Wilmington Trust Clarifies Role in Stallion Oilfield Services Ltd. Bankruptcy Case

WILMINGTON, Del.--(BUSINESS WIRE)--Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, said today that it is serving as administrative agent for the credit facility, not extending credit, in a transaction that provides financing to Stallion Oilfield Services Ltd., which filed for Chapter 11 protection yesterday in the United States Bankruptcy Court for the District of Delaware.

News reports may have implied that Wilmington Trust is providing $259.3 million in credit to Stallion Oilfield Services. In fact, Wilmington Trust is not a lender to Stallion Oilfield Services. The bankruptcy filing of Stallion Oilfield Services poses no credit or investment risk to Wilmington Trust, nor does it affect Wilmington Trust’s balance sheet. Wilmington Trust represents the lenders as an agent, providing loan administrative services, such as maintaining the register of lenders, receiving borrower payments and making lender payments, and receiving and disseminating covenant and other information to lenders, among other duties. Wilmington Trust is paid a fee for providing these services.

Wilmington Trust’s CCS business offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital market financing structures, as well as those who seek to establish or maintain nexus, or legal residency, for special purpose entities. Because Wilmington Trust does not underwrite securities offerings or provide investment banking services, it is able to deliver corporate trust services that are conflict-free.

About Wilmington Trust

Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 88 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.