Paul Hastings Advises Banks on Ares Management’s Acquisition of BlackBrush Oil & Gas
New York, NY - Paul Hastings LLP, a leading global law firm, announced today that the firm represented the banks in financing the purchase of BlackBrush Oil & Gas, L.P., an independent oil and gas exploration and development company, by private equity group Ares Management, L.P. (NYSE:ARES).
The financing consisted of a $500 million first lien reserve-based facility from Bank of America, N.A., which acted as administrative agent and a $300 million second lien term loan credit facility by UBS AG, Stamford Branch, which acted as administrative agent. UBS Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC acted as joint lead arrangers in connection with the credit facilities.
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