Stonebriar Commercial Finance closed a $40 million equipment lease facility with a publicly-traded oilfield services provider. The company provides completion, intervention and production services in all the major U.S. onshore oil and gas basins.
The lease facility, underwritten and closed in seven business days, supports the company’s acquisition of new, best-in-class equipment that is mission-critical to the completion and production of oil and gas wells.
Reagan Rorschach, Stonebriar managing director, stated, “Our client has a heritage of bringing innovative solutions to complicated situations. The acquisition of this equipment is consistent with the company’s commitment to provide safe, reliable, efficient and market-leading assets to the challenging and technical work of well completion and ongoing production.” Dirk Stock, Stonebriar vice president and portfolio manager, added, “We have a great deal of confidence in this proven management team, its disciplined approach to balance sheet management, the essentiality of the equipment and the quality of the crews that will profitably operate it.”
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