DALLAS, Jan. 22,
2024 /PRNewswire/ -- Beal Bank is pleased to announce
that it has provided of $637,500,000
out of a total of $885,000,000 to
refinance an existing term loan of ProFrac Holding Corp. (NASDAQ:
ACDC) as majority holder of newly issued $520,000,000 senior secured floating rate notes
and sole lender of a $365,000,000
term loan to ProFrac's wholly owned subsidiary Alpine Silica.
Farzin Dinyarian, Head of Oil
& Gas for Beal Bank's wholly-owned commercial lending
subsidiary CSG Investments, Inc., said, "Beal Bank is excited to
lend to ProFrac, one of the largest and premier companies in the
pressure pumping and in-basin frac sand space. We are proud to
support and provide debt to North American oil field service
companies."
The refinancing transactions enhance ProFrac's financial
position by (i) extending debt maturity to 2029 and (ii) creating a
bifurcated capital structure between pressure pumping and frac sand
businesses. The bifurcated capital structure will best position
ProFrac to continue executing on growth-related and value
realization opportunities.
Beal Bank has a long record of lending to the oil field services
in the United States. Over the
past five years, Beal Bank has consistently extended credit to oil
field service companies including, among others, U.S. Silica
Holdings, Inc. (March 2023), BJ
Services (December 2019), and U.S.
Well Services (May 2019, now part of
ProFrac)
Beal Bank has demonstrated a commitment to the oil and gas
industry (upstream and oil field services) and, despite social
pressures, Beal Bank continues to provide capital to companies
supporting United States energy
independence.
About Beal Bank: The Beal Bank family of
companies comprises one of the largest privately owned financial
institutions in the nation with combined assets of approximately
$31.6 billion as of September 30, 2023. The Beal Bank brand includes
Beal Bank (Member FDIC and Equal Housing Lender), based in
Plano, Texas, (near Dallas) and Beal Bank USA (Member FDIC and Equal Housing Lender),
headquartered in Las Vegas,
Nevada. The Banks have well-earned reputations as stable,
strongly capitalized financial institutions.
Beal Bank and its lending affiliates are active in financing
commercial real estate; acquiring individual loans and loan
portfolios; and financing and funding loans and syndication
interests in loans secured by tangible assets in such industries as
real estate, lodging, energy and power, manufacturing, timber, and
transportation and distribution. Beal Bank's core consumer service
is to provide depositors with competitive rates on certificates of
deposits (CDs) through its branches and online. Contacts:
Farzin Dinyarian
(fdinyarian@csginvestments.com; 469-467-5736), Damien Reynolds (dreynolds@csginvestments.com;
469-467-5618); and Hans Hubbard
(hhubbard@csginvestments.com; 713-940-0641).
Media Contact: Jim Chambless
(jchambless@bealservice.com)
View original content to download
multimedia:https://www.prnewswire.com/news-releases/beal-bank-provides-637-5-million-of-885-0-million-in-new-debt-to-profrac-holding-corp-nasdaq-acdc-and-its-subsidiaries-302040787.html
SOURCE Beal Bank