SkyPower Corp: Wind Financing Case Study Devonian Partners: Oil & Gas Case Study Middlesex Generating Company: Renewable Energy Case Study
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Devonian Partners, LLC Completes Exchange Offer and Related FinancingsDevonian Partners, LLC, a recently established owner of oil and gas properties, mineral interests, and support facilities, located in Skokie, Illinois, today announced the successful closing of a new $60,000,000 credit facility. Devonian Partners was created to consolidate the investor interests in over 125 oil and gas properties located in Texas and New Mexico that had previously been assembled and developed by a Texas-based oil and gas developer. Devonian's interests include producing shut-in and undeveloped properties with an estimated value in excess of $125,000,000 as determined by an independent petroleum engineer. Marathon Capital was the sole arranger on the $60,000,000 credit package, which includes (i) a $40,000,000 senior, secured term loan facility, (ii) a $16,000,000 subordinated second-lien tranche, and (iii) a $4,000,000 contingent third-lien tranche. The senior financing refinances various obligations assumed by Devonian Partners and provides sufficient incremental working capital to develop the portfolio of oil and gas properties. The completion of this oil and gas financing represents the final stage in the organization of Devonian Partners. This effort has been in-the-works for over eighteen months and will result in the consolidation of a property set originally assembled by a previous developer over the last ten years. The majority of the properties will be operated by Saber Resources, a well-established Midland, Texas operator of Permian Basis oil and gas reserves. Marathon Energy, a Marathon Capital affiliate, serves as a technical advisor to Devonian Partners with respect to the valuation and execution of the exchange offer which consolidated the widely dispersed investor interests and provides ongoing financial advice and services to Devonian Partners. About Marathon Capital, LLCMarathon Capital is an experienced investment banking firm focused on the global energy and infrastructure markets, with expertise in oil and gas financing, oil and gas acquisition, and oil and gas investment. Marathon is headquartered in Bannockburn, Illinois and maintains offices in New York City and SanFrancisco. Marathon Capital's website is . For more information about Marathon Capital's oil & gas financing services, please contact us at 847-574-2670. View printable version of this press release.
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