Peoria taps $1B credit line to buy Colorado, Wyoming oil and gas assets
What's the deal? Peoria Resources Acquisition CompanyDealroom has a profile for this one. Try Dealroom → has acquired Fundare RedtailDealroom has a profile for this one. Try Dealroom → and three affiliated companies — Fundare Resources Operating CompanyDealroom has a profile for this one. Try Dealroom →, Rangeview Resources Operating CompanyDealroom has a profile for this one. Try Dealroom →, and Rangeview Green RiverDealroom has a profile for this one. Try Dealroom → — for an undisclosed sum. The deal was supported by an amendment to Peoria's $1 billion senior secured revolving credit facility.
Who's who? Peoria is an exploration and production company focused on acquiring and developing oil and gas assets, and the US subsidiary of Japan Petroleum Exploration Co., Ltd.Dealroom has a profile for this one. Try Dealroom → The acquired companies hold oil and gas assets in Colorado and Wyoming.
What changes? The acquired businesses will continue to operate their assets going forward. Simpson ThacherDealroom has a profile for this one. Try Dealroom → represented Wells Fargo Bank, N.A.Dealroom has a profile for this one. Try Dealroom →, as administrative agent, on the first amendment to Peoria's credit agreement tied to the purchase.
The signal: The deal gives a Japanese-backed operator a larger US onshore footprint, reflecting continued interest from overseas parents in building out North American oil and gas positions.
Read more: stblaw.com
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