White Oak Global Provides Term Loan to Energy Services Co.
White Oak Global Advisors announced the funding of a $34 million senior-secured term loan to an energy services company. The financing was used to support the company’s formation of a new subsidiary (Newco) for the purpose of acquiring a water facility in the Western United States, inclusive of water wells and associated water rights.
White Oak acted as the administrative agent and sole lender for this transaction.
The water facility is the closest major water source for much of the energy development in the area, and Newco is expected to supply water to oil and gas companies for their hydraulic fracking operations in the region.