August 29, 2017— Ares Commercial Finance announced that it has provided a $45 million senior secured credit facility to Nuverra Environmental Solutions, Inc. Headquartered in Scottsdale, Arizona, the company provides comprehensive, full-cycle environmental solutions to customers focused on the development and ongoing production of oil and natural gas. The credit facility consists of a $30 million revolving line of credit and a $15 million term loan. Proceeds of the financing were used to repay certain existing debt in connection with the company’s emergence from bankruptcy protection and to provide for ongoing working capital.
About Nuverra Environmental Solutions, Inc.
Nuverra Environmental Solutions, Inc. is among the largest companies in the United States dedicated to providing comprehensive, full-cycle environmental solutions to customers focused on the development and ongoing production of oil and natural gas from shale formations. Our strategy is to provide one-stop, total environmental solutions and wellsite logistics management, including delivery, collection, treatment, recycling, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. The Company provides its suite of environmentally compliant and sustainable solutions to customers who demand stricter environmental compliance and accountability from their service providers. Find additional information about Nuverra on the Company's website, http://www.nuverra.com, and in documents filed with the U.S. Securities and Exchange Commission ("SEC") at http://www.sec.gov.
About Ares Commercial Finance
Ares Commercial Finance (“ACF”) is the asset-based lending group for Ares Management, L.P. providing asset-based revolving lines of credit and term loans, as well as stretch loans to middle market and lower-middle market companies. In addition, ACF has the ability to provide cash flow loans to certain borrowers as well as asset-backed facilities to specialty finance companies. Leveraging the breadth and experience of the Ares platform, ACF works with borrowers to understand their business, goals and needs and then deliver creative, flexible and comprehensive financing solutions. ACF’s asset-based lines of credit may be structured as working capital and bridge financing, special accommodation financing, turnaround financing, debtor-in-possession financing and acquisition financing. ACF’s asset-based lending practice focuses on privately-held and small public companies in the middle market and addresses a wide breadth of industries including manufacturing, distribution, wholesale and service companies. For more information about Ares Commercial Finance, visit www.arescommercialfinance.com.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $104 billion of assets under management as of June 30, 2017 and more than 15 offices in the United States, Europe, Asia, and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information about Ares, visit www.aresmgmt.com.
Bill Mendel, 212-397-1030