PNC provided a $150 million loan to Emerge Energy Services. The facility was used to refinance debt and for general corporate purposes, PNC said. Fort Worth, Texas-based Emerge Energy, a portfolio company of Insight Equity, is a diversified energy services company.
PITTSBURGH, July 25, 2013 – PNC announced today a $150 million syndication of a senior secured revolving credit for Emerge Energy Services LP (EMES). In addition, PNC provided treasury management and institutional investment products. PNC Capital Markets LLC led the syndication of this deal. The facility was used to refinance debt and for general corporate purposes.
EMES was sponsored by Insight Equity, a mid-market private equity investment company. EMES does business primarily through its subsidiaries, Superior Silica Sands LLC., Allied Energy Company LLC., and Direct Fuels LLC. The company owns frac sand mining and processing operations in New Auburn, Wis., Barron County, Wis. and Kosse, Texas. Its fuel processing and distribution segment operates from the Dallas-Fort Worth metropolitan area and Birmingham, Ala.
PNC loans and treasury management products and services are provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC).
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.