DALLAS, May 29, 2019 /PRNewswire/ -- CSG Investments, Inc. ("CSG"), a global buy-and-hold institution headquartered in Dallas, Texas, announces a $250 million senior secured term loan for a subsidiary of U.S. Well Services, Inc. (NASDAQ: USWS) on May 7, 2019, with funding provided by Beal Bank. U.S. Well Services, Inc. is a leader in electric hydraulic fracturing services and technology (Clean Fleet®).
"Beal Bank was the lender for a senior secured term loan that refinances debt and provides much needed growth capital expenditures for U.S. Well Services, Inc. The $250 million transaction represents 100% senior secured debt and closed on May 7 with White & Case as lender counsel," said Jacob Cherner, President of CSG Investments, Inc. "We are pleased to be able to meet U.S. Well Services' needs. This transaction reaffirms our commitment to the energy and power sector. We expect refinancing needs in the sector to continue, and we expect to be an active player for the foreseeable future."
"The term loan provides U.S. Well Services with permanent financing and the ability to fund our growth initiatives as we capitalize on the growing market demand for electric-powered hydraulic fracturing services," said Kyle O'Neill, Chief Financial Officer of U.S. Well Services, Inc. "U.S. Well Services was pleased to work with CSG and Beal Bank on this important transaction, and we look forward to working with the CSG and Beal Bank team in the future."
Piper Jaffray and its Simmons Energy division served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal counsel to U.S. Well Services, Inc. on the transaction.
About CSG Investments, Inc.
CSG Investments, Inc. is a global buy-and-hold institution headquartered in Dallas, Texas. We provide flexible and creative capital solutions for all types of commercial and industrial customers. CSG Investments, Inc. is an affiliate of Beal Bank and Beal Bank USA, both strongly capitalized financial institutions. CSG Investments, Inc. is a direct, one-stop source of capital for up to $600 million per transaction. For additional information, please contact Farzin Dinyarian (firstname.lastname@example.org) or Hans Hubbard (email@example.com).
About U.S. Well Services, Inc.
U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company's patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally-supplied natural gas, including field gas sourced directly from the wellhead. The Company's electric frac technology dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies, including significant customer fuel cost savings versus conventional diesel fleets. For more information visit: www.uswellservices.com. Information on our website is not part of this release.
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SOURCE CSG Investments, Inc.