Porter Hedges Advises Alpine Summit Energy Partners on Upstream Energy Asset Backed Securitization
Porter Hedges advised Alpine Summit Energy Partners, Inc. (TSXV: ALPS.U) (OTCQX: ASEPF) (“Alpine Summit”) on the closing of an asset backed securitization of certain producing oil and gas wells (the “Facility”). This is the second upstream energy asset backed securitization having closed in the last six months on which Porter Hedges has advised.
The Facility is led by an insurance company and has an initial size of $80 million with additional capacity to expand up to $150 million in total. The Facility is secured by working interests in a subset of Alpine Summit's producing assets, which are held by an affiliate of its operating subsidiary, HB2 Origination, LLC. Proceeds from the Facility will be used to repay existing indebtedness and Alpine Summit’s asset backed preferred instrument and for general corporate purposes.
Founded in 2018, Alpine Summit is a U.S. based company that operates and develops oil and gas assets. Alpine Summit is focused on maximizing growth and return on equity via improved access to wellhead economics.
For additional details, see the Alpine Summit press release here.