Siena Lending Group LLC (“Siena”) announces the completion of a $19.5 million revolving and term loan credit facility for Stewart Tubular Products, LLC ("Stewart") to refinance the company's existing senior debt and to support their working capital needs. The transaction was completed in conjunction with the arrangement of a $10.0 million term loan to complete the refinance of the senior debt. Stewart is a portfolio company of Aterian Investment Partners (“Aterian”). Aterian invests in industry leading, middle market businesses providing resources to further enhance operations, growth and investment initiatives.
Headquartered in Houston, TX, Stewart is a leading manufacturer of mission-critical, down-hole accessories and threaded applications used in oil and gas wells, and is one of the few licensed manufacturers of down-hole accessories that can cut proprietary, premium threads. The products are critical components, such as cross-overs, pup joints and blast joints for oil and gas wells as they connect main sections of pipe down-hole that are critical for completion activities. Stewart was acquired by Aterian in 2016.
Stephen Fuscaldo, Director of Siena, said, “Siena is very pleased to deliver a total financing solution to Stewart. The total debt package allows the company to focus on its growth targets as they now have flexibility and liquidity with the new financing.”
Anthony Patschke, President of Stewart, said, “Siena arranged and provided a complete financing package that will allow us to focus on growing and managing our business. Siena was instrumental in driving the process and having the flexibility in getting the deal done.”