BJ Energy Solutions Raises $100 Million Credit Facility to Support Ongoing Deployment of the Company's Contracted Next Generation TITAN Fleets
THE WOODLANDS, Texas, Dec. 13, 2022 /PRNewswire/ -- BJ Energy Solutions announced today that the Company has closed on a new fully committed credit facility with Eclipse Business Capital, providing for a $100 million ABL revolver.
The facility will be used to refinance existing indebtedness, fund the construction of the Company's next generation TITAN™ fleets, and other corporate purposes, including working capital.
"This debt placement helps us secure financing to continue to organically pursue our business plan, meet our contracted customer needs and sustain our continued rollout of the TITAN Next Generation fracturing platform, demonstrating our commitment to providing lower carbon technologies to the Oil & Gas Industry," said Warren Zemlak, President & CEO of BJ Energy. "We are excited to be partnering with Eclipse Business Capital on this new credit facility and appreciate their support in executing our strategic plans."
Piper Sandler & Co served as the exclusive financial advisor and sole placement agent on the transaction.
About BJ Energy Solutions
With a rich legacy beginning in 1872, BJ has 150 years of technology innovation. Today, BJ Energy's strategy is to champion sustainable products and emissions reduction through the investment, development, and commercialization of technologies that reduce our carbon footprint. BJ's latest introduction of the TITAN technology platform supports the industry's endeavor to continually improve its environmental impact and social responsibilities. For more information, please visit our website at www.bjenergy.com.
About Eclipse Business Capital
Originally founded in 2016, Eclipse Business Capital ("EBC") is one of the country's leading independent asset-based lending platforms targeting both privately owned and publicly traded companies across a wide range of industries. The firm provides revolving lines of credit and term loans ranging in size from $10 – 200 million that are secured by collateral such as accounts receivable, inventory, equipment or real estate.
Since it was established, EBC has underwritten more than 84 transactions totaling over $3.25 billion in aggregate credit facilities. EBC has an experienced team of 45 professionals, located in Chicago, Boston, New York, Los Angeles, San Francisco, Houston, Charlotte, Dallas, and Fort Lauderdale and provides financing to middle-market borrowers in the U.S. and Canada.
BJ Energy Solutions Company Contact:
Ernesto Bautista III
Chief Financial Officer
SOURCE BJ Energy Solutions