Oil Patch Deals
Financing Transactions
Oil & Gas Water-Hauling Company Needed Time to Wind Down
An oil and gas water hauling company had more than $6MM in assets, but was highly leveraged with multiple lenders. BSC provided a term sheet and worked through an asset purchase agreement; extending the company’s viability. Meanwhile our sister company, PPL Group, organized loan settlements and held three separate auctions to maximize the value of the company’s assets.
Acquisition Financing for Oilfield Trucking Company
The owners of an oilfield trucking business just north of Oklahoma City were retiring. They found a potential buyer, but the current owners’ disorganized accounting practices scared away traditional lenders. Fortunately, the interested buyers came to BSC. We relied on our expertise to appraise the company’s equipment and provided a $1.5MM loan. We also brought in a second lender to provide accounts receivable financing, helping the buyers keep the entire staff of 70+ employees and continue operations uninterrupted.
Oilfield Trucking Company Bankruptcy Note Purchase
A Texas-based trucking company serving the oilfield industry filed for Chapter 11. Their senior secured lender was a local bank looking for a way out. With our familiarity and knowledge of the industry we purchased the bank’s $2.5MM position. The bank recouped its loan and exited the bankruptcy, and we had a new, promising addition loaded to our portfolio.
Asset Disposition Deals From Sister Company, PPL Group
Tri-Point Oil & Gas Production Systems
$10MM+ private treaty and public auction sale of IP, inventory and equipment, with over 2000 registered buyers.
Longhorn Services Company
Upcoming series of three auctions for large, Oklahoma-based oilfield services company providing water hauling, chemical hauling and rig services. Expected sales of $5MM+.
Best Well Services
Oilfield services including site excavation, water services, equipment transportation, pumping, general roustabout needs and workover rig demands
In addition to the real estate, the assets were mostly highly specialized and expensive equipment specific to the oil and gas industry
Auction results: all 480 pieces of equipment were sold – 600 buyers participated nationwide – we sold the real estate to a local operator
West Texas Bulldog Oilfield Services
Trucking for the oil and gas industry filed Chapter 11 Bankruptcy
PPL’s auction had 300 buyers nationwide and achieved:
100% recovery for the lender, selling the entire inventory, and 100% recovery for individual equipment lessors
Sold one of two properties, and leased the other
Collected outstanding receivables from major customers
McDermott International
Large offshore fabrication yard - we made an eight-figure cash purchase and conducted a five-day auction consisting of approximately 2,500 lots.
The sales were so successful, PPL was invited back to undertake two additional rounds of sales at the facility.
Facility Manager: “The team was easy to work with, and they managed the process in a safe, professional manner. Thank you for making what could have been a very difficult process, into a pleasure.”
Midway Oilfield Services
An oil and gas water hauling and construction company had $6MM+ in assets, but was highly leveraged with multiple lenders.
The company needed strategy and guidance into which divisions they should focus on.
We provided the funds, strategic input, and time the company needed to wind down operations and maximize the value of their assets over a 4 month period resulting in 3 separate auction sales.