Castleton Commodities International LLC (CCI) has acquired the Carthage upstream and midstream assets in East Texas from subsidiaries of Anadarko Petroleum Corp. for over $1 billion.
Pro forma for the Carthage acquisition, CCI will own over 160,000 net acres of leasehold in East Texas. As of the effective date, daily net production to CCI in East Texas increased to over 320 MMcfe/d.
Craig Jarchow, President of CCI Oil and Gas, said, "The company is well-positioned to enhance the value of these acquired assets through further development of the Haynesville shale, amongst other operational activities."
JPMorgan Chase Bank NA acted as Lead Arranger and Lead Bookrunner in connection with the reserve based lending facility for this transaction. ABN AMRO Capital USA LLC, Wells Fargo Securities, LLC, Société Générale, and Bank of America Merrill Lynch acted as Joint Lead Arrangers and Joint Bookrunners. Funds managed by HPS Investment Partners made an unsecured mezzanine debt investment in the transaction.
Société Générale acted as Financial Advisor to CCI for this transaction. Vinson & Elkins LLP and Bracewell LLP served as legal advisors to CCI in the transaction.
CCI is a global commodities merchant with an integrated set of operations consisting of physical and financial commodities trading and the ownership, operation, and development of commodities- related upstream and infrastructure assets. The Company markets a broad range of physical commodities including natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, petrochemicals, electric power, coal, metals and financial instruments related to commodities. CCI is headquartered in Stamford, Connecticut with offices in Calgary, Canada; Geneva, Switzerland; Houston, Texas; London, United Kingdom; Shanghai, China; Singapore; and Montevideo, Uruguay.