DENVER, June 17, 2019 /PRNewswire/ -- Nine Point Energy, LLC ("Nine Point") is pleased to announce its entry into a $320MM term loan facility with AB Private Credit Investors LLC ("AB-PCI") as Administrative Agent and Lead-Arranger. The purpose of the facility is to fund the continued growth of Nine Point's Williston Basin development program.
Nine Point is a private exploration and production company focused on the safe, efficient development of oil and gas assets in the Williston Basin of North Dakota where it produces approximately 15,000 barrels of oil equivalent per day across 53,000 net acres, primarily in McKenzie and Williams Counties.
"We are very pleased to enter into this partnership with AB-PCI and its co-lenders. This facility will allow Nine Point's outstanding team to continue value creation through the development of our Williston Basin position," said Dominic Spencer, President and CEO of Nine Point. "Thanks to the AB-PCI and Nine Point teams for their collaboration and hard work in bringing this transaction to fruition."
"We are excited to work with the Nine Point team to provide capital to assist them in developing their upstream oil and gas assets," said Brent Humphries, President of AB-PCI.
Patrick Gimlett, a Managing Director who leads AB-PCI's origination efforts in Energy added, "Upstream oil and gas is a key area of specialization for us and we are excited to have utilized our industry knowledge and private credit structuring expertise to support Nine Point's continued growth."
Credit Suisse Securities (USA) LLC acted as exclusive placement agent for Nine Point on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Nine Point, while Sidley Austin LLP served as legal counsel to AB-PCI.
Nine Point is headquartered in Denver, CO, with a field office in Alexander, ND. AB-PCI is headquartered in Austin, TX.
SOURCE Nine Point Energy, LLC