P2 Energy to launch $480 million credit facility on Wednesday

By Sara Rosenberg

New York, Oct. 11 - P2 Energy Solutions Inc. will hold a bank meeting at 11:30 a.m. ET on Wednesday to launch a $480 million credit facility, according to a market source.

Jefferies Finance LLC is leading the financing.

The facility consists of a $30 million revolver, a $295 million first-lien term loan and a $155 million second-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Advent International Corp. from Vista Equity Partners.

Other funds for the transaction will come from about $360 million of equity.

First-lien leverage is about 4.2 times and total leverage is around 6.4 times, the source added.

Closing is expected by year-end, subject to customary conditions.

P2 is a Denver-based provider of software, geospatial data and land management tools to the upstream oil and gas industry.

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