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04.06.2018 13:56:00

Osprey Energy Acquisition, Blackstone's Royal Resources To Combine - Quick Facts

(RTTNews) - Osprey Energy Acquisition Corp. (OSPR, OSPRU, OSPRW), an energy-focused special purpose acquisition entity, announced a definitive agreement to acquire the assets of Royal Resources, an entity owned by funds managed by Blackstone Energy Partners and Blackstone Capital Partners. The acquired Royal assets represent the entirety of Blackstone's mineral interests in the Eagle Ford Shale, and the transaction will create a company with a total enterprise value of approximately $894 million. The combined company, which will be named Falcon Minerals Corp., will be led by Osprey's management team.

Blackstone will retain a significant ownership stake in Falcon Minerals at closing representing approximately 47% of outstanding common stock.

To finance the transaction, Osprey has entered into agreements to sell in a private placement approximately 11.5 million shares of its class A common stock at a price of $10.00 per share, for a total of approximately $115 million. The investors in the private placement include leading financial institutions, as well as members of Osprey management. Osprey has also entered into a debt commitment agreement with certain lenders, pursuant to which the lenders have committed to make available to Osprey at closing a $500 million revolving credit facility with an initial borrowing base of $115 million.

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