SIT­U­A­TION

• The Com­pa­ny pro­vides well site equip­ment rentals and relat­ed ser­vices to many of the lead­ing pub­lic and large inde­pen­dent explo­ration & pro­duc­tion companies
• The Com­pa­ny faced declin­ing sales, slow pay­ing cus­tomers includ­ing a sig­nif­i­cant A/R con­cen­tra­tion account, and con­strained work­ing capital
• In addi­tion, senior lenders com­menced for­bear­ance pro­ceed­ings and the Com­pa­ny was placed on month-to-month for­bear­ance agreements

OUT­COME

• Chi­ron mar­ket­ed the deal to over 250 lenders and suc­cess­ful­ly placed new debt facil­i­ties total­ing over $20 MM, includ­ing addi­tion­al bor­row­ing capac­i­ty to sup­port the Com­pa­ny’s growth
• Chi­ron elim­i­nat­ed about $34 MM of debt and cre­at­ed $7 MM in pre­vi­ous­ly unre­al­ized equi­ty value
• The refi­nanc­ing pro­vid­ed nec­es­sary work­ing cap­i­tal to run the busi­ness and max­i­mum avail­abil­i­ty against its assets. In addi­tion, the new lenders pro­vid­ed CAPEX avail­abil­i­ty and a will­ing­ness to sup­port the Company’s growth