Phoenix Service Partners Secures $350 Million in Capital to Support Rapid Growth
COLLEGE STATION, Texas, April 2, 2025 /PRNewswire/ -- Phoenix Service Partners ("Phoenix) is pleased to announce the successful closing of a $150 million asset-based lending (ABL) facility that includes an additional $100 million accordion feature. This strategic financing initiative was closed concurrently with Phoenix's$100 million equity partnership agreement, further strengthening the company's financial foundation and growth trajectory.
The ABL facility is made up of a bank group, including First Horizon Bank, as Administrative Agent and Joint Lead Arranger, Texas Capital Bank, as Joint Lead Arranger, and other participating financial institutions. The ABL facility will enable the company to continue its strategic growth initiatives, invest in operational efficiencies, and meet market compression demands.
These transactions underscore Phoenix's strategic vision to build the premier gas compression service company. With the support of its financial partners, Phoenix is poised to accelerate its expansion across key regions, while maintaining its dedication to operational excellence and customer satisfaction.
"Securing this credit facility is a testament to the strength of Phoenix and our commitment to long-term growth," said Randy Dean, CEO of Phoenix. "By aligning this financing with our equity partnership agreement, we are well-positioned to expand our market presence, invest in best-in-class equipment, and deliver superior value and service to our customers and partners."
"We are excited to be partnering with a group of experienced financial institutions, led by First Horizon Bank. Forrest Taylor and his team at First Horizon Bank bring a wealth of compression industry knowledge, great attention to detail, and high integrity. We look forward to working with them and our other bank partners as we execute Phoenix's growth plan." – Jacob Campbell, CFO of Phoenix.
For media inquiries or further information, please contact:
Kyle Boudousquie
Chief Legal Officer
Phoenix Service Partners, LLC
(979) 321-9106
kyle.boudousquie@phxsp.com
About Phoenix Service Partners
Phoenix is a contract gas compression service provider specializing in extra-large horsepower, low-emission natural gas compression equipment. The company provides turnkey natural gas compression solutions to blue-chip customers operating in the key oil and gas basins in North America. Phoenix's leadership team brings decades of experience in delivering industry-leading runtimes and exceptional customer service and maintains a passion for doing things better. For more information, please visit https://phxsp.com.
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SOURCE Phoenix Service Partners