High Sierra Energy completes $215 million secured credit facility

By Sara Rosenberg

New York, March 28 - High Sierra Energy LP closed on a new $215 million three-year secured credit facility, according to a market source.

BNP Paribas Securities Corp. acted as the sole book runner, lead arranger and administrative agent on the deal that was completed on March 16.

The facility consists of a $25 million working capital facility priced at Libor plus 350 basis points, a $125 million revolver priced at Libor plus 400 bps and a $65 million term loan priced at Libor plus 400 bps, the source said.

Proceeds are being used to refinance existing debt and to acquire the remaining 40% interest in Anticline Disposal LLC, a provider of oil field water handling services.

High Sierra is a Denver-based midstream energy company.

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