Circulus Holdings, PBLLC , a Houston-based public benefit limited liability company producing post-consumer resin with a focus on plastics derived from recycled low-density polyethylene , announced it has closed on a $100 million credit facility with Riverstone Credit Partners, L.P. (“Riverstone Credit Partners”), a dedicated credit investment platform focused on energy, power, decarbonization, and infrastructure managed by Riverstone Holdings LLC The Green Loan was structured in compliance with the LSTA Green Loan Principles which aim to facilitate and support environmentally sustainable economic activity by financing eligible projects. Circulus is a portfolio company of Ara Partners, a Houston-based private equity firm specializing in industrial decarbonization investments.
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“We are excited at the opportunity to partner with Riverstone. The partnership enables Circulus to rapidly develop a broad network of facilities and further the company’s commitment to sustainable manufacturing. We look forward to supporting green-based jobs and preserving our environment for future generations.”
An emerging leader in plastics recycling, Circulus is building out a widespread footprint of plants that utilize advanced technologies with a multistep mechanical process to transform lower grade plastic into PCR suitable for a variety of commercial and industrial applications. The company’s products address sustainability challenges with flexible plastics and revolutionize the use of PCR for plastic bags, shrink film, pouches, overwraps, and many more consumer-facing applications.
David Hudson, Founder & CEO of Circulus, commented, “We are excited at the opportunity to partner with Riverstone. The partnership enables Circulus to rapidly develop a broad network of facilities and further the company’s commitment to sustainable manufacturing. We look forward to supporting green-based jobs and preserving our environment for future generations.”
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Daniel Flannery, a Managing Director at Riverstone, said, “We are pleased to partner with Circulus and further expand our portfolio of credit investments in green projects and sustainable companies. We believe that a strong commitment to managing ESG factors such as natural resource management, health and safety, community and stakeholder impact, climate change and greenhouse gas emissions, among other issues is critical to the success of our portfolio companies, funds, and firm. Circulus is aligned with this strategy by meeting the insatiable demand for high-quality PCR while meaningfully reducing greenhouse gas emissions as compared to virgin resin production.”
Guggenheim Securities, LLC and White & Case LLP acted as sole financial adviser and legal adviser to Circulus. Simpson Thacher & Bartlett LLP served as legal adviser to Riverstone Credit Partners.
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