An infrastructure credit fund managed by Global Infrastructure Partners (GIP) has invested in US midstream infrastructure company Easton Energy.
GIP said it has made the preferred equity investment of up to $245m (鈧�211.7m) on behalf of Global Infrastructure Partners Capital Solutions Fund II (GIP CAPS II), the fund which raised $1.4bn in December last year.
Easton is focused on developing infrastructure assets that support the transportation, storage, and processing of natural gas liquids, refined products, and petrochemicals along the Gulf Coast. The Houston based company鈥檚 assets include liquid hydrocarbon salt cavern storage facilities and 450 miles of pipelines.
Easton is backed by Cresta Fund Management.
GIP said GIP CAPS II鈥檚 investment will be used to fund the organic growth of Easton鈥檚 asset base and other strategic growth opportunities.
Denny Sreckovic, managing director at Global Infrastructure Partners, said Easton鈥檚 assets provide services that are core to its Gulf Coast midstream and petrochemical customers.
鈥淭his investment exemplifies GIP鈥檚 ability to provide tailored financing solutions for high quality, critical infrastructure projects and partner with experienced management teams and sponsors.鈥�
Brad Ramsey, president and CEO of Easton Energy, said: 鈥淕IP was able to tailor a preferred equity financing structure that optimally supports our continued growth capital needs and complements our existing capital structure.
鈥淲e view GIP as an important financial partner as Easton looks to continue its strategic infrastructure expansion.鈥�
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