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Energy & Natural Resources| Client Successes

CorEnergy Completes Complex Sale-Leaseback

Situation

Our client CorEnergy sought to purchase a $228 million liquids gathering system in Wyoming from Ultra Petroleum Corp. The system serves one of the largest natural gas fields in the U.S.

Result

Represented CorEnergy in negotiating, documenting and financing the purchase, as well as an agreement to lease the system back to Ultra Petroleum. Financing included a $78 million public stock offering, a $70 million credit facility, and a $30 million co-investment from Prudential Capital Group. The purchase enabled CorEnergy to implement its strategic plan to qualify as a Real Estate Investment Trust.