US oil field metals company Energy Alloys, which has its UK head office in Rotherham, has secured a £70m senior secured credit facility.
Energy Alloys provides oil field metals and equipment to global oil and gas manufacturers and service companies. It has domestic operations in the UK and international operation in the US, the United Arab Emirates, Canada, Mexico, South Korea and Singapore.
The business, which will use the money to support growth and working capital needs, employs more than 110 staff in the UK at warehouse and manufacturing facilities in Sheffield and at its Rotherham headquarters. The current management team will continue to lead the company.
The Sheffield office of law firm Irwin Mitchell advised the company.
Paul Patek, chief financial officer at Energy Alloys, said: “By considering both our domestic and international assets, this new facility provides us with optimal borrowing capacity that more than meets our needs.”
Emma Garth, an associate solicitor at Irwin Mitchell in Sheffield, added: “This is great news for our client as it will provide the working capital required to support its growth in the future.”