Eclipse Business Capital provided a $77.5 million senior secured credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility to Ranger Energy Services, a company in the oil and gas well services industry.
The credit facility is secured by certain assets and Ranger Energy Services will use it to acquire certain assets of Basic Energy Services, to pay off existing indebtedness and to provide ongoing working capital financing.
Ranger Energy Services used its controlled subsidiary, Ranger Energy Acquisition, to close the acquisition of Basic Energy Services, which sold its assets as part of its bankruptcy process. The agreement to purchase the assets was approved by the United States Bankruptcy Court on Sept. 23 at a purchase price of approximately $36.65 million.
