Foxcode closes $210M bond issuance for US Shale Solutions

Foxcode Inc.

Foxcode Inc., a merchant banking firm, has closed a $210 million bond issuance of three-year senior secured notes to form US Shale Solutions Inc. Collectively, Foxcode completed this new issue with Jefferies & Co. Inc., the sole book-running manager.

The deal financed the acquisition of four oilfield services companies – Ritter Construction Co., W. Pidhirney Welding Ltd., Culberson Construction Inc., and J4 Fluid Services Inc. – which have been combined to operate as US Shale Solutions Inc. The company is a full-service provider of infrastructure, fluids, and completion services to energy companies operating in unconventional oil and gas plays throughout North America, including the Permian and Eagle Ford in Texas and the Western Canadian Sedimentary Basin in Alberta.

US Shale’s CEO is Jerrit Coward and its CFO is Patrick Schneider, both of whom formerly held executive positions at Willbros Group Inc.

Dr. Robert E. Willis, Foxcode founder and CEO, said, “Given unconventional oil and gas demands, E&P companies are increasingly requiring more efficient services that are highly compliant for safety and environmental regulations. US Shale Solutions Inc. has been formed in response to these demands. Each of the four companies operating under US Shale has a strong operational base and deep customer relationships. We expect the company to benefit from increased capital availability and the addition of professional management systems.”

Jefferies, the sole book-running manager, was led by Jay Levy, managing director, and Libor Michel, senior vice president, representing the Energy Investment Banking division; and Craig Zaph, managing director and Jim O’Connor, vice president, representing the Leveraged Finance Origination division. Additionally, Brian Wolfe, global head of Leveraged Finance, and Courtney Tuttle, managing director of the Financial Sponsor division, played a significant role in the transaction.

Law firms involved in the transaction include Seyfarth Shaw LLP, Latham & Watkins LLP, and Dechert LLP.

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