Blackbuck Resources, a provider of water infrastructure design, assembly and operation, expanded its sustainability-linked term loan with Riverstone Credit Partners, a dedicated credit investment platform focused on energy, power, decarbonization and infrastructure managed by Riverstone Holdings. The upsized financing provides Blackbuck with additional liquidity to execute on accretive growth resulting from recently signed contracts around its Midland Basin and Delaware Basin platforms. The facility’s pricing will be adjusted based upon Blackbuck’s adherence to certain sustainability performance targets, which are defined by key performance indicators set internally by Blackbuck. Blackbuck obtained a second party opinion from Sustainable Fitch that considered the transaction to be aligned with the five pillars of the LSTA sustainability-linked loan principles.
“The team has been working hard on executing our strategy to bring value to new customers adjacent to our existing platforms. We’re pleased to see this paying off as we continue to sign long-term contracts with new, high-quality customers,” Justin Love, CEO and president of Blackbuck, said. “Riverstone has been a great partner to Blackbuck, and this expansion capital further aligns with our anticipated continued growth in a strong macro environment.”
Foley & Lardner served as legal adviser to Blackbuck. Baker Botts served as legal adviser to Riverstone.