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Atlas Sand Company Secures $150MM Financing from BlackGold Capital Management

February 05, 2018, 07:09 AM
Filed Under: Construction
Related: Construction

Atlas Sand Company, LLC  and BlackGold Capital Management LP announced the closing of a $150 million credit facility to fund a portion of the ongoing construction of Atlas' Kermit and Monahans frac sand plants and for general company purposes.

The Company has committed to draw a minimum of $100 million under the credit facility with the additional $50 million to be available to the Company for a period of 12 months subsequent to closing. The Company is under no obligation to borrow additional funds under the credit facility.

With the closing of this financing, combined with equity capital that has been committed to date, Atlas has fully secured an amount of capital that the Company believes is sufficient to complete the construction of both the Kermit and Monahans plants.

Atlas Sand's CFO, John Turner commented, "We're very pleased to bring on a very experienced energy investor like BlackGold as a partner.  BlackGold understands the size of the opportunity created by the ongoing Permian Basin frac sand disruption. This transaction represents another significant step towards our long-term growth plans."

BlackGold Managing Partner, Adam Flikerski commented, "BlackGold is pleased to partner with the Atlas Sand team, highlighting both our excitement in the project itself and the secular shift in Permian Basin frac sand fundamentals."  BlackGold Managing Partner, Erik Dybesland added, "This new commitment to Atlas Sand builds upon the launch of our private structure fund last year, and underscores BlackGold's commitment to being a solutions provider for companies in the natural resources industry."

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