BlackGold Capital Management, a private credit investment firm focused on the energy industry, completed a first lien senior secured term loan with Eastham Enterprises, a diversified and multi-generational oil field services company. The loan transaction included co-investors.
Eastham provides drilling, machining, and forging services to energy companies. The company’s management team has succeeded in the drilling business for over four decades while maintaining a conservative balance sheet and navigating through volatile commodity prices. The forging business, started in 1913, has continued to innovate and deliver high value-added products for its customers.
“We continue to help fill the void left by traditional financial institutions and believe this financing should provide our investors with an attractive yield, low net debt leverage and solid asset coverage,” said Erik Dybesland, co-founder of BlackGold. “As capital for the energy sector continues to be scarce, our ability to address risk and drive returns for our investors, while creating solutions for borrowers has allowed BlackGold to source compelling underwritings.”
Adam Flikerski, co-founder, added, “We are pleased to partner with Eastham. We continue to find opportunities in mid-sized energy companies for creative structures to address their funding requirements. Our team diligently adheres to our commitment of assessing downside risks and aims to deliver a return stream our investors expect.”
Founded in 2006, BlackGold Capital Management has invested approximately $8 billion in both public and private energy companies, across upstream, midstream, and oil field services.