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Laney Directional Drilling Receives Credit Facility

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March 6, 2014

Laney Directional Drilling Co., a portfolio company of Chart Capital Partners LP, received a $43 million senior secured credit facility from financial services provider CIT Group Inc. (NYSE: CIT), CIT Group said March 5.

The new facility will finance additional capex funds and refinance an existing facility for Laney Directional Drilling, the company said.

CIT Corporate Finance was the transaction’s sole lead arranger, book-runner and administrative agent, CIT Group said.

CIT Bank provided financing, the company said, noting that it is the U.S. commercial bank subsidiary of CIT.

Houston-based Laney ...

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