Phoenix Service Partners upsized its asset-backed credit facility to support its continued growth. PNC Bank served as lead arranger of the new facility, in which a consortium of lenders have provided Phoenix with up to $600 million of capital to fund its expansion. This capital comes in addition to Phoenix’s equity partnership with SCF Partners.
“We aim to build the premier gas compression service company, and this expanded financing facility positions us well to provide best-in-class equipment and superior service in coming years,” Randy Dean, co-founder and CEO of Phoenix, said.
“As Randy and the Phoenix team continue to deliver exceptional performance for our customers, we appreciate the support from PNC and all of our banking partners to further scale the business,” Dan West, managing director at SCF Partners, said.
“PNC is pleased to lead and agent this facility in support of Phoenix’s next phase of growth,” Bret West, senior vice president with PNC Business Credit, said. “We have strong conviction in the company’s strategy and its partnership with SCF, and we look forward to supporting Phoenix as it continues to scale its compression platform.”
