Phoenix Service Partners announced the closing of a $150 million asset-based lending (ABL) facility that includes an additional $100 million accordion feature. This strategic funding was closed concurrently with Phoenix’s $100 million equity partnership agreement, enhancing the company’s financial foundation and growth trajectory.
This ABL facility comprises a bank group, including First Horizon Bank, as Administrative Agent and Joint Lead Arranger, Texas Capital Bank, as Joint Lead Arranger, and other participating financial institutions. And the ABL facility will enable the company to continue its strategic growth initiatives, invest in operational efficiencies, and meet market compression demands.
These deals validate Phoenix’s strategic vision to build the premier gas compression service company. And with the support of its financial partners, Phoenix is poised to accelerate its expansion across key regions, while maintaining its dedication to operational excellence and customer satisfaction.
KEY QUOTES:
“Securing this credit facility is a testament to the strength of Phoenix and our commitment to long-term growth. By aligning this financing with our equity partnership agreement, we are well-positioned to expand our market presence, invest in best-in-class equipment, and deliver superior value and service to our customers and partners.”
– Randy Dean, CEO of Phoenix
“We are excited to be partnering with a group of experienced financial institutions, led by First Horizon Bank. Forrest Taylor and his team at First Horizon Bank bring a wealth of compression industry knowledge, great attention to detail, and high integrity. We look forward to working with them and our other bank partners as we execute Phoenix’s growth plan.”
– Jacob Campbell, CFO of Phoenix
