Covey Park buys additional Haynesville assets from Chesapeake
DALLAS, Texas -- Covey Park Energy, announced the closing of the acquisition of additional assets in the Haynesville shale area of north Louisiana from Chesapeake Exploration, and related companies for $465 million.
Covey Park funded a portion of the acquisition with additional equity investments from its investor Denham Capital, as well as incremental debt commitments from its core lender group. To fund the balance of the acquisition and to support growth initiatives, Covey Park issued preferred equity to Magnetar Capital, KKR (through the Energy Income & Growth Fund) and Triangle Peak Partners. Wells Fargo acted as financial advisor to Covey Park.
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