The Company has committed to draw a minimum of $100 million under the credit facility with the additional $50 million to be available to the Company for a period of 12 months subsequent to closing. The Company is under no obligation to borrow additional funds under the credit facility.
With the closing of this financing, combined with equity capital that has been committed to date, Atlas has fully secured an amount of capital that the Company believes is sufficient to complete the construction of both the Kermit and Monahans plants.
Atlas Sand CFO John Turner said: "We're very pleased to bring on a very experienced energy investor like BlackGold as a partner. BlackGold understands the size of the opportunity created by the ongoing Permian Basin frac sand disruption. This transaction represents another significant step towards our long-term growth plans."
BlackGold managing partner Adam Flikerski said: "BlackGold is pleased to partner with the Atlas Sand team, highlighting both our excitement in the project itself and the secular shift in Permian Basin frac sand fundamentals."
BlackGold managing partner Erik Dybesland said: "This new commitment to Atlas Sand builds upon the launch of our private structure fund last year, and underscores BlackGold's commitment to being a solutions provider for companies in the natural resources industry."
