FGI, CIT Northbridge Credit Provide $55MM Facility for Source Energy Services
“We were pleased to work with FGI on this financing to assist Source Energy in advancing their business objectives. We appreciated the opportunity and look forward to working together with FGI again in the future.”
who leads CIT Northbridge Credit
“Working with FGI and CIT allowed us to get the best financing possible. Together, the two companies were able to provide a solution that was unlike anything else available in the market.”
Chief Financial Officer, Source Energy
FGI has partnered with CIT Northbridge Credit (“CIT Northbridge”) on a syndicated ABL facility for Source Energy Services (“Source Energy”), a large Canadian-based corporation within the oil and gas industry. Together, FGI and CIT Northbridge provided a combined $55MM facility for the Client.
Throughout the process, FGI and CIT Northbridge worked closely to deliver Source Energy a seamless, multi-year committed facility. Initially, FGI brought in the deal and worked as the agent, later combining forces with CIT Northbridge to offer Source Energy the best possible solution. The facility provides the Company with a more flexible financing arrangement, less restrictive covenants, and an improved liquidity profile while giving them the financing certainty they need to operate their business. FGI and CIT Northbridge creatively worked through some of the challenges and nuances of lending to the energy sector and are excited about the new partnership, both with each other as well as with Source Energy.
Canaccord Genuity acted as financial advisor to Source Energy on its negotiations with FGI and CIT Northbridge. They were actively involved in the process and assisted the Company in navigating the diligence process.
