Monroe Capital Provides $12.5 Million to Black Warrior Wireline Corp.
Chicago, IL, December 20, 2005
Monroe Capital LLC announced the funding of a $12.5 million junior secured term loan to Black Warrior Wireline Corp. (OTC:BWWL.PK). Monroe Capital’s term loan, in conjunction with a $50 million senior credit facility from GE Capital, was used to assist Black Warrior Wireline Corp. to refinance its existing debt and to consummate a strategic acquisition.
Black Warrior, headquartered in Columbus, Mississippi, provides direction well drilling, downhole surveying, and wireline services to oil and natural gas exploration and production customers operating in Alabama, Mississippi, Montana, New Mexico, North Dakota, Texas, Wyoming, and offshore Louisiana in the Gulf of Mexico. The target company, BobCat Pressure Control, Inc., provides well intervention services to natural gas and oil exploration and production companies. The acquisition of BobCat is part of Black Warrior’s strategy of building a production enhancement company with a diverse service offering across a wide geographic footprint.
Monroe Capital is a specialty finance company devoted to providing innovative capital to middle-market businesses. Monroe Capital specializes in originating, structuring and providing customized financing to corporate, real estate, media and communication, and asset-based borrowers based in the U.S. and Canada in amounts of $3 million to $40 million, with an ability to agent and syndicate larger transactions. These investments include senior and junior secured debt as well as bridge loans to companies in need of immediate access to capital; flexible acquisition facilities; mezzanine or last-out second loans that stretch a company’s debt capacity; acquisitions of distressed debt; and equity co-investments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. To learn more about Monroe Capital, visit www.monroecap.com.