Global Infrastructure Partners’ $200 Million Preferred Equity Investment in Dos Rios Crude Intermediate LLC


Bracewell advised Global Infrastructure Partners Capital Solutions Fund (GIP CAPS) in its preferred equity investment of up to $200 million in Dos Rios Crude Intermediate LLC, a subsidiary of Noble Midstream Partners LP.

Dos Rios Crude Intermediate was formed to hold Noble Midstream’s 30 percent equity interest in the EPIC Crude Pipeline, which is being designed with an initial capacity of 590 thousand barrels per day from the Permian Basin and Eagle Ford play to the Gulf Coast.

Of the $200 million total commitment, $100 million will be funded during the first quarter of 2019. The remaining $100 million will be available for a one-year period, subject to certain conditions precedent. The preferred equity is perpetual and has a 6.5 percent annual dividend rate, payable quarterly in cash, with the ability to defer payment during the first two years following closing.

Global Infrastructure Partners is an independent fund manager that manages over $40 billion for its investors. GIP CAPS was formed by Global Infrastructure Partners to provide custom tailored financing solutions across energy and other infrastructure projects.

Bracewell advised with a team including Thomas M. Tomlinson (Picture), Elizabeth L. McGinley, Lytch T. Gutmann, Steven J. Lorch, Jeris Diana Brunette, D. Kirk Morgan II, Timothy A. Wilkins, David J. Harty, Kathy Witty Medford, Katherine Erbeznik and Daniel J. Pope

Involved fees earner: Jeris Diana Brunette – Bracewell; Katherine Erbeznik – Bracewell; Lytch Gutmann – Bracewell; David Harty – Bracewell; Steven Lorch – Bracewell; Elizabeth McGinley – Bracewell; Kathy Witty Medford – Bracewell; Kirk Morgan – Bracewell; Daniel Pope – Bracewell; Thomas Tomlinson – Bracewell; Timothy Wilkins – Bracewell;

Law Firms: Bracewell;

Clients: Global Infrastructure Partners;