Credit: Bregal Partners’ Aqua Terra closed $80m debt facility for midstream water

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[Context: On July 11, Bregal Partners-backed Aqua Terra Water Management, oilfield water management and logistics company, closed a $80m senior secured syndicated credit facility. Further details, advisors and related links are below.]


Aqua Terra Water Management Announces New Syndicated Debt Facility of Up to $100 MM To Fund Permian Growth

HOUSTON–July 15, 2019 –(BUSINESS WIRE)–Aqua Terra Water Management, LP (together with its subsidiaries, “Aqua Terra” or the “Company”), a North American growth-oriented oilfield water management and logistics company, is pleased to announce the closing of U.S. $80 million senior secured syndicated credit facilities (the “Syndicated Facilities”). In addition to refinancing existing credit facilities, the Syndicated Facilities will be used to fund growth initiatives related to several near-term greenfield development projects in the Permian Basin over the remainder of fiscal year 2019 and into 2020. Subject to lenders’ approval, Aqua Terra can exercise its option to request an expansion of the credit facility through a U.S. $20 million accordion feature, which would increase the total size of the financing to U.S. $100 million. The syndicate is comprised of four financial institutions with ATB Financial assuming the role of lead arranger and administrative agent.

“I want to thank ATB Financial and Bregal Partners for their continued support of Aqua Terra. Through this successful syndication I’m excited to welcome our new banking partners and look forward to working with them in the foreseeable future. With this new funding we will be able to fulfill our development opportunities on our recently secured acreage positions of over 30,000 acres in the Permian Basin taking us into 2020,” said Cory Hall, Chief Executive Officer and President of Aqua Terra.

Stikeman Elliott and Dechert represented Aqua Terra in connection with the debt facilities. Blake, Cassels & Graydon and Simpson Thacher & Bartlett represented ATB Financial.

About Aqua Terra Water Management Inc.

Aqua Terra is a growth-oriented oilfield water management and logistics company that provides water disposal services to Canadian and U.S. onshore oil and natural gas producers. Backed by Bregal Partners, the Company has built a network of 27 active disposal facilities, including 9 facilities in Canada and 18 facilities in the United States. As a leader in wastewater management and water disposal, Aqua Terra is a value-added component to their customers’ bottom lines. Aqua Terra’s experienced management team is focused on driving the Company forward into new avenues of growth by partnering with producers to handle all of their water management needs, allowing customers to focus on their core competencies in oilfield exploration and production.

About Bregal Partners

Bregal Partners is a leading middle-market private equity firm with $1.25 billion in total committed capital. Founded in 2012, the firm specializes in three core verticals: consumer and multi-unit, food and beverage, and business services. The firm invests in primarily founder-owned companies within its target industries that generate $5 to $75 million or more of EBITDA. Bregal Partners is committed to promoting corporate social responsibility in all aspects of its business. Bregal Partners is part of Bregal Investments, an operating company of COFRA. COFRA is a privately held group of companies, which also include a global fashion retail business (C&A) and real estate business (Redevco). Bregal Investments was founded in 2002 and has grown extensively since then, with over €13 billion invested to date.

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