Capital One Closes $15 Million Revolver for TEAM Oil Tools
Capital One Bank announced it closed a four-year $15 million revolving credit facility for TEAM Oil Tools, a designer, manufacturer and supplier of down hole tools for the oil and gas industry. Proceeds of the facility were used to refinance existing debt and to fund ongoing working capital needs.
“This refinancing, and the establishment of a suitable credit facility, is a very important step in improving our capital structure,” said Dale Fain, president and CEO of TEAM Oil Tools. “The Capital One Bank team’s industry expertise and flexibility made them a great partner during this process. This facility also allows us to fulfill our aggressive plans for long-term growth.”
Based in Houston, TEAM Oil Tools, an Intervale Capital portfolio company, designs, manufactures installs and services its range of completion products and service tools. The company also operates in the field of multi-zone high angle and horizontal fracturing operations with its T-Frac systems and full range of plugs and sleeves for open hole and cemented casing completions. The company has service centers in Michigan, West Virginia, Pennsylvania, Texas, Louisiana and Colorado, which are supported by its manufacturing facility in Tulsa, OK.
“Capital One Bank is dedicated to leveraging our industry expertise and strong balance sheet to provide solutions to meet our clients’ unique financing needs and we