Silicon Valley Bank and Capital One Bank led a $49 million senior secured credit facility for Quorum Business Solutions, a provider of software solutions and services to oil and gas and renewable energy and natural resource firms. Quorum is backed by the Carlyle Group and Riverstone Holdings.
Silicon Valley Bank and Capital One Co-Lead a $49 Million Senior Secured Credit Facility for Quorum Business Solutions, Inc.
Houston (August 7, 2012) – Silicon Valley Bank and Capital One Bank today announced they co-led the closing of a $49 Million Senior Secured Credit Facility (the “Facility”) for Quorum Business Solutions, Inc. (“Quorum”). Quorum, a portfolio company of The Carlyle Group and Riverstone Holdings, is a leading provider of software solutions and services to oil and gas, renewable energy and natural resource companies. Proceeds of the Facility were used to refinance debt and fund Quorum’s ongoing working capital requirements.
“We’re excited to enhance our relationship with Silicon Valley Bank and develop a new partnership with the Capital One Bank team as our business evolves,” said Rick Piacenti, Executive Vice President – Finance and Chief Administrative Officer at Quorum Business Solutions. “Both of the banks provided great partnerships and industry expertise that resulted in a financing solution tailored to meet our unique needs.”
Quorum Business Solutions’ enterprise-wide software helps automate financial accounting, operational and regulatory compliance functions for energy companies, particularly in the midstream and pipeline segments of the energy industry. It currently offers 25 different software solutions to serve over 145 clients with its employee base of over 350 professionals who are based in Houston, Dallas and Calgary.
“The Capital One Bank team is thrilled to partner with Silicon Valley Bank and launch a new relationship with Quorum Business Solutions, a leading provider of software and services to the energy industry, as it continues to expand its business with new and existing customers,” said Alan Tom, Managing Director, Technology Sponsor Finance, Capital One Bank.
“As Quorum’s lead bank, we are pleased to support the company’s existing operations and growth strategy,” said Bob Curley, Corporate Finance Software Sector Head, with Silicon Valley Bank. “The Capital One Bank team has also been a great partner on this transaction, particularly given the group’s deep understanding of industry dynamics and willingness to collaborate.”
Capital One Bank’s Technology Sponsor Finance team provides senior secured financings in support of sponsor-led buyouts and recapitalizations of an array of middle-market technology providers. This team is part of the Bank’s Commercial and Specialty Finance Business, which serves clients through a team of more than 200 associates who have expertise in healthcare, security and defense, technology, asset based lending, rediscount finance, municipal finance and equipment leasing and finance. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including: loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.
About Capital One
Capital One Financial Corporation (http://www.capitalone.com/) is a financial holding company whose subsidiaries, which include Capital One, N.A., Capital One Bank (USA), N. A., and ING Bank, fsb, had $213.9 billion in deposits and $296.6 billion in total assets outstanding as of June 30, 2012. Headquartered in McLean, Virginia, Capital One and ING Direct offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. Silicon Valley Bank and its affiliates within SVB Financial Group provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations in China, India, Israel and the UK. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.