Kirkland Advises Tailwater Capital on $1.1 Billion Recapitalization of Producers Midstream II
Kirkland & Ellis is advising Tailwater Capital, a Dallas-based energy and infrastructure private equity firm, on a new single asset continuation vehicle that extends and grows its partnership with Producers Midstream II. The continuation vehicle, managed by Tailwater Capital and anchored by Goldman Sachs Asset Management, raised approximately $500 million of new equity capital and also includes an allocation from newly formed Tailwater Fund V. The continuation vehicle and Fund V commitments include a significant primary equity component to support Producers Midstream II’s growth across its asset footprint. Producers Midstream operates a diversified system of gathering and processing and long-haul assets across multiple basins in New Mexico, Texas and Oklahoma, with over 3,300 miles of pipeline and approximately 860,000 dedicated acres. As part of the recapitalization transaction, Kirkland is also advising Producers Midstream II on its entry into a new upsized $600 million senior secured credit facility led by Texas Capital Bank.
Read the transaction press release
The Kirkland team includes investment funds lawyers Matt Nadworny and Társis Gonçalves; corporate lawyers Kevin Crews and Adam Garmezy; tax lawyer Steve Butler; debt finance lawyer Jordan Roberts; and executive compensation lawyer Karsten Busby.
