DENVER, June 17, 2019 /PRNewswire/ -- Nine Point
Energy, LLC ("Nine Point") is pleased to announce its entry into a
$320MM term loan facility with AB Private Credit Investors LLC
("AB-PCI") as Administrative Agent and Lead-Arranger. The purpose
of the facility is to fund the continued growth of Nine Point's
Williston Basin development
program.
Nine Point is a private exploration and production company
focused on the safe, efficient development of oil and gas assets in
the Williston Basin of
North Dakota where it produces
approximately 15,000 barrels of oil equivalent per day across
53,000 net acres, primarily in McKenzie and Williams Counties.
"We are very pleased to enter into this partnership with AB-PCI
and its co-lenders. This facility will allow Nine Point's
outstanding team to continue value creation through the development
of our Williston Basin position,"
said Dominic Spencer, President and
CEO of Nine Point. "Thanks to the AB-PCI and Nine Point teams for
their collaboration and hard work in bringing this
transaction to fruition."
"We are excited to work with the Nine Point team to provide
capital to assist them in developing their upstream oil and gas
assets," said Brent Humphries,
President of AB-PCI.
Patrick Gimlett, a Managing
Director who leads AB-PCI's origination efforts in Energy added,
"Upstream oil and gas is a key area of specialization for us and we
are excited to have utilized our industry knowledge and private
credit structuring expertise to support Nine Point's continued
growth."
Credit Suisse Securities (USA)
LLC acted as exclusive placement agent for Nine Point on the
transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as
legal counsel to Nine Point, while Sidley Austin LLP served as
legal counsel to AB-PCI.
Nine Point is headquartered in Denver,
CO, with a field office in Alexander, ND. AB-PCI is headquartered in
Austin, TX.
For more information, visit www.ninepointenergy.com
and alliancebernstein.com/go/abpci
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SOURCE Nine Point Energy, LLC