Stonebriar Closes $30MM Term Loan for Oilfield Services Firm

Stonebriar Commercial Finance closed a $30 million senior secured term loan facility with a private equity-backed oilfield services provider of fluids management, equipment rental and wellsite services to the onshore oil and gas industry.

The facility consists of a $20 million fully funded term loan and a $10 million delayed draw term loan to support the construction of new firm contracted water pipelines.

The loans were secured by substantially all of the borrower’s fixed assets, including the following real and personal property: fluid management systems, water heating and storage equipment, over-the-road assets, rental equipment, pipelines and saltwater disposal wells.

Reagan Rorschach, Stonebriar managing director, stated, “With the recent and notable growth of onshore oil and gas production, particularly in the Permian and Mid-Con basins, end-to-end fluids management is now more than ever a critical component of a well’s completion and productive life. Our client provides comprehensive fluids management services from the provision and on-site storage of frac water to the transmission and disposal of flowback and produced water. We strongly believe in this segment of the oilfield services market and in management’s ability to execute.”

Harrison Smith, Stonebriar investment manager, added, “We take great comfort in this leadership team’s proven ability to manage through cycles, its conservative approach to leverage, and its vision for aggregating the diverse and complementary essential services the company takes to market.”

Stonebriar Commercial Finance leases and finances assets located primarily in North America and select other jurisdictions worldwide currently through 5 distinct platforms: general equipment, aviation capital, rail leasing, real estate and sponsor finance.

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