Bibby Financial Services (BFS) announced a successful Asset Based Lending transaction to Houston-based Praxis Energy Agents. BFS is providing a Revolving Line of Credit of $5 million. Praxis, an international bunker trader, which funds the fuel needs of maritime shipping companies, will use the facility to support working capital and position the company for future growth.
“At BFS, we take great pride in meeting the needs of clients for whom traditional banks are unable or unwilling to provide funding,” said Barry Kastner, Executive Vice President at Bibby Financial Services. “A company like Praxis, whose bank decided to exit borrowers in energy related fields, requires a funding partner who is willing to learn about and accommodate fluctuations in the oil markets, and to understand the ever-changing demands of the international maritime industry.”
Praxis Energy Agents General Manager John Vassilakos says the funding provided a vital cash flow solution so the company can continue to seek new opportunities. Working with a broad range of clients, with each trading anywhere from $50,000 to $1.5 million in marine fuel, Praxis needed a lender that recognized the value of its business.
“Praxis is a unique company; we don’t fit the mold of traditional small and medium sized enterprises,” says Vassilakos. “BFS was open to looking at the bigger picture. They understood the core of our business and devised a funding strategy that meets our specific needs.”
BFS provides unique funding solutions to support small and medium-sized enterprises (SMEs) in virtually every industry, including freight transportation and maritime shipping services. With seven locations across the U.S. and Canada that provide more than $1.5 billion in funding annually, BFS is supported by a global network of commercial finance experts with unique specializations and experience across a range of industries.
The new funding partnership will help support Praxis’s future growth and further positions BFS as an industry leader in complex commercial financing services for international businesses.