MidCap Business Credit completed a $17 million asset-based credit facility for Virginia Explosives & Drilling Company. The opportunity was sourced out of MidCap’s regional office in Baltimore.
“It was refreshing to work with MidCap Business Credit through our transaction, as they provided exceptional service and responsiveness throughout the process,” Kevin Staton, CFO of Virginia Explosives & Drilling Company, said. “MidCap and their team listened to our needs and leaned on their extensive experience to design a solution which will drive down our financing costs and position us to capitalize on growth opportunities going forward. We look forward to building a long-standing relationship with MidCap.”
“We were able to provide a flexible asset-based line of credit,” Bruce Pavesich, senior vice president of MidCap Business Credit, said. “Our new loan will be utilized to support the company’s growth trajectory and free up suppressed availability limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”
Established in 1998 and headquartered in Vansant, VA, Virginia Drilling Company was formed when the owners at the time of the company’s founding, David Hale and Virlo Stiltner, decided to begin providing drilling services in addition to blasting services. This model led the company to offer bundled services, including full turnkey drilling and blasting packages.
