VER filed voluntary petitions for reorganization under Chapter 11 to facilitate its merger with Production Resource Group. GSO Capital Partners and other lenders pledged up to $364.7 million in DIP financing to support the restructuring.
Hovnanian Enterprises closed its previously announced financing transactions with GSO Capital Partners, Blackstone’s credit platform. The financing included a revolving credit facility of up to $125 million and a $132.5 million term loan.
Legacy Reserves amended its second lien term loan, with Cortland Capital Market Services serving as both administrative and second lien collateral agent and GSO Capital Partners acting as a lender. Legacy increased the aggregate commitments to $400 million.
Hovnanian Enterprises entered into financing commitments with GSO Capital Partners, Blackstone’s credit platform, to refinance debt securities maturing in 2019. GSO will also provide a new $125 million senior secured revolving credit facility.
First Eagle Investment Management will acquire NewStar Financial. In a related transaction, NewStar will sell a portfolio of assets, including $2.4 billion of middle-market loans, to a fund sponsored by GSO Capital Partners. To support the transaction, Wells Fargo is providing an up to $1.85 billion ABL revolver to GSO.
Dunes Point Capital has acquired Power Distribution from Smiths Group. Debt was provided by funds advised by FS Investments, GSO Capital Partners and Bank of America Business Capital.
Sanchez Energy and funds managed by Blackstone Energy Partners entered a strategic 50/50 partnership and agreed to acquire Anadarko Petroleum’s working interest in the Western Eagle Ford for approximately $2.3 billion.
GSO Capital Partners has agreed to provide additional short-term liquidity of $6 million, if required, prior to the closing of a pending merger between Rentech Nitrogen Partners and CVR Partners.
Franklin Square Capital Partners originated a $260 million unitranche term loan to support the acquisition and combination of Trover Solutions and Equian by New Mountain Capital.
Franklin Square and GSO announced the origination of a new $410 million financing to support the global growth of Pittsburg Glass, a portfolio company of Kohlberg & Co.