Article/Intelligence
Blackstone Taps Private Lenders for $3.4B Debt Package in Enverus Acquisition Talks
Blackstone is lining up a $3.4 billion debt financing package from private lenders to back its potential acquisition of energy data firm Enverus, according to sources.
Talks are underway with several private lenders, including Ares, for financing expected to be priced in the SOFR+500-550 bps range, sources said, which would lever Enverus at about 8.5x. Additionally, sources said the company generates $400 million in EBITDA.
Blackstone has pulled ahead in the race to buy Enverus for roughly $6 billion, which is owned by Hellman & Friedman, according to a report by Reuters in late July. The same report said Veritas Capital is also circling Enverus as a potential bidder.
Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, was also reportedly in discussions to acquire Enverus, according to a report by Bloomberg.
In addition to Ares, Octus’ BDC Database shows that HPS, Antares, Oaktree, First Eagle, Vista Credit Strategic Lending, AB Private Credit Investors, Jefferies Credit Partners, New Mountain, Senior Credit Investments, Palmer Square Capital BDC, Crescent Private Credit Income and Diameter Credit are existing lenders to Enverus. Most of the firms hold first lien debt, priced at SOFR+525 bps and maturing in December 2029.
The debt is pricing a notch above the 2025 second-quarter average for senior direct M&A loans in the industrials space, which came in at SOFR+504 bps – just under the first quarter’s SOFR+505.4 bps, according to Octus’ Private Credit Dashboard.
Enverus offers data and analytics tools for managing, developing and acquiring assets across the energy value chain, according to its website. Its platform supports everything from early-stage investment to large-scale development, providing timely insights and analysis to guide energy strategies.
The Austin, Texas-based company was acquired by Hellman & Friedman in June 2021 at a $4.25 billion valuation, with debt included, according to a press release at the time. Former majority owner Genstar Capital, which took over Enverus in 2018, held onto a sizable minority stake after the sale.
Octus recently reported that Blackstone is tapping $300 million in debt for its acquisition of vaccine platform VaxCare, with HPS Investment Partners leading the deal. The package includes a $250 million term loan and $50 million revolver, priced around SOFR+450 bps. Neuberger Berman, Audax and Jefferies are also in the mix.
A list of Enverus’ CLO loan holders can be found in Octus’ CLO database HERE.
Blackstone and Ares declined to comment. Enverus did not return to a request for comment.
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