RockPile Energy closes $100 million five-year senior secured revolver

By Susanna Moon

Chicago, March 31 - RockPile Energy Services, LLC, a wholly owned subsidiary of Triangle Petroleum Corp., said it closed a $100 million five-year senior secured revolving credit facility.

Interest on the loans is 250 basis points to 325 bps based on leverage.

The revolver has an accordion feature that allows expanding the facility by up to $150 million total. The previous facility had an aggregate borrowing limit of $27.5 million.

Citibank, NA is the administrative agent, joint lead arranger and joint bookrunner, and Wells Fargo Bank, NA is the joint lead arranger and joint bookrunner.

Some of the proceeds will be used to refinance RockPile's debt. Neither Triangle nor its non-RockPile subsidiaries are a guarantor under the facility.

The facility also will support RockPile's growth initiatives and allow RockPile to remain self-funded as it mulls additional investment in infrastructure and equipment needed to support broad-based growth across all of RockPile's service lines, according to a company press release. RockPile is evaluating opportunities in other basins outside the Williston Basin.

"This is an important milestone for RockPile and another step towards our goal of becoming a best-in-class provider of energy services with significant scale in the regions we serve," Curt Dacar, RockPile's chief executive officer, said in the press release.

"This facility provides us with the ability to double the size of our business in the next 12 to 18 months without the need for additional equity capital. Further, this transaction will enable us to return significant amounts of capital to our existing equity holders."

RockPile is a wholly owned subsidiary of Triangle Petroleum, focused on providing a full suite of completion services to the leading operators in the Williston Basin of North Dakota and Montana. The company is based in Denver.

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