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ATB Financial Agents $80MM Syndicated Credit Facility for Aqua Terra Water Management

July 15, 2019, 08:45 AM
Filed Under: Energy Services

Aqua Terra Water Management, LP, a North American growth-oriented oilfield water management and logistics company, announced the closing of U.S. $80 million senior secured syndicated credit facilities. In addition to refinancing existing credit facilities, the Syndicated Facilities will be used to fund growth initiatives related to several near-term greenfield development projects in the Permian Basin over the remainder of fiscal year 2019 and into 2020. Subject to lenders’ approval, Aqua Terra can exercise its option to request an expansion of the credit facility through a U.S. $20 million accordion feature, which would increase the total size of the financing to U.S. $100 million.

The syndicate is comprised of four financial institutions with ATB Financial assuming the role of lead arranger and administrative agent.

“I want to thank ATB Financial and Bregal Partners for their continued support of Aqua Terra. Through this successful syndication I’m excited to welcome our new banking partners and look forward to working with them in the foreseeable future. With this new funding we will be able to fulfill our development opportunities on our recently secured acreage positions of over 30,000 acres in the Permian Basin taking us into 2020,” said Cory Hall, Chief Executive Officer and President of Aqua Terra.

Stikeman Elliott and Dechert represented Aqua Terra in connection with the debt facilities. Blake, Cassels & Graydon and Simpson Thacher & Bartlett represented ATB Financial.

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