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Financially Troubled Preferred Sands Gets Lifeline from KKR
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KKR and Preferred Sands, one of North America's largest producers of sand and resin coated proppants, announced the signing of definitive agreements under which KKR, in conjunction with Jefferies LLC, has committed to provide a comprehensive financing solution to refinance the company's entire capital structure. The transaction, which is subject to customary closing conditions, is expected to close on July 31, 2014.
Under the agreement, KKR is providing a comprehensive capital solution including debt and equity of more than $680 million.
Michael O'Neill, CEO of Preferred Sands, commented: "This is a long-term plan that enables us to further grow our industry-leading platform of products and services. We deeply appreciate that KKR worked with us in an expedited time frame to create a…
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