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RockPile hires PJT to review options, may separate from Triangle
New York, May 12 – RockPile Energy Services, LLC said that it has retained PJT Partners to help it evaluate strategic alternatives that will strengthen its balance sheet.
The company and its advisers remain in “constructive discussions” with the bank lending syndicate and have also initiated dialogue with various potential strategic partners, according to a news release.
Any strategic alternatives that the company decides to pursue would intended to “enhance” its balance sheet and support continued growth of its completion services platform within new and existing operating regions.
RockPile is a subsidiary of Triangle Petroleum Corp., which announced last month it was considering strategic alternatives.
Thursday’s announcement indicates that RockPile will examine its options independently of the parent company.
RockPile also announced that it has named Thomas J. Allison as an independent director. Allison was an executive vice president and senior managing director of Mesirow Financial Consulting, LLC until he retired in 2012.
RockPile had $112 million drawn on its credit facility as of Jan. 31, according to Triangle’s most recent 10-K filing with the Securities and Exchange Commission. Availability was $38 million.
On April 13, RockPile entered into an amendment to the credit agreement that waived any default or event of default in connection with the financial covenants that occurred as of Jan. 31 or may occur as of April 30. RockPile is no longer to draw additional funds from the facility without a further amendment.
RockPile is a Denver-based provider of hydraulic pressuring pumping and related services.
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