Daily News: June 8, 2017

Republic Business Credit Provides $3.5MM to Fabricator

Republic Business Credit provided a $3.5 million working capital facility to an energy sector fabricator that services refineries in the Gulf Coast region.

The long-term fabrication and thermal maintenance company’s Gulf Coast-based regional bank sought an amicable exit for its special assets client and reached out to Republic Business Credit.

In view of the previous slowdown in the energy sector, combined with the unpredictability of a growing business, Republic provided sufficient liquidity to fully implement the company’s turnaround plan. As a result of the resurgence of the energy sector, the customer required additional short term support beyond their facility.

The $3.5 million working capital facility, without covenants, allowed the bank to retain an equipment loan along with the treasury management services.

“Fabricators provide repair, maintenance and emergency support services, to refineries throughout the Gulf Coast region,” said Stewart Chesters, Republic CEO. “As a commercial finance company, we are excited to support medium-sized Gulf Coast businesses that represent a large portion of the jobs throughout the region. Our strong relationships with regional lenders, allow us to support their turnaround customers, with timely and flexible working capital facilities.”