WhiteHawk Capital Partners, a private credit investment manager focused on asset-based financing solutions, entered into an agreement with Latshaw Drilling to provide a $41 million asset-based credit facility. The proceeds from the facility support a refinancing of Latshaw’s indebtedness which recently finalized an out-of-court restructuring. Oppenheimer & Co. served as an exclusive financial advisor to Latshaw on the new term loan financing and the broader restructuring arrangement.
“This refinancing and restructuring provide us with a sustainable capital structure to continue delivering the highest quality service to our customers and capitalize on the strong demand for our drilling rigs. WhiteHawk was an innovative partner throughout the financing process and delivered execution speed and certainty. Oppenheimer did an excellent job in crafting a restructuring plan for us initially, and then a refinancing with WhiteHawk shortly thereafter. Despite many obstacles, Oppenheimer helped us get the ball across the finish line for a successful outcome. We are proud to have the support of partners who understand our business and the importance of our industry,” Trent Latshaw, founder and president of Latshaw, said.
“We are pleased to partner with the Latshaw and Oppenheimer teams to facilitate the completion of the restructuring and allow management to focus on executing their business plan. This transaction highlights WhiteHawk’s ability to collaborate with management teams and advisors to develop flexible, custom financing solutions in restructuring situations across various industries,” Rob Chimenti, managing director of WhiteHawk, said.
“We’re pleased to have collaborated with Latshaw to financially engineer a comprehensive deleveraging via a series of transactions, capturing market value discount, while preserving a 100% controlling equity interest. The restructuring and subsequent strategic financing provided by WhiteHawk, has rationalized Latshaw’s capital structure and positioned the Company for a strong year of operating performance,” Bruce Buchanan, head of debt advisory and restructuring at Oppenheimer, said.
