Total Operations and Production Services (TOPS) Announces Upsized Credit Facility
Total Operations and Production Services, LLC (TOPS) announced a significant upsize of its credit facility by 50%, increasing total commitments to $320 million from $213 million. This financing move is backed by both new and existing lenders, positioning the company for continued expansion in 2023. Following a record year in 2022, where TOPS added over 100,000 horsepower to its gas compression fleet, CEO Brian Green emphasized the strong lender confidence in the company's performance amid challenging market conditions. The additional funds will enhance TOPS' ability to serve its client base in the Permian Basin with industry-leading, low-emission compression solutions.
- Credit facility upsized by 50%, increasing total commitments to $320 million.
- Successful addition of new lenders, enhancing financial backing.
- Record growth in 2022 with over 100,000 horsepower added to fleet.
- Strong lender confidence reflects TOPS' solid performance.
- None.
TOPS Positioned for Continued Expansion Following Record Growth in 2022
New and Existing Lenders Commit to Upsized Facility
MIDLAND, Texas, March 09, 2023 (GLOBE NEWSWIRE) -- Total Operations and Production Services, LLC (“TOPS”, or the “Company”) is heading into 2023 with increased capital to fuel its continued growth and expansion. The Company recently closed a
“We’re excited to expand our credit facility with both new and existing lenders, and would like to thank J.P. Morgan, as administrative agent, as well as the rest of the bank group on this upsize. 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,” Mr. Green continued, “We are proud that TOPS’ performance provides our lenders the confidence to expand their commitments. 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, Chief Financial Officer of TOPS, added, “We began planning and pursuing a credit facility expansion in recent months, despite broader capital market challenges, and believe this
About Total Operations and Production Services, LLC
Based in Midland, Texas, TOPS, a portfolio company of funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), is a leading provider of contract gas compression services for the Permian Basin. TOPS specializes in lower emission, electric driven compression for gas lift and other applications. TOPS’ natural gas compressors feature industry leading technology allowing for complete remote monitoring of all operating conditions. These features ensure industry leading up-time, transparency and a compressor package built to take advantage of the latest in automation enhancements. To learn more, please visit www.total-operations.com.
Total Operations and Production Services, LLC
12614 W County Rd 91 Midland, TX 79707
+1 (432) 332-9777
sales@total-operations.com
FAQ
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