Simpson Thacher represented Breakwall Capital LP in connection with Berry Corporation (bry)’s new $545 million term loan facility. Berry intends to use the proceeds to redeem all its 2026 promissory notes, representing an aggregate amount of $400 million and to refinance its current RBL, which matures in August 2025. Valor Upstream Credit Partners, L.P., which is managed by Breakwall Capital LP in partnership with Vitol, is the sole lender under the term loan facility.
Berry is a publicly traded western United States independent upstream energy company with a focus on onshore, low geologic risk, low decline, long-lived oil and gas reserves. Berry operates in two business segments: (i) exploration and production; and (ii) well servicing and abandonment.
The Simpson Thacher team included Matthew Einbinder, Jason Hwang, Hyang-Sook (“Soogy”) Lee, Ron Havas, Ramz Aziz and Logan Harris (Banking and Credit); Karen Hsu Kelley (Public Company Advisory); Timothy Gallagher and Helene Marie Snyder (Real Estate); Pasco Struhs (ERISA); Michael Mann and Matthew Lester (Tax); and Michael Isby (Environmental).