Stonepeak has just invested $350m in Sanchez Production Partners (Sanchez Energy).
Acquisition Financing
Related to its funding of the cash consideration required to close the Western Catarina Midstream Transaction, SPP has agreed to issue 19,444,445 newly created Class B Preferred Units in a private placement with Stonepeak Infrastructure Partners ("Stonepeak"), a private equity fund that focuses on the infrastructure space. The Class B Preferred Units will be issued for a cash purchase price of $18.00 per unit, resulting in gross proceeds to SPP of $350 million. In connection with the closing of the equity financing, Stonepeak will receive two seats on the board of directors of SPP's general partner.
"We are excited about the opportunity to partner with Stonepeak and believe their wide range of infrastructure and capital markets experience will be invaluable to the Partnership as we look to integrate the newly acquired Western Catarina midstream assets and develop new transactions that support and grow our distributions," said Mr. Willinger.
Stonepeak Infrastructure Partners Raises $1.65 Billion for Inaugural Standalone Fund
NEW YORK, Oct. 9, 2013 /PRNewswire/ -- Stonepeak Infrastructure Partners, a leading independent infrastructure investment firm, announced today that it has completed fundraising for its inaugural standalone fund, closing Stonepeak Infrastructure Fund I at $1.65 billion. Stonepeak, founded by former members of the infrastructure investment team at Blackstone, will focus on investment opportunities in the North American middle market, targeting the water and utilities, energy and power and transportation sectors.
