Garrington Capital, a provider of capital solutions to middle market companies in the United States and Canada, closed a $21 million senior credit facility to a provider of integrated services and specialty fabrication solutions.
The borrower is a full-service industrial contractor providing a broad array of services to the refining and petrochemical, transmission and terminal, exploration and production and power generation industries. The company is capable of executing complete project scopes including procurement, fabrication, field construction (civil, structural, electrical and instrumentation, mechanical) and project management services. It currently is operating at four locations along the Texas Gulf Coast.
The facility includes a $15 million revolver secured by working capital assets, up to a $4 million term loan secured by equipment and a $2 million capex loan. The borrower used the Garrington facility to refinance certain debt and provide the borrower with working capital to continue to fund its projected growth.
