Encina Business Credit provided a $24 million senior secured credit facility to an oilfield services company. The facility consisted of a revolving line of credit and a term loan.

Loan proceeds were used to refinance a commercial bank’s credit facility and provide a dividend to the company’s shareholders.

Launched in March 2016, Encina Business Credit is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada. The firm provides revolving lines of credit and term loans ranging in size from $10 million to $100 million and secured by accounts receivable, inventory, machinery & equipment and real estate.