Cleary Gottlieb acted as New York counsel to Valerus Compression Services, a TPG portfolio company and a leading provider of oilfield solutions, in the refinancing of its debt.
The refinancing was carried out in conjunction with the spin-off of Valerus’ field solutions business to Kentz Corporation, a global engineering specialist solutions provider, for $435 million. Valerus’ remaining business lines consist of renting new and reconditioned compression, processing and production equipment and providing aftermarket services to maintain and repair customers’ equipment.