$5 Million ABL Facility Energizes Project Flow

Client:
Headquartered in Alaska, this Company provides welding, fabrication, and steel erection services to the mining, oil field, and construction industries. With long-term experience in the state, they are familiar with the inherent challenges of operating in arctic environments and the specialized equipment required to work on permafrost and wetlands.

Situation:  
With a history of steady growth, the Company had an exciting opportunity to work on a new project to provide piping for up to 250 oil wells for one of the world’s largest oil and gas companies. However, the Company needed an infusion of cash to invest in inventory and materials. The Company had a restricted line of credit, and its lender was not willing to fund the project or increase the line of credit to accommodate the Company’s future growth. A banker referred them to nFusion Senior Vice President Greg Dyson.

Solution:
$5 Million ABL facility

“nFusion offered a better solution with more availability and fewer restrictions. With the creditworthiness of their main customer – a leading global oil and gas company – we could waive the credit insurance requirement and offer a full advance against a single debtor concentration. I am very excited to provide solutions to the oil and gas industry and allow this Company to grow on such a large scale.” Greg Dyson, nFusion Capital Senior Vice President

Result:
With the new financing, the Company could take on the new project, meet growth projections, stay current with client demand, manage vendor relationships, and purchase specialized materials. They are one of only two companies that can supply the required pipeline equipment and services.