Daily News: February 14, 2017

Encina Business Credit Closes $15MM Revolver for Energy Firm

Encina Business Credit closed a $15 million asset-based revolving credit facility to a manufacturer and service provider for the oil and gas industry based in the Southwestern U.S.

The credit facility consists of a working capital revolver secured primarily by accounts receivable and inventory. The proceeds will be used to refinance existing indebtedness and provide working capital for growth.

Launched in March 2016, EBC is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada that cannot obtain required financing from traditional banks.