By Wendy Van Sickle
Columbus, Ohio, Jan. 5 – Emerge Energy Services LP entered into a new $215 million second-lien note purchase agreement with wholly owned subsidiaries Emerge Energy Services Operating LLC and Superior Silica Sands LLC as issuers, according to a press release.
HPS Investment Partners, LLC was note agent and collateral agent.
The agreement matures on Jan. 5, 2023.
Proceeds will be used to fully pay off the partnership’s second-lien term credit facility and the obligations under its revolving credit facility, to finance capital expenditures and for general business purposes.
Substantially all of the partnership’s assets are pledged as collateral on a second-lien basis.
The agreement contains a maximum total leverage ratio, a minimum fixed-charge coverage ratio and minimum liquidity requirement.
Southlake, Texas-based Emerge Energy Services is a limited partnership formed in 2012 by management and affiliates of Insight Equity Management Co. LLC to own, operate, acquire and develop a portfolio of energy service assets.
| Issuers: | Emerge Energy Services Operating LLC and Superior Silica Sands LLC
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| Issue: | Second-lien notes
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| Amount: | $215 million
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| Maturity: | Jan. 5, 2023
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| Settlement date: | Jan. 5
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