Global Infrastructure Partners announces preferred stake in Easton Energy

NEW YORK, September 30, 2021 /PRNewswire/ — Global Infrastructure Partners (“GIP”) announced that it has made a preferred stock investment of up to $245 million in Easton Energy LLC (“Eston“). Eston is a Houston midstream company based on the development of infrastructure assets that support the transportation, storage and processing of natural gas liquids (NGLs), refined products and petrochemicals along the Gulf Coast. Easton assets include salt cavern storage facilities of liquid hydrocarbons in Markham, TX, and approximately 450 miles of pipelines that connect major commodity markets along the Texas and the Louisiana Gulf Coast.

GIP is making the investment through Global Infrastructure Partners Capital Solutions Fund II (“GIP CAPS II”), which is part of GIP’s credit platform (“GIP Credit”). the Eston the investment represents the second commitment made by GIP CAPS II. CAPS provides tailored credit financing for infrastructure issuers in the key GIP sectors of midstream energy, power, renewables, energy transition, transport and water/waste, all leveraging GIP’s significant operational expertise.

The proceeds of the investment will be used to finance the organic growth of Easton asset base and other strategic growth opportunities, with a tailored deferred drawdown structure to support existing and future growth projects. Eston is backed by Cresta Fund Management, a growth-oriented, middle-market focused private equity firm that invests in sustainable and conventional energy, industrial, physical and agricultural infrastructure. The very experienced Eston The management team brings considerable experience in the management of natural gas liquids and commodity transportation and distribution services.

Denny Sreckovic, CEO of GIP, said: “We are very pleased to have concluded this transaction with Eston and its sponsor, Cresta. Easton The assets provide essential services to its Gulf Coast midstream and petrochemical customers. This investment illustrates GIP’s ability to provide tailored financing solutions for high quality critical infrastructure projects and to partner with experienced management teams and sponsors.”

Brad Ramsay, President and CEO of Eston, said, “We welcome this opportunity to partner with GIP, a leading infrastructure investor with experience in the midstream. GIP has been able to scale a preferred equity financing structure that supports many optimally our continued growth capital needs and complements our existing capital structure.We consider GIP as an important financial partner Eston seeks to continue expanding its strategic infrastructure.”

Evercore acted as financial advisor to Eston and the company has received legal advice from, Willkie Farr & Gallagher. Latham & Watkins provided legal advice to GIP.

About Global Infrastructure Partners
Global Infrastructure Partners (“GIP”) is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. The GIP targets investments in the energy, transport, digital infrastructure and water/waste sectors in OECD countries and certain emerging countries. The GIP teams are divided into 10 offices: London, New York, Stamford (Connecticut), sydney, melbourne, Brisbane, Bombay, delhi, Singapore and hong kong. GIP Credit provides financing solutions and makes non-common debt and equity investments in infrastructure and corporate assets. For more information, visit www.global-infra.com.

About Cresta Fund Management
Cresta Fund Management (“Cresta”) is a growth-oriented private equity firm investing in sustainable and conventional energy and industrial infrastructure. Founded in 2016 and based in Dallas, TX, the founding partners of Cresta Management are seasoned industry veterans who deliver value throughout the investment cycle, from initial due diligence to commercial operations. For more information, please visit: www.crestafunds.com.

About Easton Energy
Easton Energy (“Eston“) is a Houston midstream company based on the development of infrastructure assets that support the transportation, storage and processing of natural gas liquids (NGLs), refined products and petrochemicals. Easton major assets include salt cavern storage facilities of liquid hydrocarbons at Markham, TX and approximately 450 miles of product distribution pipelines that connect major product markets along the Texas and the Louisiana Gulf Coast. For more information, please visit: www.eastonenergie.com.

SOURCE Global Infrastructure Partners

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