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Stock impact report

Phoenix Service Partners Upsizes Credit Facility to Fund Continued Growth

PNC Financial Services Group, Inc. (The) (PNC) 
Last pnc financial services group, inc. (the) earnings: 4/15 06:41 am Check Earnings Report
Company Research Source: Business Wire
COLLEGE STATION, Texas--(BUSINESS WIRE)--Phoenix Service Partners (“Phoenix”) today announced that it has upsized its asset-backed credit facility to support its continued growth. Phoenix provides high-horsepower, low-emission natural gas compression services, supporting critical energy infrastructure in the Permian and Eagle Ford basins.PNC Bank (“PNC”) served as lead arranger of the new facility, in which a consortium of lenders have provided Phoenix with up to $600M of capital to fund its expansion. This capital comes in addition to Phoenix’s equity partnership with SCF Partners (“SCF”).“We aim to build the premier gas compression service company, and this expanded financing facility positions us well to provide best-in-class equipment and superior service in coming years,” said Randy Dean, co-founder and CEO of Phoenix.Dan West, Managing Director at SCF Partners, commented, “As Randy and the Phoenix team continue to deliver exceptional performance for our customers, we appreci Show less Read more
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