million of senior and junior secured credit facilities for its client, Bird Electric Enterprises, LLC. Proceeds of the loan were used to consolidate and refinance existing debt as well as provide growth capital.
Monroe Credit Advisors acted as the exclusive financial advisor for Bird Electric Enterprises and the financial sponsor, 3.5.7.11, to structure, arrange and negotiate the debt financing. Monroe Credit Advisors generated several competitive proposals by targeting banks, commercial finance companies and junior debt funds focused on leveraged middle-market cash flow and asset-based lending.
Founded in 2004 and headquartered in Eastland, Texas, Bird Electric is the leading electrical contractor in the Permian Basin that designs, constructs, maintains and restores electric power infrastructure for exploration and production, utility and electric cooperative customers across North America. Darren Miles, the company’s Chief Financial Officer, said, “This transaction provided us the opportunity to consolidate our lenders, lower our overall cost of capital, and increase liquidity to allow for continued growth. Monroe Credit Advisors did an outstanding job guiding us throughout the process.”
Mike Meyer, Managing Director of Monroe Credit Advisors, commented, “The management team at Bird Electric has done an outstanding job growing the business. We are pleased that we were able to help the company transition to the next phase of its life cycle by securing an attractive financing with great lending partners.”
Dale LeFebvre, Managing Partner of 3.5.7.11, stated, “Monroe Credit Advisors delivered a competitive financing solution that met all our goals and introduced us to lending partners with significant expertise in both leveraged finance and the energy space. Bird Electric is now exceptionally well-positioned as a minority business enterprise with a strong capital structure matched with its opportunities and dynamic team.”
Monroe Credit Advisors, the investment banking affiliate of middle-market lender, Monroe Capital, provides debt capital solutions to middle market companies and their investors. The firm advises on structuring and arranging credit through its relationships with a broad spectrum of debt providers including banks, commercial finance companies, debt investment funds and leasing companies. The firm’s experienced team of leveraged finance professionals approaches the market with a lender's perspective, delivering to its clients real time market intelligence and structuring expertise that results in significant savings of time and money, as well as increased certainty of execution.