Blackstone’s $850 Million Recapitalization of Altus Power America

Kirkland & Ellis represented GSO Capital Partners LP, an affiliate of Blackstone, in the transaction.

Blackstone (NYSE: BX), through its GSO Capital Partners LP and Blackstone Insurance Solutions groups, has led a recapitalization with $850 million of funded and committed capital to refinance the existing capital structure and fund future development.

The recapitalization consists of preferred and minority equity and investment grade-rated debt financing provided by GSO and a BIS-led consortium, respectively, and a construction-to-term loan facility from a syndicate of commercial banks, providing Altus Power with sufficient capital to grow its portfolio to over $1 billion of commercial and industrial solar assets.

Founded in 2009, Altus Power is a market-leading solar power company based in Greenwich, Connecticut that provides clean electricity to commercial, industrial and municipal clients across the U.S.

GSO is one of the world’s largest credit-oriented alternative asset managers with approximately $121 billion in total assets under management as of September 30, 2019.

The Kirkland team was led by transactional partners John Pitts (Picture) and David Thompson and associates Josh Abbotoy, Gordon Cranner and Brittany Scheier; debt finance partners Roald Nashi, Andy Veit and Ginger Collier and associates Angela Hagerman, Charles Martin, Claire Rokita and Kristy Moawad; tax partners David Wheat, Stephen Butler and Scott Cockerham and associate Ryan Phelps; and energy regulatory partner Brooksany Barrowes and associate Drew Stuyvenberg.

Involved fees earner: Joshua Abbotoy – Kirkland & Ellis; Brooksany Barrowes – Kirkland & Ellis; Stephen Butler – Kirkland & Ellis; Scott Cockerham – Kirkland & Ellis; Ginger Collier – Kirkland & Ellis; Gordon Cranner – Kirkland & Ellis; Angela Hagerman – Kirkland & Ellis; Charles Martin – Kirkland & Ellis; Kristy Moawad – Kirkland & Ellis; Roald Nashi – Kirkland & Ellis; Ryan Phelps – Kirkland & Ellis; John Pitts – Kirkland & Ellis; Claire Rokita – Kirkland & Ellis; Brittany Scheier – Kirkland & Ellis; Drew Stuyvenberg – Kirkland & Ellis; David Thompson – Kirkland & Ellis; Andy Veit – Kirkland & Ellis; David Wheat – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: GSO Capital Partners LP;

Author: Ambrogio Visconti