Daily News: December 12, 2017

PNC Provides $26MM Credit Facility to Aegis

PNC Bank closed a $26 million senior secured credit facility for Houston-based Aegis Chemical Solutions, a portfolio company of Intervale Capital. PNC served as administrative agent and sole lender.

The new facility consists of a $20 million revolving credit facility, a $4 million term loan and a $2 million CAPEX line of credit. Products associated with the transaction include treasury management services.

Aegis will use the funds to refinance existing senior bank debt, partially fund capital expenditures and provide for ongoing working capital needs.

“This was a great opportunity to work with a financial services organization active in the energy sector,” said Gary Cooper, CEO of Aegis. “We were pleased to close our new credit facility, which provides added flexibility and enhanced liquidity to support the future growth and strategic direction of our business.”

“We are excited to further build our relationship and partnership with Intervale as they execute on their investment strategies,” said John Tyler, senior vice president and Western regional executive, PNC Business Credit. “Aegis is well positioned for the future and we are fortunate to partner with this exciting company and management team.”

Established in 2012, Aegis provides a full suite of oilfield chemical and water treatment solutions, focused on production chemicals, specialty stimulation chemicals and chlorine dioxide water treatment services across key shale plays throughout Texas, New Mexico, Oklahoma and Louisiana.