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AB Private Credit Agents $120MM Term Loan Facility for Caprock Midstream

April 26, 2017, 08:00 AM
Filed Under: Energy

Caprock Midstream LLC, a private gathering and processing infrastructure company has entered into a $120 million senior secured term loan facility with AB Private Credit Investors LLC as Administrative Agent/Co-Lead Arranger and Goldman Sachs Specialty Lending Group as Co-Lead Arranger, to fund the continued growth of Caprock's Delaware Basin gathering and processing assets.

Founded in 2015 through a partnership with Energy Spectrum Partners VII, LP, Caprock provides natural gas gathering, processing, oil gathering, water gathering and water disposal in the Delaware Basin. AB-PCI emphasizes secured lending by focusing on first lien, unitranche and second lien loans, while selectively considering mezzanine, structured preferred stock and non-control equity co-investment opportunities.

"This financing provides Caprock with the additional capital required to continue the development of our assets in the Delaware Basin in advance of our customers' needs," said Mike Forbau, CEO of Caprock.  Sanjay Bishnoi, CFO of Caprock added, "We are pleased to work with the AB-PCI and GSSLG teams, who were able to use their industry knowledge to understand the nuances of our operations and move quickly to tailor a financing solution suitable to our needs."

"We are excited to work together with GSSLG to support the Caprock team, which has a strong track record of developing midstream gathering and processing solutions," said Brent Humphries, President of AB-PCI.

Patrick Gimlett, a Director who leads AB-PCI's origination efforts in Energy added, "Midstream infrastructure is a key area of specialization for us and we are excited to have brought our industry knowledge, private credit structuring expertise and flexibility to bear in this transaction."

Vinson & Elkins LLP and Orrick, Herrington & Sutcliffe LLP served as legal advisors to Caprock. Sidley Austin LLP served as legal advisors to AB-PCI.

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