A syndicate of private credit lenders including Blackstone and Ares Management, has extended over $400m in delayed draw term loans to Enverus, to support the firm's planned acquisition of Spatial Business Systems, according to a report by Bloomberg.

The loans follow an earlier $3bn financing package in December from the syndicate, which also includes Oaktree Capital Management, Thoma Bravo, HPS Investment Partners, and Antares Capital.

The acquisition of Spatial Business Systems, an AI-driven platform for electric and gas utilities, is expected to close in Q2 2026. Following the additional borrowing, Enverus’ leverage is estimated at roughly 7.5x debt-to-earnings.

As well as participating in the original covenant-lite $3bn term loan, which was priced at 4.5% over the benchmark rate, Blackstone also made a $3.8bn equity commitment to Enverus.