Finance - News
The IPO is the centerpiece of the Saudi government's ambitious plan, known as Vision 2030, to diversify the economy beyond oil, Reuters reported.
The Los Angeles-based company formed a joint venture with Benefit Street for the investment of up to $250 million for the development of opportunities in its conventional and unconventional assets.
EnerJex also named Louis G. Schott as interim CEO following the resignation of Robert G. Watson Jr., who is leaving the company to pursue other business opportunities.
Expanded company will operate a premier, independent private placement platform.
The refinancing, which amended the terms of the prior facility and increased the commitment from $425 million, also provided a $50 million increase in available cash, eliminated certain negative covenants and provided a maturity date of March 31, 2020.
BofA Merrill Lynch, Deutsche Bank Securities, RBC Capital Markets, TD Securities and Wells Fargo Securities are joint book-running managers.
The field is expected to come into production at the end of the year and will save Egypt billions of dollars in hard currency that would otherwise be spent on imports, Reuters reported.
Raymond James is the lead book-running manager. RBC Capital Markets and Stifel are joint book-running managers. Stephens Inc. and Wunderlich are co-managers.
The company, which provides high-pressure fracking services in the Marcellus and Utica shales, also appointed Joel Broussard as CEO and Nathan Houston as COO.
Stuart Staley, the global head of commodities at Citi, said he expected banks to remain the leading players in risk management and hedging, Reuters reported.
The midstream infrastructure projects it will support include gathering, processing, distribution, storage and marketing of oil, natural gas and refined products. It will also support related segments of the energy value chain, the firm said.