Great American Capital Partners (GACP) acted as administrative agent on a $200 million senior secured term loan for BJ Services, the operator of the third-largest pressure pumping fleet and the second largest oilfield cementing fleet in North America.
The transaction will provide additional financial flexibility for the company.
“We are very pleased to provide BJ Services with a financing solution that meets their capital needs and supports liquidity as they continue to execute their business initiatives,” said John Ahn, president of GACP.
Bob Louzan, managing director of GACP, added, “Management, led by industry veterans, has clearly demonstrated their ability to transform the operations through steady improvements quarter over quarter. This transaction is one more example of GACP’s ability to creatively structure debt solutions for our borrowers.”
“BJ Services is pleased with GACP’s execution and professionalism throughout the process. We are pleased to put in a long-term capital structure which supports our growth plan for 2019 and beyond,” said Kelly Youngblood, chief financial officer of BJ Services.
Great American Capital Partners is a private middle market debt fund that invests in senior secured loans across a wide array of industries and provides opportunistic and responsive capital to the underserved middle market.
