Daily News: April 16, 2013

Amerisource Closes ABL for Oilfield, Industrial Services Firm

Amerisource announced that its ABL division, Amerisource Business Capital, closed and funded a $15 million revolving ABL facility for a Texas-based oilfield and industrial services firm.

The company had a $10 million traditional bank line of credit, but needed additional capital to continue its growth.

“The oilfield and industrial services industry continues to be a great sector for us,” said D. Michael Monk, managing director of Amerisource. “This company is a real success story. Having spun off from a Fortune 500 company a few years ago, the company is a market leader in its industry and maintains contracts with some of the largest oil and gas companies in the world. Its management team is very seasoned, and this company is poised for continued growth in the coming years. Amerisource approved and closed this facility within a few weeks, and we’re really happy to have them as a client.”

Founded in 1984 and headquartered in Houston, TX, Amerisource is an independent commercial finance company that provides working capital financing and outsourced receivables management to small and middle-market companies.