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Blackstone, Private Equity Seek Authorization To Increase Stake in Energy Marketer To 99%

December 15, 2015

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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

A subsidiary of The Blackstone Group L.P. and a private equity firm have sought approval to increase their ownership of Twin Eagle Resource Management, LLC from 50% to 99%

Specifically, Twin Eagle Resource Management, LLC and TERM Holdings, LLC filed an application at FERC seeking all authorizations necessary to permit TERM Holdings to acquire, in one or more transactions, up to a 99.9 percent interest in Twin Eagle by February 1, 2018

Though Twin Eagle sold its retail customer book in 2014, it is still engaged in certain natural gas marketing to large end users, and recently received a Pennsylvania retail natural gas supplier license.

TERM Holdings presently holds a 50.1 percent interest in Twin Eagle and has received authorization under FPA Section 203 to acquire up to a 72.5 percent interest in Twin Eagle by May 31, 2016. The present application seeks merely an extension of the existing authorization, both in terms of the level of the interest to be taken by TERM Holdings in Twin Eagle and of the time period during which the interest(s) may be taken.

Twin Eagle is owned by Junction Creek Investments, LLC (21.8%), Wincrest Ventures, LP (24.9%), TERM Holdings (50.10%), and certain members of Twin Eagle’s management who, collectively, hold less than a five percent interest.

TERM Holdings is a limited liability company created for the purpose of holding interests in Twin Eagle held by investment funds managed or advised by GSO Capital Partners LP (“GSO”) and Five Point Capital Partners LLC (“Five Point”). More specifically, certain funds managed by GSO and certain funds managed by Five Point hold non-voting membership interests in TERM Holdings that do not confer any rights to manage, direct or otherwise control the day-to-day activities of either TERM Holdings or its public utility affiliates and their respective wholesale power marketing activities

GSO is a wholly-owned subsidiary of The Blackstone Group L.P.

Five Point is owned by its managing partners David Capobianco and Matthew Morrow

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