MidCentral Energy Partners LLC landed a senior secured credit facility from private equity firm Orion Energy Partners LP and its affiliated funds under a strategic financial tie-up announced March 19, a move that will help MidCentral expand its business.
Oklahoma City-based MidCentral offers pressure control equipment and services through a well's lifecycle, with a focus on drilling in the Permian Basin in West Texas and New Mexico and the SCOOP/STACK play in Oklahoma. The partnership with Orion Energy will help MidCentral accelerate its growth and optimize its offering of equipment and services, MidCentral CEO Kristian Kos said.
Covington & Burling LLP was legal counsel to MidCentral. Piper Jaffray & Co. division Simmons Energy was exclusive financial adviser to MidCentral and the sole placement agent on the transaction. Latham & Watkins LLP was legal counsel to Orion Energy.