NEWS LISTINGSSITE HOME
Now available on your:
Friday, December 27, 2013
Northern Frac Proppants arranges funds for more frac sand facilities in Wisconsin
Northern Frac Proppants II L.L.C. (NFP) recently completed a $77 million senior-secured credit facility with a five-year term loan.
The company plans to use proceeds from the new credit facility to expand its frac sand mine and production facility in Alma Center, Wis., and add other frac sand processing facilities on Class I lines in Wisconsin.
"Increased demand for our … Northern White frac sand proppant allows us to accelerate plans to bring online additional mining and processing facilities located directly on the key Class I rail lines, all within an eight-mile radius and in proximity to barging," said NFP Chief Operating Officer Dan Koxlien in a press release. "This gives [us] greater flexibility to attain operating scale and better serve our customers in all major North American shale plays."
The new credit facility provides the company increased capital flexibility to build additional mine and processing facilities, said NFP Chief Executive Officer Jeff Alston. The company is moving closer to full-scale operation at all planned frac sand sites, which is expected to occur over the next 18 months, he said.
More news items from 12/27/2013
Rail Industry Online Only Features
(past 30 days)