Capital Raise / Refinancing

Wilcox Investment Bankers served as financial advisor to C&J Energy Services in the capital raise and refinancing of its $85.0 million bank facility and term debt.

C&J Energy Services, Inc., based in Houston, Texas, is a leading provider of hydraulic fracturing, coiled tubing and pressure pumping services to oil and gas producers primarily in South Texas, East Texas/North Louisiana and West Texas regions. C&J is backed by Energy Spectrum Capital and Citi Private Equity funds.


‍The Challenge

C&J desired to refinance its existing senior and junior credit facilities and required additional debt availability and an expanded capital base to support its significant growth opportunities. Further, the Board was also pushing a very aggressive timetable to complete a transaction. To complicate matters more, the company has only recently come out of a substantial downturn and lender sentiment and appetite was negative.

The Solution

We were engaged by C&J as corporate finance advisor to raise capital. We quickly prepared the marketing materials and ran a very targeted process to identify interested senior and junior lenders and negotiate favorable terms. In 45 days after engagement, C&J closed on both an expanded senior credit facility with Comerica

Bank and a new second lien term loan with Chambers Energy Capital. This refinancing, with the addition of new and expanded capital, solved C&J's challenges and allowed the Company to pursue its substantial growth goals.