Rimrock Energy Partners Announces $200 Million Credit Facility with BOK Financial for its Natural Gas Gathering and Processing System
March 11, 2019
DALLAS, March 11, 2019 /PRNewswire/ — Rimrock Energy Partners, LLC (“REP”) is pleased to announce a senior secured credit facility of $200 million led by BOK Financial. The proceeds from this facility will be used to support the buildout of REP’s natural gas gathering and processing system (the “Pierce System”) which serves producers in the northern DJ Basin.
“We are pleased to partner with a lender that can support our system’s expansion as we continue to add producers,” said Jeff Derner, REP’s Chief Financial Officer. “This facility, combined with our equity capital available from Energy Spectrum Capital, provides ample liquidity to keep pace with the growing gas volumes across the region.”
“BOK Financial is excited to serve as lead arranger of the Rimrock credit facility,” said Scott Miller, Vice President of BOK Financial. “Rimrock has an experienced management team that is a proven leader in developing multi-commodity midstream assets in the DJ Basin.”
Baker Botts LLP served as legal counsel to Rimrock and Thompson & Knight LLP served as legal counsel to BOKF.
About Rimrock Energy Partners, LLC
REP is a strategic, growth-oriented company focused on the acquisition, development and management of midstream energy assets across multiple commodities (crude oil, natural gas, natural gas liquids). The Rimrock management team has more than 100 years of experience in midstream operations and has completed projects with a total enterprise value exceeding $1.5 billion. Rimrock is backed by an equity commitment from Energy Spectrum Capital. www.rimrockenergy.com
About Energy Spectrum Capital
Energy Spectrum Capital is a midstream-focused private equity firm that has raised over $4.4 billion in capital commitments focused on investing in North America’s energy infrastructure. Since its inception in 1996, Energy Spectrum has sponsored over 55 portfolio companies. www.energyspectrum.com
About BOK Financial Corporation
BOK Financial Corporation is a $38 billion regional financial services company based in Tulsa, Oklahoma. The company’s stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial’s holdings include BOKF, NA, BOK Financial Securities, Inc. and The Milestone Group, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management, BOK Financial Asset Management, Inc. and seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Mobank, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through its subsidiaries, the company provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.