Texas-Based Drilling Company Locked in $6MM ABL Facility Through Gibraltar

Gibraltar Business Capital closed a new $6MM asset-based line of credit for Horizon Mud Company, a full-service drilling fluids company based in Midland, Tex. In an industry beset with instability since the price of oil began a steeper decline in mid-2014, Horizon Mud was looking for a well-tailored credit solution that would unlock the value of its assets as it restructured. Gibraltar accomplished that by structuring the terms of the ABL with inventory and equipment, as well as receivables, both billed and unbilled. That gave Horizon Mud some breathing room on services and products that had already been delivered but were yet to be invoiced.