Nine Point Energy has entered a $320m term loan facility with AB Private Credit Investors serving as administrative agent and lead-arranger.
AB Private provides financing solutions to middle-market companies.
The loan will be used by Nine Point to fund the continued growth of the Williston Basin development programme.
With oil and gas assets in the Williston Basin of North Dakota, Nine Point produces nearly 15,000 barrels of oil equivalent per day (boe/d) across 53,000 acres, mostly in McKenzie and Williams Counties.
Nine Point president and CEO Dominic Spencer said: “We are very pleased to enter into this partnership with AB-PCI and its co-lenders. This facility will allow Nine Point’s outstanding team to continue value creation through the development of our Williston Basin position.
AB-PCI president Brent Humphries said: “We are excited to work with the Nine Point team to provide capital to assist them in developing their upstream oil and gas assets.”
AB-PCI managing director Patrick Gimlett added: “Upstream oil and gas is a key area of specialisation for us and we are excited to have utilised our industry knowledge and private credit structuring expertise to support Nine Point’s continued growth.”
Credit Suisse Securities (USA) served as the exclusive placement agent for Nine Point for the transaction.
Skadden, Arps, Slate, Meagher & Flom acted as legal counsel to Nine Point while Sidley Austin as legal counsel to AB-PCI for the transaction.
Headquartered in Denver, Colorado, Nine Point is a private exploration and production company engaged in the development and acquisition of oil and gas assets within the Williston Basin.
