Blue Tide Secures Upsized Revolving Credit Facility
Rhea-AI Summary
Blue Tide, a North American producer of re-refined Group II+ base oils, has successfully upsized its revolving credit facility with Texas Capital as the lead and Origin Bank joining as a lending partner. The company initially secured a facility with Texas Capital in April 2024 to support its used motor oil (UMO) processing unit operations and hydrotreater construction.
With base oil production now operational in Baytown, Texas, the additional funding will support working capital and expansion initiatives as Blue Tide moves into full-scale operations. The expanded credit facility aims to enhance operational efficiencies and expand production capabilities, marking an important milestone for the company's growth strategy.
Positive
- Successfully upsized revolving credit facility
- Base oil production now operational in Baytown facility
- Additional working capital secured for expansion initiatives
- Added new lending partner (Origin Bank)
Negative
- None.
Blue Tide initially secured a facility with Texas Capital in April 2024 to support initial operations of its used motor oil ("UMO") processing unit and provide additional flexibility during construction of its hydrotreater. With base oil production now successfully underway in
"This expanded credit facility reinforces Blue Tide's financial strength and positions us for continued growth across the continent," said Terry McHugh, CEO of Blue Tide. "Texas Capital has been a valued partner, and we're pleased to welcome Origin Bank as we enter our next phase. We're confident that this capital will provide the flexibility needed to enhance operational efficiencies, expand our production capabilities, and position us for long-term industry success."
The transaction underscores Blue Tide's ability to establish strong financial partnerships that align with its long-term vision.
"It was an honor to work alongside Blue Tide's best-in-class management team and to lead this increased credit facility to help facilitate the Company's continued growth," said Casey Lowary, Managing Director at Texas Capital.
The upsized credit facility marks an important milestone for Blue Tide, reinforcing its ability to successfully execute complex projects through completion and establish a significant presence in an increasingly relevant market.
About Blue Tide
Blue Tide is focused on building and developing a network of used motor oil recycling facilities across
About Texas Capital
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank ("TCB"). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in
About Tailwater Capital
Contact
Jill McMillan
Managing Director, Communications & Public Affairs
Phone: 214-489-7047
Email: jmcmillan@tailwatercapital.com
John Schaufele
Managing Director, Investor Relations & Fundraising
Phone: 214-489-7043
Email: jschaufele@tailwatercapital.com
Forward-Looking Statements
Includes non-Tailwater controlled capital pursuant to the Tailwater led management buyout processes for which Tailwater provides management related services.
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SOURCE Blue Tide
FAQ
What is the purpose of Blue Tide's upsized credit facility?
When did Blue Tide initially secure its credit facility with Texas Capital?
What is Blue Tide's current operational status in Baytown, Texas?
Who are the lending partners in Blue Tide's expanded credit facility?
What type of products does Blue Tide manufacture?
