MidCap Business Credit (MBC) closed a $16 million asset-based revolving and term loan credit facility for a privately held frac sand manufacturer based in the Midwest. The credit facility will be used to support the company’s working capital needs and refinance existing debt, enabling the business to expand production capacity and meet growing demand from the energy sector. The borrower, a key supplier to oilfield service companies, specializes in high-quality proppant materials critical to hydraulic fracturing operations.
“We are excited to support this company’s continued growth and operational momentum” Ryan Ray, senior vice president of business development for the Midwest, said. “Our flexible financing structure was designed to meet their objectives, and we look forward to a strong partnership.”
