Phoenix Service Partners Upsizes Credit Facility to Fund Continued Growth

COLLEGE STATION, Texas--(BUSINESS WIRE)--Phoenix Service Partners (“Phoenix”) today announced that it has upsized its asset-backed credit facility to support its continued growth. Phoenix provides high-horsepower, low-emission natural gas compression services, supporting critical energy infrastructure in the Permian and Eagle Ford basins.

PNC Bank (“PNC”) served as lead arranger of the new facility, in which a consortium of lenders have provided Phoenix with up to $600M of capital to fund its expansion. This capital comes in addition to Phoenix’s equity partnership with SCF Partners (“SCF”).

“We aim to build the premier gas compression service company, and this expanded financing facility positions us well to provide best-in-class equipment and superior service in coming years,” said Randy Dean, co-founder and CEO of Phoenix.

Dan West, Managing Director at SCF Partners, commented, “As Randy and the Phoenix team continue to deliver exceptional performance for our customers, we appreciate the support from PNC and all of our banking partners to further scale the business.”

“PNC is pleased to lead and agent this facility in support of Phoenix’s next phase of growth,” said Bret West, Senior Vice President with PNC Business Credit. “We have strong conviction in the company’s strategy and its partnership with SCF, and we look forward to supporting Phoenix as it continues to scale its compression platform.”

About Phoenix Service Partners

Phoenix provides high-horsepower contract compression services, supplying North American midstream and upstream operators with high-efficiency, low-emission solutions. The company offers turnkey natural gas compression stations, station operations, and project management. Phoenix’s leadership team brings decades of experience in delivering industry-leading runtimes and exceptional customer service, and a passion for doing things better. For more information, please visit www.phxsp.com.

About SCF Partners

Founded in 1989, SCF provides equity capital and strategic growth assistance to build and grow leading energy service, equipment, and technology companies that operate throughout the world. SCF has invested in more than 80 platform companies, made more than 400 additional acquisitions, and developed 18 publicly listed energy service and equipment companies over its history. The firm is headquartered in Houston, Texas, and has offices in Aberdeen and Australia. For more information, please visit www.scfpartners.com.

About PNC Bank

PNC Bank, National Association is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking, including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance, and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.