Phoenix Service Partners Secures $350 Million Funding
Phoenix Service Partners is thrilled to announce a significant milestone in its growth journey by successfully closing a $150 million asset-based lending (ABL) facility. This financial boost also includes an exciting $100 million accordion feature, demonstrating the company’s strategic planning and commitment to expansion.
Strengthening Financial Foundations
The ABL facility is an impressive collaboration involving several financial institutions, with First Horizon Bank acting as the Administrative Agent and Joint Lead Arranger alongside Texas Capital Bank. This funding will empower the company to pursue its growth initiatives vigorously and enhance operational efficiencies while responding effectively to market demands.
Vision for Future Growth
This strategic financing move underscores Phoenix’s vision to establish itself as the leading gas compression service provider. By leveraging the support of its financial partners, the company aims to accelerate its growth across key regions while upholding its commitment to operational excellence and superior customer satisfaction.
Commitment from Leadership
Randy Dean, the CEO of Phoenix, articulated the significance of this financing, stating, "Securing this credit facility is a testament to the strength of Phoenix and our commitment to long-term growth." He further emphasized that aligning the funding with their equity partnership agreement positions the company well for future expansion, investment in best-in-class equipment, and delivering exceptional service to customers.
Collaboration with Financial Institutions
Jacob Campbell, CFO of Phoenix, expressed his enthusiasm about partnering with experienced institutions, highlighted by the collaboration with First Horizon Bank. He noted, "Forrest Taylor and his team at First Horizon Bank bring a wealth of knowledge about the compression industry, along with great attention to detail and integrity. We eagerly anticipate working with them and our other banking partners to execute Phoenix's ambitious growth strategy."
About Phoenix Service Partners
Phoenix is a contract gas compression service provider dedicated to specializing in extra-large horsepower, low-emission natural gas compression equipment. The company is recognized for delivering turnkey natural gas compression solutions to a range of blue-chip customers operating within key oil and gas basins across North America. With a leadership team boasting decades of experience, Phoenix prides itself on offering industry-leading runtimes, exceptional customer service, and a relentless pursuit of improvement.
For any media inquiries or additional information, please reach out to Kyle Boudousquie, the Chief Legal Officer of Phoenix Service Partners, at (979) 321-9106.
Frequently Asked Questions
What is the purpose of the $350 million secured by Phoenix Service Partners?
The funds will support Phoenix's strategic growth initiatives and enhance operational efficiencies while allowing the company to remain competitive in the market.
Who are the financial partners involved in the asset-based lending facility?
The lending facility involves multiple financial institutions, with First Horizon Bank serving as the Administrative Agent and Joint Lead Arranger, along with Texas Capital Bank.
How does this funding impact Phoenix's operations?
The funding will enable Phoenix to invest in best-in-class equipment and expand its market presence significantly while enhancing customer service capabilities.
What markets does Phoenix Service Partners operate in?
Phoenix specializes in gas compression solutions for key oil and gas basins throughout North America, catering to a variety of customers.
Who can be contacted for media inquiries regarding Phoenix Service Partners?
Media inquiries can be directed to Kyle Boudousquie, the Chief Legal Officer, at (979) 321-9106.
