Atlas closed its $285 million senior secured financing on behalf of its wholly owned subsidiary, APR Energy. The financing program consists of pari passu senior secured loan facilities, including a $50 million revolving credit facility, a $135 million term loan facility and a $100 million fixed rate institutional private placement tranche from funds managed by the Global Infrastructure Debt team at BlackRock.
Citibank acted as sole structuring agent. In addition, the bank syndicate for the revolving credit facility and term loan facility is led by Citi, Export Development Canada, Bank of Montreal and Toronto-Dominion Bank, and also includes Canadian Western Bank, HSBC Bank Canada and Bank of America.
“A core piece of Atlas’ strategy is establishing an optimal capital structure at each of its business segments,” Ryan Courson, CFO of Atlas, said. “APR’s financing program combines elements of project finance with typical corporate debt. This provides APR the flexibility to continue advancing its position as an industry leader in the delivery of mobile turnkey power plants, while progressing its portfolio diversification strategy into longer-term and larger scale projects.”
Atlas is a global asset manager. Atlas’ wholly-owned subsidiaries, Seaspan and APR Energy, are integrated platforms in the global maritime and energy space, respectively. Seaspan is a containership owner/operator while APR Energy provides mobile power solutions as a lessor and operator.