Daily News: March 7, 2019

Austin Provides $4.3MM ABL Facility to Drilling Tool Company


Austin Financial Services funded a $4.3 million asset-based credit facility for a drilling tool technology company in the oil and gas industry.

The facility consisted of an accounts receivable and inventory revolver and an equipment term loan.

Located in the Mountain West Region, the company was looking for a lending partner who could take a comprehensive approach to its business and offer a more flexible and competitive loan structure than what its current bank was able to provide.

“This client was looking for a lending partner that could structure a facility that would meet both its current and long-term domestic funding needs while also helping the company to expand its operations in the Middle-East. The company was very pleased with the level of customer service they received and the commitment that AFS has made to Mountain West region. The AFS team did an excellent job underwriting and closing a complex deal in an ever-changing oil and gas industry.” said Jason Anish, Austin Financial president and CEO.

Headquartered in Los Angeles and with a nationwide lending focus, Austin Financial Services is a privately held middle-market lender who’s been providing alternative funding in the form of fast & flexible lines of credit to small and medium sized businesses for over 35 years.