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NGP Capital Provides $14MM in Private Gulf Coast E&P Company

October 07, 2013, 07:19 AM
Filed Under: Energy
Related: Energy, Term Loan

NGP Capital Resources Company announced that the company has funded a $14.0 million participation in a $180.0 million Second Lien Term Loan (the "Term Loan") to a Houston-based, privately owned, independent oil and gas exploration and production company focused in the Gulf Coast region. Proceeds from the Term Loan were used to acquire producing oil and gas properties in South Louisiana. The Term Loan was issued at a 3% discount, earns interest at the greater of 10.25% or LIBOR + 9.0% per annum and matures on March 27, 2019.

Steve Gardner, the Company's President and CEO stated, "We are very pleased to participate in this transaction. The management team of this company has an excellent reputation in the industry and a solid track record of redeveloping legacy fields in South Louisiana, similar to the strategy they intend to pursue with this acquisition. This investment increases our total year-to-date new investment activity to $98 million, and our total investment portfolio to approximately $225 million."

NGP Capital Resources Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940.

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