WestLB Acts as Sole M&A Advisor, Co-Agent in USD 150 million Credit Facility for RAM Energy
WestLB’s Oil, Gas and Petrochemicals Capital Markets North America unit successfully closed a USD 150 million credit facility for the merger of Tremisis Acquisition Corp. into RAM Energy, creating RAM Energy Resources. WestLB acted as co-agent and sole M&A advisor to RAM Energy. The total value of the transaction is USD 330 million.
The landmark transaction is the first energy related Special Purpose Acquisition Company (SPAC) to successfully complete the merger process. Tremisis, a publicly traded SPAC, is merging with RAM Energy, an operating entity, to create a publicly traded oil and gas company.
“On behalf of our client, we are happy to close one of the first SPACs on record,” said Ron Ormand, head of WestLB’s Oil, Gas & Petrochemicals group. “Our team harnessed its creative energy to see this deal to its conclusion, without the benefit of a blueprint or case study. WestLB once again provided ‘New Answers in Banking’ for its valued clients.”
About RAM Energy
Founded in 1987, RAM Energy is an oil and gas company with operations primarily focused in North Texas and the Gulf Coast. The Company also owns significant acreage targeting the Barnett Shale in Fort Worth, the largest natural gas play in the United States. For more information, please visit www.ramenergy.com.