MidCap Business Credit has completed a $5 million asset-based line of credit for Houston-based RAE Energy, an oilfield service provider that offers pipe welding, automatic ultrasound testing and coating services for the onshore and offshore pipeline fabrication markets.

In addition to refinancing the previous lender, the proceeds will be used to support working capital requirements.

MidCap Business Credit provides asset-based credit facilities to small and middle market businesses nationwide that have borrowing requirements from $1 million to $10 million.