Encino Acquisition to launch $550 million second-lien loan Wednesday

By Sara Rosenberg

New York, Sept. 4 – Encino Acquisition Partners Holdings LLC is scheduled to hold a bank meeting at 10 a.m. ET on Wednesday to launch a $550 million seven-year senior secured second-lien term loan, according to a market source.

Jefferies LLC, Citigroup Global Markets Inc. and BMO Capital Markets are the lead arrangers on the deal.

The term loan is non-callable for one year, then at 102 in year two and 101 in year three, the source said.

Proceeds will be used to help fund the acquisition of the Ohio Utica Assets from Chesapeake Energy Corp. for about $2 billion.

Closing is expected in the fourth quarter, subject to customary conditions, including the receipt of third-party consents.

Encino Acquisition is a Houston-based oil and gas company. The company was formed in 2017 through a partnership with Canada Pension Plan Investment Board.

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