Daily News: May 16, 2013

Republic Provides $4MM for Oil Field Service Business

Republic Business Credit announced it provided a $4 million working capital facility to a growing Gulf Coast-based oil field service contractor.

The business was looking at many opportunities to expand its services and was being restricted by its existing banking facilities. Republic provided the company with a receivables line of credit facility with the advance rates and structure that ensures the business has the money for growth and can continue to take on board new contracts.

“Currently, there are many oil field service companies and contractors in the oil and energy sector that have excellent opportunities for growth but lack the working capital support to take full advantage of opportunities to grow,” said Allen E. Frederic, Jr., Republic Business Credit’s chief executive officer. “At Republic, we provide facilities that are tied to the value of the receivables and, therefore, not capped or limited. We fund many growing oil field service companies whose growing working capital needs are met through our covenant free lines of credit. Our ability to act fast and provide flexible solutions ensures we remain a working capital funder of choice.”

Republic Business Credit provides asset-based facilities, including ABL, receivables purchase lines of credit and factoring facilities, inventory, equipment and purchase order lines to provide working capital for rapidly growing, turnaround and start-up companies.