RockPile Energy Services, LLC , a wholly owned subsidiary of Triangle Petroleum Corporation announced that it has closed on a senior secured revolving credit facility in the amount of $100 million.
The new Credit Facility is a five-year term $100 million revolving facility with an accordion feature that allows for the expansion of the credit facility up to an aggregate of $150 million. The previous facility had an aggregate borrowing limit of $27.5 million. In closing the Credit Facility, Citibank, N.A. ("Citi") acted as Administrative Agent, Joint Lead Arranger and Joint Bookrunner, and Wells Fargo Bank, National Association acted as Joint Lead Arranger and Joint Bookrunner with Citi.
A portion of the Credit Facility proceeds will be utilized to refinance RockPile's existing indebtedness. Neither Triangle nor its non-RockPile subsidiaries act as a guarantor under the Credit Facility.
Additionally, the Credit Facility will support RockPile's growth initiatives and enable RockPile to remain self-funded as it contemplates additional investment in infrastructure and equipment necessary to support broad-based growth across all of RockPile's service lines. RockPile is currently evaluating opportunities in other basins outside the Williston Basin.
Curt Dacar, RockPile's Chief Executive Officer, stated, "This is an important milestone for RockPile and another step towards our goal of becoming a best-in-class provider of energy services with significant scale in the regions we serve. This facility provides us with the ability to double the size of our business in the next 12 to 18 months without the need for additional equity capital. Further, this transaction will enable us to return significant amounts of capital to our existing equity holders. We look forward to partnering with Citi and Wells Fargo to continue the growth of our platform."
RockPile Energy Services is a wholly-owned subsidiary of Triangle Petroleum Corporation focused on providing a full suite of completion services to the leading operators in the Williston Basin of North Dakota and Montana. RockPile's mission is to provide industry leading service quality results, Health, Safety & Environmental performance, and innovative engineering solutions delivered by the most respected people in the energy services industry.
Triangle is a vertically integrated, growth oriented energy company with a strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana.