Simmons advises U.S. Well Services on its $325 million infusion

5/14/2019

HOUSTON -- U.S. Well Services, Inc. has successfully raised $325 million in the form of a $75 million ABL revolving credit facility and $250 million senior secured term loan. Proceeds from the financing will be used to (i) refinance existing indebtedness, (ii) provide growth capital for the expansion of its electric hydraulic fracturing fleet, and (iii) provide liquidity for future working capital. Piper Jaffray debt capital markets and Simmons Energy | A Division of Piper Jaffray ran a highly competitive process, resulting in numerous term sheet proposals and ultimately delivered a deal with attractive pricing, structure and terms to the company.

Proceeds from the new financing will refinance the $75 million second-lien credit facility that was provided by Piper Jaffray Finance, LLC (PJF) in December 2018. This transaction represents the collaborative efforts and full service approach that Simmons Energy | A Division of Piper Jaffray can now bring to bear with the inception of PJF. The Piper Jaffray teams delivered timely financings that enabled the company to meet capital deadlines for growth while subsequently establishing an appropriate long-term capital structure.


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