Transaction:
Chemical Supplier/Transporter to Oilfield Services
Debt refinance of oil field service company during forbearance period
A supplier in the Permian basin (Texas) of chemical solvents and anti-corrosion products was in default with its senior secured lender. The default was a result of misreported operating results and negative EBITDA during the Covid-19 downturn in the oil and gas industry.​
Our Approach
Harney assisted management with improved and more insightful cash flow forecasts, including a Thirteen Week Cash Forecast that incorporated all key aspects of the working capital requirements.
Provided advisory services to the CEO and CFO as it navigated through the period of forbearance with the lender.
Conducted a market analysis of prospective lender willing to commit capital for this refinance.
Consummated the refinance of the secured loan with another financial institution’s asset-based loan group.
Outcomes
The company has adequate cash and working capital availability to operate and is successfully serving its customers in the Permian basin.
Services & Roles
Capital Markets
Special Situation Advisory
Strategic Assessment
Financial Advisory
Debt Refinancing
*Some engagements may have been performed by team prior to joining Harney Capital.
