Daily News: December 19, 2013

Citibank Agents $200MM Triangle Petroleum Facility

Triangle Petroleum announced that Caliber Midstream Partners, its midstream joint venture with First Reserve’s Energy Infrastructure Fund, closed on a senior revolver in the amount of $200 million. Additionally, Caliber will pay a $1.05 per unit distribution from available cash to its unitholders attributable to the financial performance of the business.

For the facility, Citibank acted as administrative agent, collateral agent, joint lead arranger and joint bookrunner; Wells Fargo Securities and Credit Suisse Securities acted as joint lead arrangers, joint bookrunners and co-syndication agents; and Amegy Bank acted as documentation agent.

The $200 million senior-secured, leverage-based, 5-year revolving credit facility has an accordion feature of up to an additional $100 million.

Proceeds will be used for further expansion of Caliber’s gathering system and for general corporate purposes. Caliber will not borrow under the facility before the entire $150 million of equity capital contributions from FREIF and the $30 million of equity capital contributions from Triangle have been funded. Neither Triangle nor FREIF acts as a guarantor under the facility. Caliber’s availability under the facility is determined by total leverage and is expected to grow over time.

The Board of Directors of Caliber Midstream GP LLC, the general partner of Caliber Midstream Partners, L.P., has declared a cash distribution from available cash of $1.05 per limited partner unit, resulting in cash distributions of $3.15 million to Triangle and $7.35 million to FREIF.

Triangle is a vertically integrated energy company with a strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana.

First Reserve is a global private equity firm exclusively focused on energy.

Caliber is an independent, growth-oriented energy infrastructure company that provides a full suite of midstream services to producers in the Bakken and Three Forks shale oil plays.