Total Operations and Production Services (TOPS) Announces Upsized Credit Facility
TOPS Positioned for Continued Expansion Following Record Growth in 2023
New and Existing Lenders Commit to Upsized Facility
MIDLAND, Texas, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Total Operations and Production Services, LLC (“TOPS”, or the “Company”) is heading into 2024 with increased capital to support its continued growth and expansion. The Company recently closed a 77% upsize to its existing credit facility, bringing total commitments to $565 million from $320 million and adding two new lenders to the bank group.
“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 into 2024 and position TOPS to better serve our blue-chip customer base located across the Permian Basin,” said Brian Green, Chief Executive Officer of TOPS.
“TOPS has achieved numerous milestones through the first half of 2023, including deploying its first 2,000 horsepower medium-voltage unit and gaining near term line of sight to over half a million electric-drive horsepower deployed in the Permian. 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 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. The addition of two new lenders to the bank group further validates the scale and financial strength exhibited by TOPS.”
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 .
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