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Bracewell Counsels Global Infrastructure Partners in its Preferred Equity Investment in Noble Midstream Partners’ EPIC Pipeline Subsidiary

HOUSTON Bracewell LLP counseled Global Infrastructure Partners Capital Solutions Fund (GIP CAPS) in its preferred equity investment of up to $200 million in Dos Rios Crude Intermediate LLC, a subsidiary of Noble Midstream Partners LP. Dos Rios Crude Intermediate was formed to hold Noble Midstream’s 30 percent equity interest in the EPIC Crude Pipeline, which is being designed with an initial capacity of 590 thousand barrels per day from the Permian Basin and Eagle Ford play to the Gulf Coast.

Of the $200 million total commitment, $100 million will be funded during the first quarter of 2019. The remaining $100 million will be available for a one-year period, subject to certain conditions precedent. The preferred equity is perpetual and has a 6.5 percent annual dividend rate, payable quarterly in cash, with the ability to defer payment during the first two years following closing.

Global Infrastructure Partners is an independent fund manager that manages over $40 billion for its investors. GIP CAPS was formed by Global Infrastructure Partners to provide custom tailored financing solutions across energy and other infrastructure projects.

The deal closed on March 28, 2019.

Bracewell lawyers involved in this transaction included:

Partners: Thomas M. Tomlinson, Elizabeth L. McGinley, Lytch T. Gutmann, Steven J. Lorch, Jeris Diana Brunette, D. Kirk Morgan II and Timothy A. Wilkins

Counsel: David J. Harty

Associates: Kathy Witty Medford and Daniel J. Pope