Caprock Midstream, a private gathering and processing infrastructure company, has entered into a $120 million senior secured term loan facility with AB Private Credit Investors (AB-PCI) as administrative agent and co-lead arranger with Goldman Sachs Specialty Lending Group (GSSLG).
Founded in 2015 through a partnership with Energy Spectrum Partners VII, Caprock provides natural gas gathering, processing, oil gathering, water gathering and water disposal in the Delaware Basin. The facility will fund the continued growth of Caprock’s Delaware Basin gathering and processing assets.
Sanjay Bishnoi, CFO of Caprock, added, “We are pleased to work with the AB-PCI and GSSLG teams, who were able to use their industry knowledge to understand the nuances of our operations and move quickly to tailor a financing solution suitable to our needs.”
“We are excited to work together with GSSLG to support the Caprock team, which has a strong track record of developing midstream gathering and processing solutions,” said Brent Humphries, president of AB-PCI.
AB-PCI emphasizes secured lending by focusing on first lien, unitranche and second lien loans, while selectively considering mezzanine, structured preferred stock and non-control equity co-investment opportunities.