Daily News: April 16, 2014

AloStar Provides Southwest Oilfield $17M Revolver/Term Loan

AloStar Business Credit has provided a $15 million senior secured revolver and a $2 million equipment term loan to Southwest Oilfield Products.

“Southwest Oilfield Products has consistently been a premier producer of high-quality mud pump solutions,” said Andy McGhee, president of AloStar Business Credit. “Over the next five years we expect to see them continue their growth trajectory alongside the market growth in this industry.”

“AloStar is a good fit with our current growth perspective,” said Paul DeWeese, CEO of Southwest Oilfield Products. “We are delighted that AloStar could provide capital for us as we implement our initiatives to help our growth over the next several years.”

Southwest is well-positioned to take advantage of the recent energy renaissance that has begun in the U.S. According to a 2012 report from the U.S. Energy Information Administration, the U.S. is slated to become the world’s top producer of oil by 2020, a net exporter of oil around 2030, and nearly self-sufficient in energy production by 2035.

Southwest Oilfield Products is an oil and gas equipment manufacturer providing mud pumping solutions and well service systems to the world’s leading oil and gas exploration and production companies.