THE WOODLANDS, Texas, Oct. 28, 2024 /PRNewswire/ — BJ Energy Solutions, LLC (“BJES” or the “Company”) is pleased to announce that in a series of recent transactions two significant corporate modifications have been achieved. First, BaiWin Financing LLC (“BaiWin” – a related-party to an existing BJES owner) have agreed to convert the entirety of their term-debt (approximately $170MM) into equity of Company. The decision to convert comes after consideration of BJES’ long-term prospects for its TITAN next-generation fracturing technology. In exchange for the conversion, BaiWin and its related affiliates will own approximately 80% of the Company. Second, the resulting change in ownership percentage among existing holders drove the decision to separate BJES from its former parent (Kanaci Technologies, LLC).
The completion of these transactions strengthens the Company’s balance sheet and enhances BJES’ financial flexibility in a period of softness in the natural gas market. With the support of a majority owner that not only believes in the long-term viability of the technology but also in the capability of Company’s leadership team, BJES is now in a positioned for further growth and innovation.
Stephen Greak, BJES Chairman and a BaiWin principal said, “We maintain a positive long-term view on the North American energy markets and believe that our commitment to the series of transactions that were recently completed underscores our confidence in the market opportunity for BJES.” Read More
