Altus Midstream’s $825 Million Financing

Kirkland Advises Magnetar and Carlyle on Financing for Altus Midstream.

Altus Midstream LP (“Altus Midstream”) issued $625 million of preferred equity in a private placement and amend its credit facility, which will allow Altus Midstream’s revolver capacity to increase to $650 million during the Initial Period (as defined in Altus Midstream’s credit agreement), an increase of $200 million.

The lead preferred equity investors were Magnetar Capital and The Carlyle Group’s Energy Mezzanine Opportunities team. Other supporting investors included certain funds or accounts managed by affiliates of Apollo Capital Management, L.P., FS Energy and Power Fund, as advised by a joint venture of FS Investments and EIG Global Energy Partners, funds managed by Tortoise Capital Advisors, L.L.C., Salient Capital Advisors, LLC and Yaupon Capital Management. Credit Suisse and J.P. Morgan served as joint placement agents to Altus Midstream in connection with the private placement of preferred equity.

The Kirkland team was led by transactional partner Bill Benitez (Picture) and associate Ahmed Sidik with assistance from capital markets partners Matt Pacey and Michael Rigdon, debt finance partner Andy Veit, and tax partner Mark Dundon.

Involved fees earner: William Benitez – Kirkland & Ellis; Mark Dundon – Kirkland & Ellis; Matthew Pacey – Kirkland & Ellis; Michael Rigdon – Kirkland & Ellis; Ahmed Sidik – Kirkland & Ellis; Andy Veit – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Magnetar Capital; The Carlyle Group;

Author: Ambrogio Visconti