Cypress Environmental Partners Shares Dive 36% On Argonaut Senior Debt Acquisition

Dow Jones

2022/04/23

By Denny Jacob

Cypress Environmental Partners LP shares dropped 36% to 41 cents in after hours trading Friday after the company said that an affiliate of Argonaut Private Equity acquired 100% of its senior secured debt from seven existing lenders.

Cypress said it worked with Piper Sandler & Co. to solicit potential debt and equity investors to recapitalize the company in advance of the May 31 maturity date of its credit facility. The company's board and lenders independently agreed with Piper Sandler's recommendation.

The company said it plans to pursue a court-supervised restructuromg with the support of Argonaut, its new senior secured lender.

Write to Denny Jacob at denny.jacob@wsj.com

$(END)$ Dow Jones Newswires

April 22, 2022 17:25 ET (21:25 GMT)

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