Gopher Resource Announces Capital Raise to Refinance Existing Debt

EAGAN, Minn.--(BUSINESS WIRE)--Gopher Resource (“Gopher” or the “Company”), a leading environmental solutions provider in the United States and a portfolio company of Energy Capital Partners (“ECP”), today announced the closing of a refinancing transaction of its outstanding debt. The transaction was led by a consortium of new and existing lenders including lead lender Silver Point Finance.

As part of this transaction, Gopher entered into a new $450 million first lien credit facility, comprised of a $30 million revolving credit facility and a $420 million term loan, for which Silver Point Finance served as Administrative Agent, Collateral Agent and as Lead Arranger. The proceeds of the new debt financing, along with additional equity investment from ECP, will be used to refinance the Company’s existing term loan maturing in 2025. This refinancing transaction provides Gopher Resource with significant runway to capitalize on ongoing operational initiatives to drive long-term growth.

“We are very pleased with the successful completion of this transaction, which fully addresses our debt maturities and further strengthens our financial position as we continue to execute on our long-term growth strategy,” said John Graham, CEO of Gopher Resource. “We are thankful for the support from our investors, both new and existing, and look forward to continuing to serve our customers, employees and other stakeholders.”

Centerview Partners LLC and Latham & Watkins LLP served as financial and legal advisors to Gopher Resource. Milbank LLP served as legal advisor to the lenders.

About Gopher Resource

Gopher Resource is a leading national environmental solutions provider whose core business is the safe recycling of lead batteries, followed by select household waste recycling. Gopher Resource operates two innovative facilities in Tampa, FL and Eagan, MN. The company helps prevent over 26 million spent automotive, industrial and stationary batteries from going into landfills each year and ensures their reuse into valuable, new consumer products.

About Energy Capital Partners

Energy Capital Partners (ECP), founded in 2005, is a leading equity and credit investor across energy transition, electrification and decarbonization infrastructure assets. The ECP team, comprised of 90 people with 800 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 100 equity (representing nearly $60 billion of enterprise value) and over 20 credit transactions since inception.

About Silver Point Finance

For over 20 years, Silver Point Finance ("SPF") has been an active participant in the direct lending market, providing customized financing solutions to middle-market companies across a broad range of industries. SPF's transactions support acquisitions, refinancings, bridge loans, growth capital, balance sheet restructurings and leveraged recapitalizations. Along with its affiliates, SPF manages approximately $13 billion in investable capital. SPF is the direct lending business of Silver Point Capital, L.P., a leader in global credit investing that oversees the management of approximately $32 billion in investable capital. For more information, please visit silverpointfinance.com.

Contacts

Kevin Kremke, CFO
Kevin.Kremke@GopherResource.com
651-352-4125