NewswireToday - /newswire/ -
Chicago, IL, United States, 2015/06/10 - GE Capital, Corporate Finance today announced it has provided a $17 million credit facility to ROC Services Company, an oil and gas well-site services supplier - ROCServiceCo.com / GECCF.com. NYSE: GE
The funds will be used to refinance existing equipment and to support the acquisition of the company by Coral Reef Capital. GE Capital Markets served as co-lead arranger and joint book runner on the facility.
Headquartered in Bridgeport, TX, ROC Services Company provides well-site services such as maintenance, excavation and hauling and flow-back services to oil and gas companies operating in the U.S.
“GE Capital’s experience in structuring equipment loans and acquisitions, and their expertise in our industry made them the perfect choice for our financing needs,” said Mike Ritchey, CEO of ROC Services. “This capital will help us grow, and we look forward to the next chapter of our business.”
“We have been adding resources over the last 18 months to expand our coverage of the oil and gas market,” said Luca Pasqualini, Senior Managing Director, GE Capital Corporate Finance. “We are excited to work with ROC Services as they execute on their business plan.”
About GE Capital, Corporate Finance
GE Capital, Corporate Finance (geccf.com) provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses expanding in North America, Asia and Europe. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; oil and gas; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices to help build their business.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services. GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance.
About ROC Service Company
ROC Service Company, LLC (rocserviceco.com) is a leading provider of mission critical wellsite and facilities services to exploration and production and midstream companies operating across the United States. The Company’s service offering spans the entire lifecycle of hydrocarbon production and includes: the preparation and installation of wellsites and production facilities for drilling, completion and production activity; the maintenance or replacement of surface facilities and production infrastructure throughout their economic life; and the decommissioning and abandonment of wellsites and assets as dictated by customers’ diminishing returns and/or compliance with regulations. ROC operates from eleven district offices across eight states.