Panhandle Oilfield Services, Inc.

Client Profile

Panhandle is an oil and gas services company that provides roustabout construction and maintenance services, automation and electrical services, pumping unit sales, tubular inspection and storage, and trucking and crane services. They offer a full suite of solutions for oil and gas producers seeking an all-in-one services provider. Since its founding in 1983, Panhandle has developed a strong reputation in the Midcontinent and the Northeast regions with over 300 active master service agreements in place.

Situation

Panhandle sought to maximize its borrowing capacity with a new lender to fund its business plan.

Solution

SSG was retained to help refinance the existing debt and secure additional capital to fund working capital and growth initiatives. SSG leveraged its broad network of capital providers and solicited interest from traditional and alternative lenders. After receiving numerous competitive term sheets, a credit facility from MidCap Business Credit, LLC was determined to be the best solution. SSG’s deep market knowledge and execution capabilities resulted in a solution that maximized borrowing availability against assets and enabled Panhandle to move forward with delivering on its business plan.