Daily News: March 31, 2014

Citibank Agents RockPile Energy Services Facility

RockPile Energy Services announced it closed on a $100 million senior secured revolving credit facility. Citibank acted as administrative agent, joint lead arranger and joint bookrunner, and Wells Fargo Bank acted as joint lead arranger and joint bookrunner with Citi.

The previous facility had an aggregate borrowing limit of $27.5 million. The new 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.

Proceeds will be utilized to refinance RockPile’s existing indebtedness. Neither Triangle nor its non-RockPile subsidiaries act as a guarantor under the facility.

The interest rate under the facility is determined, at RockPile’s option, as either LIBOR or the alternative base rate plus an applicable margin, with the applicable margin calculation based on the following leverage-based pricing grid.

Additionally, the 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 evaluating opportunities in other basins outside the Williston Basin.

Curt Dacar, RockPile’s CEO, 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, a wholly owned subsidiary of Triangle Petroleum, is focused on providing a full suite of completion services to operators in the Williston Basin of North Dakota and Montana.