© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
Dallas-based Blue Racer Midstream, LLC announced Thursday that it has secured a five-year, $800 million credit facility. It can be expanded to $1 billion in the future.
Blue Racer is a joint venture between Dallas-based Caiman Energy II, LLC and Richmond, Va.-based Dominion Resources. It was formed in December 2012. The private equity commitment from the two companies supports the execution of Blue Racer’s plan to develop midstream assets in the Utica Shale over the next two or three years, including natural gas gathering, processing, fractionation and NGL transportation.
Vinson & Elkins advised Blue Racer in the transaction, with Dallas partner Billy Young, Houston partner Darin Schultz and New York partner David Wicklund as the lead attorneys. The trio received significant assistance from Houston associate Zach Rider.
Other V&E attorneys involved in the deal were partner Sarah Morgan and associate Chris Colquitt, both from the firm’s Houston office.
Wells Fargo Securities, LLC and RBS Securities Inc. acted as joint bookrunners and joint lead arrangers on the credit facility.
Houston-based Latham & Watkins attorneys advised the lead arrangers in the transaction. Partner Craig Kornreich led the deal, with assistance from associates Pamela Kellet, Kristen Golden and Joel Hibbard.
Blue Racer Executive Vice President and Chief Financial Officer Stephen L. Arata and his finance team oversaw the arrangement of the credit facility.
The transaction officially closed last week.
© 2013 The Texas Lawbook. Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.