P2 Energy Solutions to launch $355 million credit facility on Thursday

By Sara Rosenberg

New York, Oct. 22 - P2 Energy Solutions Inc. has set a bank meeting for Thursday morning to launch a $355 million credit facility, according to a market source.

Jefferies & Co. is leading the deal.

The facility consists of a $25 million revolver, a $220 million first-lien term loan and a $110 million second-lien term loan, the source said.

Proceeds will be used to refinance an existing credit facility and pay a distribution to shareholders.

Total leverage is 5.7 times.

For the fiscal year ended Sept. 30, the company generated revenue of $147.8 million and adjusted EBITDA of $57.5 million.

The source added that the company has experienced strong financial performance with revenue and EBITDA up 23% and 69% year over year, respectively.

P2, a Vista portfolio company, is a provider of software and data solutions exclusively serving the upstream oil and gas industry.

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