Daily News: August 20, 2014

Republic Business Credit Supports Oil & Gas Co with $4MM Facility

Republic Business Credit announced it is supporting a Southwest-based energy sector fabrication and repair service business with a $4 million A/R facility to foster the company’s continuing growth.

The business had a long-term banking relationship but was constrained in its growth by bank covenants. Republic Business Credit provided a covenant free structure combined with an availability increase to assist the business in attaining its goal of growth.

“Although our client’s previous banking relationship had been previously productive for them, its terms limited the business’ ability to grow,” said Stewart Chesters, Republic Business Credit’s COO. “We worked with the business to ensure it had the capability to pursue its opportunities without any restrictive covenants. With a management team that understands and has a long tenure working with oil and gas service businesses, Republic is able to assess and respond positively to the needs of its many clients in this sector.