White Oak makes waves in underwater construction deal

The San Francisco-based lender is restructuring an existing credit facility with Ranger Offshore, a marine and subsea construction company that serves the oil and gas industry.  

Houston, Texas-headquartered Ranger Offshore has refinanced its existing credit facility with White Oak Global Advisors. The company, which is a marine and subsea construction contractor to the offshore oil and gas industry, has also secured additional equity financing from its sponsor, SunTx Capital Partners. The terms and amounts of the deal were not disclosed.

Proceeds from the White Oak refinancing and capital investment from SunTx will fund the closing of the acquisition of Technip USA's diving assets and provide the company with additional capital for growth initiatives.

“With a strong balance sheet and an extraordinary collection of diving assets, certifications and expertise, Ranger is now primed to enter new global markets and to win significant contracts,” Ned Fleming, managing partner of SunTx Capital Partners, said in a statement.

“As a lender to Ranger Offshore for the past two years, we are excited to continue working with the company on its growth strategy and believe that the acquisition of Technip USA's diving assets makes it a well-positioned global leader,” Darius Mozaffarian, head of origination at White Oak, also commented. 

Ranger provides subsea construction services and support for the offshore oil and gas industry, including subsea inspection, repair and maintenance, decommissioning and new construction projects in the US Gulf of Mexico, Mexico, West Africa and select international markets. Ranger has support facilities in Galveston, Texas; Lafayette, Louisiana; Lagos, Nigeria and Ciudad Del Carmen, Mexico.

SunTx Capital Partners is a Dallas, Texasbased private equity firm that invests in mid-market manufacturing, distribution and service companies. SunTx was founded in 2001 and has $600 million assets under management. The capital committed by SunTx comes from the principals of SunTx as well as from institutional investors, including university endowments and corporate and public pension funds.

White Oak directly originates private debt financings to mid-market companies to support growth initiatives. White Oak's product suite includes asset-based secured term loans and credit facilities, cash flow based term loans, unitranche facilities, rescue and debtor-in-possession (DIP) financings, in/out of court restructurings, acquisition and capital expenditure facilities and other structured finance instruments. With $1.3 billion of invested and committed capital, White Oak has made 75 direct debt investments in companies with enterprise values between $50 million and $1 billion across a diverse range of industries and sectors. Headquartered in San Francisco, White Oak has additional offices in New York City, Dallas and Denver.