PNC Bank Provides Horizon Mud $18 Million In Senior Secured Financing
PITTSBURGH, Nov. 7, 2013 – PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the closing of a $18 million asset based revolver for Horizon Mud Company. Based in Midland, Texas, the company is using the funds to refinance existing debt and provide ongoing working capital.
Horizon Mud Company provides drilling fluids and engineering services for oil and gas producers. The company serves onshore producers from field offices in Texas, New Mexico, Oklahoma, Arkansas, Louisiana and offshore producers in the Gulf of Mexico.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
SOURCE: PNC Financial Services Group, Inc.