AloStar Business Credit has provided a senior secured credit facility to Armstrong Tool Inc., a provider of oil and gas field equipment for the oil and gas production industry. The secured credit facility includes a term loan, a revolver and a capex facility.
Launched in 1992, Armstrong Tool is currently headquartered in Van Buren, Ark. and offers oilfield tools and equipment as well as rental and operator services to the oil and gas exploration and production industry throughout Arkansas, Oklahoma and Illinois. Additionally, Armstrong services oil and gas exploration companies operating specifically in the Arkoma, Anadarko and Illinois Basins.
In each of these basins, Armstrong services oil and gas plays including the Mississippian Limestone, Granite Wash, Fayetteville Shale, New Albany Shale and the oil producing areas of southern Illinois. With a market share of more than 90%, Armstrong is also a provider of oilfield rental fishing tools and equipment throughout this part of the region. Additionally, Armstrong is the only national fishing tool rental company that purchases and refurbishes all of its rental inventory.
AloStar Business Credit provides asset-based lending products nationwide to businesses ranging between $20 million and $300 million in revenue and with financing needs ranging between $5 million and $20 million. AloStar Business Credit is the asset-based lending arm of AloStar Bank of Commerce.