Accord Financial Provides $15M Growth Funding Solution for Oil and Gas Services Client
Accord Financial is pleased to announce that it closed a $15M facility for an oil and gas services company. Our newest client provides transportation, environmental and related services to the Oil and Gas sector. With operations in Alberta and BC, this company, a leader in its field, needed a solid financing structure to return to pre-pandemic levels and have access to sufficient cash flow to support growth, confident that its financial partner would be able to accompany them along this path.
On the heels of significant industry challenges prior to 2020, the Oil and Gas Industry suffered an unprecedented crisis due to Covid-19, with demand disruption and low market prices but is now facing great opportunities due to increased demand and rising prices.
Accord was able to simplify its client’s access to capital offering a comprehensive $15 million facility including asset-based loans against Accounts Receivable, Equipment and Real Estate as well as an Accord BCAP loan, thus eliminating the need for multiple lenders and coordination. Timing was critical and Accord was able to minimize the risk to close not only in the eyes of the client but also its current lender who wanted to exit the account.
The company had engaged CCC Investment Banking who reached out to Accord and with CCC’s deep expertise, was able to work with Accord to set up the financing seamlessly. Accord is proud not only to have helped this client, but also to work with partners such as CCC Investment Banking to better serve Canadian businesses.
“In a time where businesses are facing incredible uncertainly and instability, we are proud at Accord to provide a dependable source of flexible and timely financing, thus simplifying access to capital in growth or recovery situations”, confirmed Jason Rosenfeld, President Accord Canada Asset-Based Finance.
Accord Financial provides asset-based lending and factoring solutions to small and medium sized businesses seeking financing to fuel their growth. Their solutions range up to $20M across a number of sectors including: manufacturing, distribution, transportation, services, food and beverages, and many more throughout Canada and the US. With leading-edge technology and quick turnaround, our experienced management team brings value to every transaction.