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Financing

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Dynacorp Fabricators Inc.

Whitehorn assisted management of Dynacorp Fabricators Inc. negotiate, finance and close the acquisition of a majority equity stake in the company. The transaction served as a succession of ownership from retiring shareholders to Dynacorp’s current leadership. The transaction involved a complete recapitalization of the Company.  Funds were sourced from a chartered bank, a specialty lender and a subordinated debt investor. Dynacorp is a Calgary based firm specializing in design, fabrication and sales of pressure vessels, sand filters and piping systems for oil and gas well testing
and production processing.


Leader Energy Services Ltd. (2013)

In 2013, Whitehorn assisted Leader Energy Services Ltd. raise a $16.0 million asset-based lending facility.  The facility is comprised of a demand, revolving facility of up to $4.0 million and a non-revolving term loan of up to $12.0 million.  Leader used the funds provided to repay its previous credit facilities with a Canadian chartered bank and to fund working capital.  The new facility carries a higher borrowing cost than a conventional bank facility but it contains no financial covenants and has a term of only 12 months with an option to extend for an additional 6 months. Leader is a publicly traded oilfield service company focused on providing well stimulation services through coiled tubing and nitrogen pumping services.
 
 

Superior Coring Systems Inc.

Whitehorn assisted Superior Coring Systems, Inc. raise a $25.0 million revolving acquisition loan facility used to complete the acquisition of the hybrid drilling division of Essential Energy Services Ltd., provide working capital and allow access to funds for future acquisitions.  The acquisition marks Superior’s entry into the drilling sector by adding.  five hybrid coil tubing drilling rigs from Essential for $16.75 million. Whitehorn worked with Superior on both the acquisition and financing transactions, ensuring an integrated process.


Leader Energy Services Ltd. (2012)

In 2012, Whitehorn assisted Leader Energy Services Ltd. raise a $9.0 million non-revolving term loan facility, a $5.0 million revolving facility and a $2.0 million revolving, reducing capital expenditure loan. Leader used the funds raised to repay the balance of its secured debt facility, refinance its revolving credit facility and provide funding alternatives for future working capital expansion and capital expenditures. The new facilities provide increased flexibility, limited fees and would save Leader approximately $0.7 million in cash interest per year.  Leader is a publicly traded oilfield service company focused on providing well stimulation services through coiled tubing and nitrogen pumping services.
 
 

RedLine Well Control Inc.

Whitehorn assisted Redline Well Control Inc. raise growth capital and buy out a minority shareholder. These two transactions allowed the remaining shareholders of Redline to pursue a more aggressive growth strategy, which included the development of a rental division and expansion into new geographic locations.

 


Enterprise Group, Inc.

Whitehorn assisted Enterprise Group, Inc. raise senior debt to replace a high interest, asset-based facility and fund corporate growth initiatives. Enterprise is a St. Albert, Alberta based publicly traded construction services company operating in the energy, utility and transportation infrastructure industry.

  


Leader Energy Services Ltd. (2011)

In 2011, Leader Energy Services Ltd. engaged Whitehorn to find a financing alternative to remove the inherent ceiling on its share price, caused by the dilution of its convertible debentures. Whitehorn assisted Leader in replacing its convertible debentures with a $15.0 million subordinated debt facility. Leader is a publicly traded oilfield service company focused on providing well stimulations services through coiled tubing and nitrogen pumping services.

 

Goldray Industries Ltd.

Whitehorn assisted Goldray Industries Ltd. completed the buy-out of its preferred shareholders and provide for working capital expansion.  The Calgary area manufacturer of glass products engaged Whitehorn to raise secured and subordinated debt to facilitate the transaction.  Through Whitehorn’s efforts, Goldray was able to reduce its cost of capital, improve its monthly cash flow and invest additional cash into working capital to meet current and future customer demands.

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