BlackBrush ups second-lien loan to $300 million, revises discount

By Sara Rosenberg

New York, July 18 – BlackBrush Oil & Gas (BBOG Borrower LP) lifted its seven-year second-lien term loan to $300 million from $275 million and tightened the original issue discount to 99¼ from 99, according to a market source.

Pricing on the loan remained at Libor plus 650 basis points with a 1% Libor floor, and there is still call protection of 102 in year one and 101 in year two.

Recommitments were due at noon ET on Friday, the source added.

UBS AG, Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by Ares Management LP from EIG Management Co. LLC and Tailwater Capital LLC.

Closing is targeted for July 25.

BlackBrush is a San Antonio-based oil and gas exploration and development company.

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