SIT­U­A­TION

• Cogent Ener­gy Ser­vices (the ​“Com­pa­ny) is a start-up provider of workover solu­tions, coiled tub­ing and ser­vices, and pro­duc­tion field services
• Oper­a­tions in the Per­mi­an, Eagle Ford, Bar­nett, and Hay­nesville formations

OUT­COME

• $8 MM work­ing cap­i­tal revolv­ing facil­i­ty closed June 2017
• Chi­ron also helped the Com­pa­ny arrange an asset swap
• Assist­ed the major­i­ty asset sale of oper­at­ing sub­sidiary, Cobra Down­hole Motors, Inc., to a Hous­ton-based pri­vate equi­ty firm via LBO for a trans­ac­tion val­ue of $18.8 MM

“We were incred­i­bly impressed that Chi­ron tru­ly under­stood the needs and future growth plans of their client. Chi­ron worked har­mo­nious­ly and in uni­son with sev­er­al part­ners to struc­ture a growth-ori­en­tat­ed work­ing cap­i­tal and term debt solu­tion. Chi­ron con­tin­ued to sup­port the client for their add-on growth needs after clos­ing for the oil field ser­vice com­pa­ny and was great to work with the entire time.” — Robert Mey­ers, Repub­lic Busi­ness Cred­it President