Great American Capital Partners Provides $200 Million Senior Secured Term Loan to BJ Services, LLC
02/01/2019 | 11:26am EDT
LOS ANGELES, Feb. 01, 2019 (GLOBE NEWSWIRE) -- Great American Capital Partners, LLC (“GACP”), a B. Riley Financial company (NASDAQ: RILY), is pleased to announce that it has acted as administrative agent for a $200 million senior secured term loan to BJ Services, LLC (the “Company”). The transaction will provide additional financial flexibility for the Company, which operates the third-largest pressure pumping fleet and the second largest oilfield cementing fleet in North America, with operating locations across all the major resource plays.
“We are very pleased to provide BJ Services with a financing solution that meets their capital needs and supports liquidity as they continue to execute their business initiatives,” said John Ahn, President of GACP.
Bob Louzan, Managing Director of GACP added, “Management, led by industry veterans, has clearly demonstrated their ability to transform the operations through steady improvements quarter over quarter. This transaction is one more example of GACP’s ability to creatively structure debt solutions for our borrowers.”
“BJ Services is pleased with GACP’s execution and professionalism throughout the process. We are pleased to put in a long-term capital structure which supports our growth plan for 2019 and beyond,” said Kelly Youngblood, Chief Financial Officer of BJ Services.
About Great American Capital Partners, LLC Great American Capital Partners is a private middle market debt fund that invests in senior secured loans across a wide array of industries and is dedicated to providing opportunistic and responsive capital to the underserved middle market.
Based in Tomball, Texas, BJ Services provides hydraulic fracturing and cementing services to upstream oil and gas companies engaged in the exploration and production of North American oil and natural gas resources. For more information, please visit our website at www.bjservices.com.