Kirkland Advises Magnetar Capital on Significant Preferred Equity Investment in WaterBridge to Fund Strategic Acquisitions

Kirkland & Ellis counseled Magnetar Capital on its preferred equity investment in WaterBridge Holdings LLC, as part of a $345 million equity capital raise involving existing investors Five Point, GIC and management.  In addition to Magnetar’s initial $150 million preferred equity investment, WaterBridge has the ability to issue, and Magnetar Capital has the right to acquire, an additional $100 million of preferred equity to fund future growth opportunities.  Proceeds from the equity capital raise were used in connection with WaterBridge’s acquisition of produced water infrastructure from Primexx Resource Development, LLC in the Southern Delaware Basin and other strategic acquisitions of produced water infrastructure from Tall City Exploration III LLC and Jetta Permian LP in the Southern Delaware Basin.

Read the WaterBridge press release

The Kirkland team was led by Dallas-based transactional partner Kevin Crews and included associates Scott Delaney, Key Hemyari and Abbey Zuech; tax partners David Wheat and Lane Morgan; environmental transactions partner Jon Kidwell; and capital markets partner Lanchi Huynh, all based in Kirkland’s Dallas office.