Financial Advisor
Cheyenne Petroleum Company
Debt Capital Markets
Senior Secured Term Loan
Transaction Details
- On November 16, 2022, Cheyenne Petroleum Company (“Cheyenne” or the “Company”) closed on a new Senior Secured Term Loan (the “Term Loan”) with two lenders
- The Term Loan provides a maximum committed amount of $155 million, with $130 million funded at closing and $25 million available subject to compliance with certain conditions
- Net proceeds from the financing were used to refinance the Company’s existing reserve-based credit facility and second lien term loan along with general corporate purposes
- The undrawn funds of the Term Loan may be used in the future to provide liquidity for Cheyenne’s 2023 development program
- Stephens served as exclusive financial advisor to Cheyenne in the transaction
About the company
Cheyenne Petroleum Company is a privately-held, independent oil and gas company engaged in the acquisition, development and production of oil and gas resources in the United States. The Company’s principal properties are located in the Eagle Ford Shale in Southwest Texas and the Mid-continent region in Central and Southern Oklahoma.
Cheyenne has drilled and completed over 120 wells across its current acreage position while maintaining a prudent operating cost structure and placing an emphasis on safety with environmental integrity. The Company was founded in 1973 and is headquartered in Oklahoma City, Oklahoma.
Sources: Company-provided and publicly-available information.
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