Stabilis Solutions Secures $10 Million Credit Facility

Source: www.gulfoilandgas.com 4/13/2021, Location: North America

Stabilis Solutions, Inc., a leading provider of energy transition services including hydrogen and liquified natural gas ("LNG") fueling solutions, has secured a $10 million credit facility that will be used to support the Company's working capital requirements. The credit facility is being provided by Ameristate Bank in conjunction with the U.S. Department of Agriculture's ("USDA") Business & Industry Loan Program. Ark-La-Tex Financial Consultants, L.L.C. acted as broker and consultant on the transaction.

"I am pleased to announce the closing of this credit facility that will help Stabilis fund the working capital we need to accelerate our growth," said Jim Reddinger, Stabilis' President and Chief Executive Officer. "As the energy transition accelerates, we see significant growth opportunities ahead of us and we appreciate the support of our partners in this transaction."

The credit facility has a 10-year term and allows Stabilis to draw a principal amount of up to $10 million during the first 3 years of the agreement. The note is interest bearing only for the first three years and fully amortizing beginning in the fourth year. The note bears a fixed interest rate of 5.75% through April 8, 2026 and U.S. Prime Rate plus 2.5% thereafter. The note is secured by a portion of Stabilis' cryogenic rolling stock.

Joe Geisler, Vice President of Ameristate Bank, commented: "We are pleased to partner with Stabilis and the USDA on this strategic financing. Stabilis' role in providing cleaner fuel solutions for the ongoing energy transition positions them well for continued growth and profitability and demonstrates Ameristate's commitment to providing creative financing solutions for its customers."


Norway >>  5/5/2021 - Norwegian Energy Company ASA (“Noreco”) announces the successful closing of its new USD 1.1 billion Reserve Base Lending facility (the “Facility”), re...
Nigeria >>  5/4/2021 - ADM Energy PLC, a natural resources investing company, announces that Osa Okhomina, Chief Executive Officer, purchased 480,446 ordinary shares of 1 p...

Norway >>  5/4/2021 - OKEA's operating income for the first quarter amounted to NOK 524 million, EBITDA was NOK 240 million, and net profit after tax was NOK 23 million. Ea...
United States >>  5/3/2021 - Valaris Limited (VAL) ("Valaris") announced that, on April 30, 2021, the Valaris Group has successfully completed its financial restructuring and emer...

Australia >>  4/30/2021 - Buru Energy Limited (Buru or the Company) (BRU) is pleased to announce a successful share placement, receiving firm commitments from institutional, pr...
Brazil >>  4/30/2021 - Petrobras, in continuation to the statement of March 28, 2019, informs that it has extended part of the credit facility (Revolving Credit Facility - R...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.