client_transactions

SSG Client Transactions

Title

One Source Companies
Client Profile

Client Profile

The One Source companies (collectively with its affiliates and subsidiaries, “One Source” or the “Company”) are providers of well site and related services to blue chip customers throughout the Permian Basin, Barnett Shale, and the Houston Ship Channel regions in Texas. One Source services include crude hauling, well site equipment, rental and transportation, and environmental, construction, and roustabout services.
Situation

Situation

The decline and softness in oil prices, which started during Q4 2014 and has persisted ever since, has exerted tremendous pressure on the entire oilfield services market. Combined with One Source’s significant debt burden, these events led to certain entities of the Company filing for Chapter 11 bankruptcy relief in December 2014 and January 2015. One Source’s pre-petition accounts receivable lender initially continued to support its factoring agreement with the Company. However, in order to reduce its exposure to oilfield services, the lender significantly modified the terms of the factoring agreement which ultimately led One Source to seek an alternate source of financing.
Solution

Solution

SSG was engaged by One Source to evaluate factoring / financing alternatives. SSG contacted a wide range of potential lenders to discuss the terms of a new financing facility. While several parties submitted competitive offers, the term sheet from Briar Capital L.P. was determined to be the best solution. SSG’s experience in identifying lenders and running an expedited financing process enabled the Company to preserve liquidity. The transaction closed in October 2015.
October 2015
has secured a $5,000,000
invoice purchase facility from
The undersigned acted as Investment Banker to
the One Source companies

Call to learn more

Call to learn more

If you would like to learn more about this transaction, or any of our transactions, call us today.

Philadelphia
(610) 940-1094

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New York
(212) 786-7432

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