Kirkland Advises Benchmark on Securing $150 Million Revolving Credit Facility

Kirkland & Ellis represented Benchmark Energy (Benchmark), a subsidiary of Acacia Research Corp. (Nasdaq: ACTG) and McArron Partners, in obtaining a new $150 million secured revolving credit facility from Frost Bank, along with a syndicate of other Texas-based regional banks. The new credit facility refinances existing indebtedness, supports ongoing working capital needs, and helped Benchmark to complete a significant acquisition of certain upstream assets and related facilities within the Western Anadarko Basin. The transactions position Benchmark for further plays within a diversified production base in Texas and Oklahoma.

The Kirkland team was led by debt finance partner Sean McClay and associate Jaynie Doe; and corporate partners John Kaercher and Chris Heasley.