Shale Support, LLC, a leading provider of frac-sands and logistical solutions to the oil and gas proppant market, announced today that it has closed a senior debt facility in the amount of US$85 million with Deutsche Bank. This facility will allow Shale Support to continue its strategic growth pattern in the onshore oil and gas industry and position the company for further growth as drilling activity resumes.
Proceeds from this facility will be used to refinance existing debt and complete capital expenditure projects in the company’s mining and processing facilities and logistics locations in the Eagle Ford and Permian shale areas. Shale Support owns Southton Rail Yard, one of the largest unit train capable transloading facilities in the Eagle Ford shale, helping extend its reach within one of the largest shale plays in the United States.
“The closing represents a significant step in the right direction for Shale Support,” said Kevin Bowen, co-founder and chief executive officer. “There is a continual need for operators to control costs at every level and by closing the loop between mining and logistical needs, we’re helping operators control their expenses. We’ll continue our efforts to drive costs down no matter the market outlook.”
Jeffrey Bartlam, co-founder and president of Shale Support, added, “We’re thrilled to have Deutsche Bank added to our list of financial partners and have been extremely impressed with its knowledge of our markets and long term vision. We look forward to an ongoing relationship with the company.”
Adapted from a press release by David Bizley