TOPS gets upsized credit facility
By Keefe Borden09 March 2023
Total Operations and Production Services (TOPS) recently upsized its existing credit facility by 50%, bringing the company’s total financial commitment from $213 million to $320 million. In addition, two new lenders joined the bank group financing the company.
This new round of financing will position TOPS for continued growth in 2023 and beyond, following a record year in 2022 in which TOPS added over 100,000 horsepower to its fleet of electric driven gas compression units, the company said.
“This additional capital will help fund our continued growth in 2023 and position TOPS to better serve our blue-chip customer base located across the Permian Basin,” said Brian Green, Chief Executive Officer of TOPS. “Our ability to increase the credit facility during a difficult financing market reinforces and validates TOPS’ core missions of providing industry leading compression run times and transitioning to a more sustainable oil and gas industry.”
“Only companies with well-established track records and exceptional performance will have access to capital at reasonable terms,” Green said. “This additional dry powder and our track record of delivering industry leading electric driven gas compression should give current and future customers continued confidence in our ability to provide exemplary equipment and service.”
Bob Netterville, TOPS chief financial officer, said: “We began planning and pursuing a credit facility expansion in recent months, despite broader capital market challenges, and believe this 50% commitment upsize exemplifies the level of confidence our lenders have in TOPS.”
Based in Midland, Texas, TOPS, is a portfolio company of funds managed by affiliates of Apollo Global Management. The company provides contract gas compression services for the Permian Basin. TOPS specializes in lower emission, electric driven compression for gas lift and other applications.