Continuation Vehicle Transaction (Credit: Debevoise & Plimpton LLP, click for larger version)
EnCap Investments has secured a $2 billion "continuation vehicle" to fuel growth at Marcellus driller PennEnergy Resources. The funding will focus on developing PennEnergy’s Marcellus Shale assets, expanding its natural gas inventory, and seizing bolt-on growth opportunities within the current favorable gas market. Essentially, EnCap has refinanced its ownership of existing PennEnergy assets. We explain what a continuation vehicle transaction is below.
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