CorEnergy Infrastructure Trust Inc., which was a business development company, sought to convert to a real estate investment trust (REIT) focused on high-quality energy infrastructure assets. Acquiring the Pinedale Liquids Gathering System in Wyoming, located in one of the top five U.S. natural gas fields, was a key step in the company’s strategy.
Steve advised CorEnergy all through the $228 million acquisition, which included negotiation and documentation of a $78 million public stock offering led by Bank of America Merrill Lynch, a $70 million credit facility from KeyBank and a $30 million co-investment from a subsidiary of Prudential Insurance.