Phoenix Service Partners announced it has increased its asset-backed credit facility to $600 million to support expansion of its natural gas compression services. The company operates in the Permian and Eagle Ford basins, providing high-horsepower, low-emission natural gas compression equipment.

PNC Bank served as lead arranger for the facility, with a consortium of lenders providing the capital. The financing comes in addition to Phoenix's existing equity partnership with SCF Partners.

"We aim to build the premier gas compression service company, and this expanded financing facility positions us well to provide best-in-class equipment and superior service in coming years," said Randy Dean, co-founder and CEO of Phoenix.

Phoenix provides contract compression services to North American midstream and upstream operators, offering turnkey natural gas compression stations, station operations and project management services.

SCF Partners, founded in 1989, provides equity capital to energy service companies and has invested in more than 80 platform companies throughout its history. PNC Bank is part of The PNC Financial Services Group (NYSE: PNC).

The information was disclosed in a company press release.