Texas Catalyst Firm Consolidates Fragmented Global Debt into Single $35m Facility

Unicat Catalyst Technologies had a problem familiar to businesses operating across borders: loans scattered across multiple countries, each with separate terms, reporting requirements, and renewal dates. Last month, the Texas-headquartered catalyst supplier replaced that patchwork with a single $35 million facility.

The entire structure now sits under one roof.

London-based financial broker FBX Capital Partners orchestrated the refinancing, bringing in alternative lender White Oak Commercial Finance to provide the unified Asset-Based Lending facility. The deal swept away the fragmented debt architecture that had built up as Unicat expanded internationally, replacing it with what advisers describe as a streamlined global platform.

For companies with operations and assets spanning jurisdictions, fragmented financing creates operational friction. Different lenders demand different reports. Renewal cycles rarely align. Working capital gets trapped behind artificial borders, even when assets in one country could theoretically support operations in another.

The $35 million facility addresses that directly. By conducting cross-border asset reviews and coordinating valuations across jurisdictions, FBX Capital structured a loan that recognises Unicat’s full international asset base. That means working capital can flow where the business needs it, without the constraints of country-specific credit lines.

Mikhail Bolus, director at FBX Capital, explained the core challenge. “This transaction was about simplifying a complex international debt structure and ensuring the funding truly reflects how the business operates across borders,” he said. “By carrying out a detailed cross-border review of the company’s assets and coordinating valuations across jurisdictions, we helped put in place a facility that fully recognises the strength of Unicat’s underlying assets. The result is a streamlined and flexible global platform that improves liquidity, enhances efficiency and supports the company’s continued growth.”

The alternative lending sector has grown substantially as businesses seek options beyond traditional bank financing. White Oak Commercial Finance, which provided the facility, operates in the Asset-Based Lending market—a segment where loans are secured against specific assets like inventory, receivables, or equipment rather than relying primarily on corporate balance sheet strength.

For Unicat, which supplies catalyst products to industrial clients, the new structure delivers flexibility for expansion without triggering immediate refinancing needs. The unified facility also simplifies compliance and reporting, consolidating what had been multiple sets of lender requirements into one.

FBX Capital Partners, which has operated since 2017 alongside sister firm Funding Bay, focuses on debt advisory for growing small and medium-sized enterprises. The firm arranges debt capital ranging from £1 million to £600 million and has facilitated over £400 million in financing since inception.

The Unicat transaction reflects a broader pattern: as businesses expand internationally, their financing structures often lag behind operational reality. A company might establish operations in three countries, each with local lending relationships built over time. What starts as pragmatic country-by-country financing eventually becomes an administrative burden.

Consolidation into global facilities addresses that mismatch, though it requires lenders willing to evaluate and monitor assets across jurisdictions. Alternative lenders have moved into that space more aggressively than traditional banks in recent years, offering cross-border structures that align with how multinational businesses actually operate.

The details of how fragmented Unicat’s previous debt structure was—how many separate facilities, across which specific countries—weren’t disclosed. Neither was the timeline for completing the refinancing, which typically involves coordinating legal and valuation work across multiple jurisdictions.

What’s clear is the outcome: one facility, one lender, one set of terms. For a business operating across borders, that simplification carries value beyond the dollar amount on the credit line.