Solaris Energy Infrastructure (fka Solaris Oilfield Infrastructure) completed its acquisition of Mobile Energy Rentals (MER).

On the acquistion’s closing date, Solaris and certain of its subsidiaries entered into a $325 million senior secured term loan agreement with Banco Santander, New York Branch, as administrative agent, Silver Point Finance, as collateral agent. Solaris used a portion of the proceeds to fund the consummation of its acquisition of MER pursuant to the terms of the contribution agreement and to pay transaction costs associated with the term loan agreement and the contribution agreement and expects to use the remaining proceeds to fund capital expenditures and for other corporate purposes.

Solaris is in the process of finalizing a new $75 million revolving credit facility. After finalizing the new revolving credit facility, the company expects to be undrawn on the facility. These new credit agreements replace the $300 million secured bridge term loan facility secured at the time of the transaction announcement. The company has also completed its previously-announced renaming to “Solaris Energy Infrastructure.”

“We’d like to welcome the MER employees to the Solaris family. We are excited to combine our complementary skill sets and differentiated technologies under the new ‘Solaris Energy Infrastructure’ name,” Bill Zartler, chairman and CEO of Solaris, said. “This transaction brings to us an experienced team, a highly-contracted base business and visible growth via committed deliveries for new equipment that position Solaris for growth across multiple end markets, including both the oilfield and commercial and industrial areas such as data centers. We believe our customers, employees and shareholders will benefit as the combined company delivers a growing and diversified cash flow stream, which should, in turn, enhance our ability to continue pursuing adjacent growth opportunities and to accelerate shareholder returns.”