Goodnight Midstream, a midstream produced water infrastructure company, completed the sale of $325 million of senior notes in a private placement to EIG and Crestline Investors. Concurrent with the private placement, Goodnight also closed a $100 million revolving credit facility led by Wells Fargo Bank, along with participation from Texas Capital Bank, Cadence Bank and First Horizon Bank.
Goodnight utilized the proceeds to refinance existing indebtedness and intends to use the added liquidity to drive growth, expand its footprint and enhance the integrated saltwater management solutions it provides to oil and gas producers.
Since the start of 2022, Goodnight has signed 10 new water management agreements as the company continues to grow its network of water systems to service more customers across key basins, including the Permian, Bakken and the Eagle Ford shales.
“We are very pleased with our strong commercial momentum underscored by the 10 new water management agreements in just the first half of this year,” Ben Daitch, CFO of Goodnight Midstream, said. “Placing these senior notes and securing a new credit facility is a testament to the strength of our business and provides us with additional long-term flexibility to pursue our growth initiatives. We look forward to continuing to enhance the compelling value we provide to our producing customers as they look to expand their production in an environment of increased demand for U.S. crude oil. We are appreciative of our lending partners for their support and loyalty.”