The refinancing included the placement of new debt facilities totaling $20.6 million, including additional borrowing capacity to support the company’s growth and the elimination of $33.7 million in debt from its balance sheet.
Republic Business Credit provided a revolving credit facility, Super G Capital provided mezzanine financing and Utica Leaseco provided an equipment financing facility to the company.
Genco has significantly improved its financial position by reducing its debt by $13 million, converting $6 million of legacy subordinated debt to preferred stock and issuing $1.2 million of additional preferred stock.
Established in 1996, Genco provides well site equipment rentals and related services to various public and large independent exploration and production companies. It rents out mobile accommodations, light towers, water tanks, fork lifts, generators and other support equipment.