The proceeds from this new debt were used to pay off Azure’s existing credit facility while adding an upsized revolving credit facility and extending the maturity.
ABN AMRO acted as sole bookrunner, a joint lead arranger and administrative agent. Capital One served as a joint lead arranger for the first lien credit facility.
Thompson & Knight served as counsel for ABN AMRO, and Latham & Watkins served as counsel for Azure.
“This was a seamless transaction, and we couldn’t be more pleased to partner with lenders who truly understand the vision we have to build Azure’s value,” said Mandy Bush, Azure’s chief financial officer. “Coupled with the unwavering support we receive from our equity sponsors — Energy Spectrum and Tenaska — Azure is positioned better than ever for growth and success.”
“We are pleased to have played a leading role in this refinancing effort and have enjoyed working with this very talented management team. We consider Azure’s assets to be extremely strategic and in the core of what we consider to be one of the most prolific natural gas basins in North America,” said Casey Lowary, managing director with ABN AMRO.
“I have known the Azure and Energy Spectrum teams for a number of years and we are very excited to support the Company in this financing,” said Mark Green, president of Madava Financial. “We look forward to helping management attain its growth objectives going forward.”