Blackbuck Resources Announces Expansion of Sustainability-Related Financing

0

HOUSTON–(BUSINESS WIRE)–Blackbuck LLC Resources (“Blackbuck”), which designs, builds and operates water infrastructure, announced that it has extended its sustainability-linked term loan with Riverstone Credit Partners LLC, a dedicated credit investment platform focused on energy, electricity, decarbonization and infrastructure managed by Riverstone Holdings LLC (“Riverstone”). The increased funding provides Blackbuck with additional liquidity to execute accretive growth resulting from recently signed contracts around its Midland Basin and Delaware Basin platforms. The price of the installation will be adjusted based on Blackbuck’s achievement of certain sustainability performance targets, which are defined by Blackbuck’s internally defined key performance indicators. Blackbuck obtained a second opinion from Sustainable Fitch which considered the transaction to be in line with the five pillars of LSTA’s sustainability lending principles.

“The team has worked hard to execute our strategy to bring value to new customers adjacent to our existing platforms. We are delighted to see this paying off as we continue to sign long-term contracts with new high-quality customers,” said Blackbuck CEO and President Justin Love. “Riverstone has been a great partner for Blackbuck, and this expansion capital is more aligned with our expected continued growth in a strong macro environment.”

Foley & Lardner LLP acted as legal counsel to Blackbuck. Baker Botts LLP served as legal counsel to Riverstone.

About Blackbuck Resources LLC

Based in Houston and Midland, Blackbuck designs, builds and operates water infrastructure and provides services to the oil and gas industry, with a primary focus on the Permian Basin. The team is comprised of professionals with experience in water disposal and treatment, pipeline management, and oil and gas operations. Blackbuck is backed by private equity sponsor Cresta Funds Management. For more information, visit www.blackbuckresources.com.

About Riverstone Holdings LLC

Founded in 2000, Riverstone is an investment firm specializing in executing private equity and credit investments in energy, power, decarbonization and infrastructure. To date, the firm has raised approximately $43 billion in capital, which it has deployed on its platform to more than 200 portfolio companies since its inception. For more information on Riverstone, please visit www.riverstonellc.com.

About Cresta Fund Management

Blackbuck is a portfolio company of Cresta Fund Management (“Cresta”), a growth-oriented, middle-market focused private equity firm with over $1 billion in assets under management that invests in infrastructure sustainable and conventional energy, industrial, material and agricultural. . Founded in 2016 and based in Dallas, Texas, the Cresta team has a strong operating history, with decades of combined experience in development, engineering, commerce, commerce, legal and finance in the infrastructure industry, and its founding partners have worked together as a team since 2007. For more information, please visit: www.crestafunds.com.


Source link

Share.

Comments are closed.