WhiteHawk Capital Partners, LP (“WhiteHawk”), a private credit investment manager focused on asset-based financing solutions, announced that it has entered into an agreement with Latshaw Drilling Company, LLC (“Latshaw” or the “Company”) to provide a $41 million asset-based credit facility. The proceeds from the facility support a refinancing of Latshaw’s indebtedness which recently finalized an out-of-court restructuring. Oppenheimer & Co. Inc. (“Oppenheimer”) served as an exclusive financial advisor to Latshaw on the new term loan financing and the broader restructuring arrangement.
“This refinancing and restructuring provide us with a sustainable capital structure to continue delivering the highest quality service to our customers and capitalize on the strong demand for our drilling rigs. WhiteHawk was an innovative partner throughout the financing process and delivered execution speed and certainty. Oppenheimer did an excellent job in crafting a restructuring plan for us initially, and then a refinancing with WhiteHawk shortly thereafter. Despite many obstacles, Oppenheimer helped us get the ball across the finish line for a successful outcome. We are proud to have the support of partners who understand our business and the importance of our industry,” said Trent Latshaw, Latshaw Founder and President.
“We are pleased to partner with the Latshaw and Oppenheimer teams to facilitate the completion of the restructuring and allow management to focus on executing their business plan. This transaction highlights WhiteHawk’s ability to collaborate with management teams and advisors to develop flexible, custom financing solutions in restructuring situations across various industries,” said Rob Chimenti, WhiteHawk Managing Director.
“We’re pleased to have collaborated with Latshaw to financially engineer a comprehensive deleveraging via a series of transactions, capturing market value discount, while preserving a 100% controlling equity interest. The restructuring and subsequent strategic financing provided by WhiteHawk, has rationalized Latshaw’s capital structure and positioned the Company for a strong year of operating performance,” said Bruce Buchanan, Oppenheimer Head of Debt Advisory & Restructuring.
About Latshaw:
Latshaw was founded in 1981 by President Trent Latshaw and is headquartered in Tulsa, Oklahoma. The Company operates a fleet of 40 land drilling rigs with a long-term established presence serving exploration and production customers in key U.S. basins including the Arkoma, Permian and SCOOP / STACK basins. For more information visit www.latshawdrilling.com.
About WhiteHawk:
WhiteHawk Capital Partners, LP is a private credit investment manager focused on asset-based financing solutions primarily to middle market private and public companies across a variety of industries. WhiteHawk provides senior secured financings under a variety of structures for purposes of refinancing, recapitalization, growth, acquisition, restructuring, bridge, and DIP/emergence. For more information visit www.whitehawkcapital.com or contact info@whitehawkcapital.com.
About Oppenheimer:
Oppenheimer's Debt Advisory & Restructuring team offers creative solutions to leveraged corporate issuers, financial sponsors, and credit investors. The uniqueness of Oppenheimer’s platform provides clients with the benefit of independent, best-in-class advice, which is complemented by their capital market expertise across the financing spectrum. For more information visit www.oppenheimer.com/corporations-institutions/investment-banking/investment-services/debt-advisory-restructuring.aspx
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