Republic Provides a $5 million Facility to Louisiana Based Midstream Energy Company
October 24, 2018
October 24, 2018
NEW ORLEANS (PRWEB) OCTOBER 24, 2018
When a Gulf Coast community bank referred over an underperforming line of credit, Republic Business Credit replaced their facility while partnering with the bank to retain the treasury management services. The client sought new recovery capital and a partner that knew the cyclical nature of its industry.
The client is a diversified heavy industrial contractor providing manufacturing, field services and industrial specialties to the petrochemical industry. The client needed more leverage on their receivables than the bank could provide to support significant upfront mobilization costs for each new project. Republic provided a flexible, covenant free solution to accommodate their growing business. The client is filling new customer orders as the Gulf Coast region works through a shortage of industrial contractors in several areas of the energy sector.
Republic provided a $5 million Ledgered Line of Credit to support their immediate refinancing and reduce their administrative burden going forward. The business possesses the confidence that Republic will support their longer term business needs without the covenants and structure that banks require.
“Energy production and their derivative petrochemical products are the lifeblood of our manufacturing industry in America,” said Stewart Chesters, CEO of Republic. “As a commercial finance company, we are excited to assist companies that support the the Gulf Coast business community. We have strong relationships with local bankers and other centers of influence, and they trust us to provide the correct growth capital facility.”
Republic Business Credit supports banks across the United States to create value, strengthen relationships and provide complementary services to successful growing businesses.