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Wednesday, January 20, 2021

Morgan Stanley fund acquires subsidiaries of Fort Worth pipeline company in $1.75B deal

Brazos Midstream Holdings LLC and its financial sponsor, Old Ironsides Energy, on April 9 announced they have entered into a definitive agreement to sell its Delaware Basin subsidiary companies to North Haven Infrastructure Partners II and related funds for approximately $1.75 billion in cash. Closing is expected in the second quarter of 2018 and is subject to customary approvals and closing conditions.

NHIP II is an investment fund managed by Morgan Stanley Infrastructure. The transaction includes committed debt financing of $950 million ($900 million of term loan and $50 million of revolving credit facility), underwritten and arranged by Jefferies Finance LLC and Royal Bank of Canada. After closing, Fort Worth-based Brazos will retain its name and operate as a portfolio company of NHIP II. The members of the Brazos management team will remain in their current roles.

“I am proud of what the Brazos team has accomplished in three short years,” said Brad Iles, Brazos CEO. “We have built best-in-class assets in one of the most prolific and economic oil and gas producing regions in the United States. We are thankful for MSI’s commitment to our team and with their support we will continue to aggressively expand our business to serve our customers’ rapidly growing needs.”

Jefferies LLC is acting as the exclusive financial adviser to Brazos in connection with the transaction, and RBC Capital Markets is acting as the exclusive financial adviser to MSI.

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