VoltaGrid closes $175 million revolver for asset acquisition

By William Gullotti

Buffalo, N.Y., Dec. 9 – VoltaGrid LLC closed on a new $175 million senior secured revolving credit facility in connection with its definitive agreement with Pilot Co. to acquire substantially all assets of Pilot’s CNG compression, CNG virtual pipeline and CNG logistics platform, according to a press release on Friday.

The facility may be expanded up to $250 million under certain conditions.

BMO Capital Markets, Toronto-Dominion Bank, National Bank of Canada, Scotiabank and Cadence Bank were named as participating lenders, with BMO acting as administrative agent and lead arranger.

BMO also served as financial adviser for the acquisition.

Facility details, such as those regarding interest rate or tenor, were not disclosed in the press release.

The borrower is based in Houston and is an advanced energy management and generation company that provides power, alternative fuels and emissions reductions for the pressure pumping, remote mining, utility and distributed generation market.

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