October 18, 2022
NEW YORK, NY and WELLESLEY, MA – Enstructure LLC (“Enstructure” or the “Company”), a leading marine terminals and logistics company, announced today that Blackstone Credit, through its Sustainable Resources Platform, and M&T Bank have provided a $525 million credit facility to refinance the Company’s existing debt and support its continued growth, including strategic acquisitions and development projects. Enstructure’s credit facility is structured as a sustainability linked loan (“SLL”) and ties the Company’s cost of debt to achieving certain environmental, social, and governance (“ESG”) targets over the next few years.
“We are thrilled to enter into this strategic partnership with Blackstone Credit. Enstructure is well-positioned for our next phase of growth and development as we continue to provide best-in-class services and solutions for our customers”, said Matthew Satnick and Philippe De Montigny, Co-CEOs of Enstructure.
“Enstructure has built a unique infrastructure and logistics platform with an impressive track record. We are excited to begin our long-term partnership with the Company through an investment that supports its strategic growth ambitions”, said Mark Rutledge, Managing Director in the Sustainable Resources Platform at Blackstone Credit.
Evercore Group L.L.C. acted as exclusive financial advisor to Enstructure. King & Spalding LLP served as Blackstone Credit’s legal counsel and Latham & Watkins LLP served as Enstructure’s legal counsel. M&T Bank provided the Company’s revolving credit facility and Alston & Bird LLP served as M&T Bank’s legal counsel.
About Blackstone and Blackstone Credit
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $941 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.
Blackstone Credit is one of the world’s largest credit-focused asset managers, with $230 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. Blackstone Credit’s Sustainable Resources Platform is focused on investing in and lending to renewable energy companies and those supporting the energy transition and climate change solutions. Blackstone sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions over the next decade across its businesses.
Enstructure is a leading owner and operator of marine terminals, warehouses, cold storage and logistics assets across the eastern half of the United States. Enstructure owns and operates eighteen terminals across nine states with over 900 employees and approximately 3.8 million square feet of industrial warehouse capacity, including 19.2 million cubic feet of cold storage. In addition, Enstructure was selected as the exclusive terminal operator of Connecticut’s New London State Pier, which is being redeveloped as the United States’ first dedicated offshore wind turbine staging and assembly hub. Enstructure provides full service, reliable logistics solutions to some of the world’s largest companies in the energy, offshore wind, agriculture, food, manufacturing, construction and public safety sectors. Further information is available at www.enstructure.com.