HOUSTON--(BUSINESS WIRE)--BlackGold Capital Management LP (“BlackGold”), a private credit investment firm focused on the energy industry, today announced the completion of a first lien senior secured term loan with Eastham Enterprises, Inc., a privately held diversified and multi-generational oil field services company. Eastham provides drilling, machining, and forging services to energy companies. The loan transaction included co-investors.
The Eastham management team has succeeded in the drilling business for over four decades while maintaining a conservative balance sheet and navigating through volatile commodity prices. The forging business, started in 1913, has continued to innovate and deliver high value-added products for its customers.
“We continue to help fill the void left by traditional financial institutions and believe this financing should provide our investors with an attractive yield, low net debt leverage and solid asset coverage,” said Erik Dybesland, co-founder of BlackGold. “As capital for the energy sector continues to be scarce, our ability to address risk and drive returns for our investors, while creating solutions for borrowers has allowed BlackGold to source compelling underwritings.”
Adam Flikerski, co-founder, added, “We are pleased to partner with Eastham. We continue to find opportunities in mid-sized energy companies for creative structures to address their funding requirements. Our team diligently adheres to our commitment of assessing downside risks and aims to deliver a return stream our investors expect.”
BlackGold Capital Management, founded in 2006, has invested approximately $8 billion in both public and private energy companies, across upstream, midstream, and oil field services.
BlackGold Capital Management LP is a leading investment firm focused on opportunistic catalyst-driven investments in the energy industry. The firm’s team has decades of experience and expertise in energy with extensive long-standing industry relationships. Founded in 2006, BlackGold seeks to generate compelling returns for its investors by employing a deep fundamental research-driven approach in analyzing energy assets and capital structures. The firm manages approximately $1 billion in capital across its investment platform which includes public and private commingled strategies as well as managed accounts. KKR & Co. LP, a global investment firm that manages investments across multiple asset classes, holds a 24.9% passive minority interest in BlackGold Capital Management LP. For more information, please visit www.BlackGoldCap.com.