TOPS Positioned for Continued Expansion Following Record Growth in 2022
New and Existing Lenders Commit to Upsized Facility
MIDLAND, Texas, March 09, 2023 (GLOBE NEWSWIRE) -- Total Operations and Production Services, LLC (“TOPS”, or the “Company”) is heading into 2023 with increased capital to fuel its continued growth and expansion. The Company recently closed a 50% upsize to its existing credit facility, bringing total commitments to $320 million from $213 million and adding two new lenders to the bank group. This new round of financing will position TOPS for continued growth in 2023 and beyond, following a record year in 2022 in which TOPS added over 100,000 horsepower to its fleet of electric driven gas compression units.
“We’re excited to expand our credit facility with both new and existing lenders, and would like to thank J.P. Morgan, as administrative agent, as well as the rest of the bank group on this upsize. This additional capital will help fund our continued growth in 2023 and position TOPS to better serve our blue-chip customer base located across the Permian Basin,” said Brian Green, Chief Executive Officer of TOPS. “Our ability to increase the credit facility during a difficult financing market reinforces and validates TOPS’ core missions of providing industry leading compression run times and transitioning to a more sustainable oil and gas industry.”
“Only companies with well-established track records and exceptional performance will have access to capital at reasonable terms,” Mr. Green continued, “We are proud that TOPS’ performance provides our lenders the confidence to expand their commitments. This additional dry powder and our track record of delivering industry leading electric driven gas compression should give current and future customers continued confidence in our ability to provide exemplary equipment and service.”
Bob Netterville, Chief Financial Officer of TOPS, added, “We began planning and pursuing a credit facility expansion in recent months, despite broader capital market challenges, and believe this 50% commitment upsize exemplifies the level of confidence our lenders have in TOPS. We would like to thank the bank group for its ongoing support and enthusiasm for TOPS as a leading provider of low emission, electric compression solutions.”
About Total Operations and Production Services, LLC
Based in Midland, Texas, TOPS, a portfolio company of funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), is a leading provider of contract gas compression services for the Permian Basin. TOPS specializes in lower emission, electric driven compression for gas lift and other applications. TOPS’ natural gas compressors feature industry leading technology allowing for complete remote monitoring of all operating conditions. These features ensure industry leading up-time, transparency and a compressor package built to take advantage of the latest in automation enhancements. To learn more, please visit www.total-operations.com.
Total Operations and Production Services, LLC
12614 W County Rd 91 Midland, TX 79707
+1 (432) 332-9777