Siena Lending Group completed a $19.5 million revolving and term loan credit facility for Stewart Tubular Products, a portfolio company of Aterian Investment Partners. The funding will be used to refinance the company’s existing senior debt and to support its working capital needs.
The transaction was completed in conjunction with the arrangement of a $10 million term loan to complete the refinancing of senior debt.
Houston-based Stewart manufactures mission-critical, down-hole accessories and threaded applications used in oil and gas wells, and is one of the few licensed manufacturers of down-hole accessories that can cut proprietary, premium threads.
“Siena is very pleased to deliver a total financing solution to Stewart,” said Stephen Fuscaldo, director of Siena. “The total debt package allows the company to focus on its growth targets as they now have flexibility and liquidity with the new financing.”
Anthony Patschke, president of Stewart, added, “Siena arranged and provided a complete financing package that will allow us to focus on growing and managing our business. Siena was instrumental in driving the process and having the flexibility in getting the deal done.”
