CDT Roundup: 12 Deals, 13 Firms, 134 Lawyers, $12.1B

Despite a flurry of power and utility-related transactions in recent months — particularly related to the anticipated development of data centers — don’t expect much from the upstream sector in 2025.

Not even the “Drill, Baby, Drill” rhetoric of a new administration seems likely to spur a surge in production across 2025, according to S&P Global, in an analysis backed by new stats from the U.S. Energy Information Administration.

Beyond the noise, drilling was pretty much flat in January, “a cadence that is generally expected to continue in the months ahead before rig counts set off on a decline,” predicts the S&P guidance.

The cause? Lackluster crude prices and natural gas-weighted operators still waiting for international demand to rise to possibly overblown expectations. And to the extent that energy price drives production, it also drives deals.

In the latest EIA monthly report, for instance, U.S. crude production in November 2024 averaged 13.314 million barrels per day, a slight increase over the 13.308 mb/d averaged in November 2023. That’s the good news. But that latest production was a decline month-over-month from the 13.436 mb/d logged in October 2024.

In Texas, crude production numbers were similar. November 2024 saw an average of 5.761 mb/d, up YoY from 5.658 mb/d, but down -1.2 percent from October 2024 (5,831 mb/d).

The natural gas numbers are slightly different but trending the same: down across the U.S. (-1.0%) year-over-year and down in Texas (-0.4%) month-over-month.

But it’s the rig count that seems to best tell the story. In January 2025, according to the EIA, there were 584 O&G rotary rigs in U.S. operation. A year prior, there were 620. And S&P analysts suggest that with most budgets set in late 2024 at $70/barrel WTI, operators will maintain similar rig counts in late 2024.

“However, oil-directed drilling activity will decline in the second half of 2025 as lower oil prices, particularly for 2026, begin to materialize in the forward curve.”

Although S&P expects the WTI to continue to hover around $70 per barrel for the year, there are some bright spots in the S&P report, particularly for Texas.

First, and perhaps most obvious, is an anticipated boost in the production of feedgas for LNG facilities along the Texas-Louisiana Gulf Coast. In 2025, Venture Global’s Plaquemines LNG and Cheniere Energy’s Corpus Christi Stage 3 export project will be ramping up production, which anticipates a 21 percent increase over 2024, according to S&P forecasts.

And in the Permian — which accounts for nearly three-fourths of the Lower 48 rig count — EIA expects an efficiency-driven increase of 6 percent in production over the year, a major factor in their forecast of an increase from 11.15 mb/d to 11.5 mb/d in onshore output.

The week ending Feb. 15, saw a dozen deals, 10 M&A/funding transactions and two CapM deals, together valued at $12.1 billion. That’s on pace with the prior week, which saw 14 deals worth $7.15 billion, but a bit behind the 16 deals for $29.9 billion reported last year. Of course, one of those deals was a monster: Diamondback’s $26 billion acquisition of Endeavor. One note: Diamondback may be at it again soon. Several outlets have reported that discussions between Diamondback and EnCap are close to a $5 billion deal for the latter’s Double Eagle IV.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	22	$22,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/Fundings

PSG Closes a Pair of Funds Worth a Combined $8B

Deal Description: PSG Equity, a Boston-based growth equity firm that primarily collaborates with software and technology-focused companies, announced on Feb. 12 that it closed a pair of funds worth a combined $8 billion. The first fund closed, PSG VI, is its sixth North American-based flagship fund, which will focus on investing in AI-focused software companies. It closed with $6 billion in capital commitments from sovereign wealth funds, state and corporate pensions and family offices. The capital commitments that PSG VI received also surpassed those of its predecessor, which received $4.7 billion in commitments. The second is a continuation fund named PSG Sequel. The continuation fund received $2 billion in capital commitments from a handful of institutional investors, which included Canada Pension Plan Investments, StepStone and GIC. Through PSG Sequel, PSG will retain its equity stake in six of its portfolio companies, Arcoro, LivTech, Nextlane, Semarchy, Singlewire Software and Transit Technologies, to support each of the company’s next phase of growth through the new fund.

PSG Outside Legal Counsel: Weil, Gotshal & Manges represented PSG in the deal with a team that was led by partner Richard Frye (Dallas), partner David Gail (Dallas), partner Emmanuelle Henry (Paris) and also included associates Patrick Hosch (Dallas), Lauren Broidy (Dallas), Madeleine Carpenter (Dallas), Emma Conde (Dallas), Niko Lane(Dallas), Parker Winston Lawter (Dallas), Sam Rosenbloom (Dallas), Hunter Zepeda (Dallas), Josh Schonfeld (Dallas) and Sarah Smith (Dallas).

Note: Weil’s David Gail also advised on PSG’s recent strategic investment in Coursekey in January 2025 and PSG’s September 2024 strategic investment in Campus Ivy and Verity IQ.

PSG Injects $150M into video platform Uscreen

Deal Description: In addition to closing $8 billion in funds (see item above), PSG also announced a $150 million investment in Uscreen, a company that provides video software and market development services for the self-production of online content for training, education, event broadcasting and market influence on platforms like Instagram and Facebook. Headquartered in suburban Washington, D.C., the says it plans to use the funds to upgrade and expand its native mobile and TV apps, to improve its community engagement tools and enhance its analytics and monetization features. GCL is the exclusive marketer and distributor in East Asia and Southeast Asia of such games as The Witcher 3, Sonic series, Hogwarts Legacy, and Cyberpunk 2077.

PSG Outside Legal Counsel: Weil Gotshal & Manges with team is led by Private Equity partner David Gail (Dallas) and Dallas PE associates Patrick Hosch, Emma Conde and Parker Lawter; as well as tax partner Jonathan Macke (Dallas) and associate Sarah Smith (Dallas) and lawyers from Northern California and New York.

RF Acquisition Corporation and GCL Global Limited Announce $87.9M Merger

Deal Description: Asia-based games and content distributor GCL Global rang the bell to open Nasdaq trading on Feb. 14, after closing a long-sought deSPAC merger with RF Acquisition, a blank check company based in Singapore. Terms of the $87.9 million reverse-merger agreement included a minimum cash condition of $25 million in addition to the $42.9 million in the RFAC trust remaining from its March 2022 IPO. The deal also includes an agreement to seek at least $20 million in PIPE contributions. RFAC was formed in January 2021, a year in which SPACs surged in popularity, particularly in the tech sector. The company banked $98 million from its IPO and but saw that balance decline as it was forced to postpone its deadlines for mergers at least four times. Three of those postponements occurred after RFAC originally announced its intent to merge with GCL Global in October 2023.

GCL Global Limited and the Combined Company’s Outside Legal Counsel: Loeb & Loeb

RF Acquisition Corporation Outside Legal Counsel: Winston & Strawn represented RF Acquisition in the deal with a team that included lead partner Michael Blankenship (Houston), partner Justin Hoffman (Houston), associate Armando Amador (Houston), associate Alexandra Santana (Houston) and associate Jonathan Bodle (Houston).

RF Acquisition Corporation Financial Advisor: Early Bird Capital

CenterOak Partners Announces Sale of Shamrock Environmental to Republic Services Subsidiary

Deal Description: Dallas-based CenterOak Partners announced Feb. 14, a final exit from its Center Oak Equity Fund I with the sale of its industrial waste collection and treatment portfolio company, Shamrock Environmental, to Republic Services Inc. Shamrock is headquartered in Browns Summit, North Carolina; Republic is based in Phoenix, Arizona. Center Oak had been the first institutional investor in Shamrock, which collects and transports recurring commercial and industrial liquid waste for customers across more than 20 states. Terms of the sale were undisclosed.

CentralOak Partners In-House Legal Counsel: Michael D. Salim (Dallas)

Shamrock Environmental Outside Legal Counsel: Gibson Dunn advised Shamrock Environmental on the sale with a team that included Jonathan Whalen (Dallas), Kiel Sauerman (Dallas), William Altabef (Dallas), Alexis Levine (Dallas) and Marie Baldwin (Dallas).

Shamrock Environmental Financial Advisors: Houlihan Lokey and Brown Gibbons Lang & Company

Nabors Industries’ SPAC Announces Merger With e2Companies

Deal Description: Nabors Energy Transition Corporation II, a Houston-based SPAC of Nabors Industries, announced on Feb. 12 that it has entered a business combination agreement with e2Companies, a Bonita Springs, Florida-based AI-powered oilfield energy optimization company. The blank check company closed its $305 million IPO in July 2023 and, according to the merger agreement, held $323.5 million in its trust account. After the transaction closes, e2Companies will become a publicly traded company trading on the Nasdaq with the ticker symbol “VUTL.” In addition, the combination will give the company a pre-money equity value of $500 million. Before this combination agreement, Nabor had been working with e2 for the past year to integrate its solutions into Nabor’s drilling operations globally, and this recent combination announcement represents the latest iteration in the pair of companies’ partnership. Through this recent combination, both firms will look to primarily leverage e2’s platform and technology to effectively address the energy and power increasingly needed for data centers and AI.

Nabors Industries In-House Legal Counsel: Michael Csizmadia (Houston)

Nabors Outside Legal Counsel: Vinson & Elkins led by Scott Rubinsky and Ramey Layne

e2Companies Outside Legal Counsel: Haynes Boone represented e2Companies in the deal with a team that included Rick Werner (New York), Simin Sun (Houston), Alla Digilova (New York), Brent Duddles (Houston), Lisa Vasek (Houston), Cheyenne Karp (New York), Alex Grishman (New York), Sam Lichtman (New York), Thomas Hogan (New York), Meica Green (New York) and Janet Wyse (Dallas).

Apollo Funds Acquires a Majority Interest Stake in Houston’s Bold Production Services

Deal Description: Apollo Global Management, announced on Feb. 12 its acquisition of a majority interest stake in Bold Production Services, a Houston-based oil and gas infrastructure services company. Details of the agreement were undisclosed, but Little Rock-based bank Bank OZK provided a credit facility to support the transaction. Bold specializes in the treatment and removal of a variety of impurities and contaminants in oil, natural gas and water used in production. The company will continue to be headquartered in Houston and run by its current management team.

Apollo Funds Legal Counsel: Vinson & Elkins represented Apollo in the deal with a team of Dan Komarek (New York), Crosby Scofield (Houston), Tara Tegeleci (New York), Sang Hun Lee (Dallas), Omri Ambalo (New York) and Tzvi Werzberger (New York).

Bold Production Services Outside Legal Counsel: Troutman Pepper Locke

Bold Production Services Financial Advisor: Piper Sandler & Co.

Tiger Infrastructure Announces Growth Investment in Bolder Industries

Deal Description: Tiger Infrastructure Partners, a New York-based PE firm primarily focusing on middle-market infrastructure, announced on Feb. 10 that a strategic growth investment in tire recycler Bolder Industries. Headquartered in Boulder, Colorado with its primary facility in Maryville, Missouri, Bolder recycles end-of-life rubber tires into oil for blendstock in crude oil refining, solvent feedstock and heating, as well as a sustainable carbon black used in pigments and the production processes of a wide variety of goods. Terms of the agreement were undisclosed, but Bolder plans to use the newly acquired capital to finish construction on a pair of facilities in Terre Haute, Indiana, and Antwerp, Belgium, the development of others. The facilities are designed to recycle over 4 million tires annually. Tiger Infrastructure has offices in New York and London.

Tiger Infrastructure Outside Legal Counsel: Latham & Watkins advised Tiger Infrastructure Partners in the deal with a team that included Lauren Anderson (Houston), John Daywalt (Houston), Caroline Silverstein (Houston), Diego Guimaraes-Blandon (Houston), Jim Cole (Houston), Dominick Constantino (Houston), Benjamin Gelfand (Houston), Daniel Muheme (Brussels), Seth Richardson (San Diego), Jonathan Katz (Houston), Andy Yuan (Houston), Joshua Marnitz (Los Angeles/Houston), Jacqueline Zhang (Washington, D.C.), David Della Rocca (Washington, D.C.), Laura Allis Szarmach (Washington, D.C.), Sam Hampton Sturgis (Washington, D.C.), Sandra Benjamin (New York), Elizabeth Duncan (Boston), Andrew Abokhair (Austin), Saúl Aguirre-Villarreal (Austin), Robert Brown II (Houston/Austin), Priyanka Krishnamurthy (Boston), Jason Cruise (Washington, D.C.), Peter Todaro (Washington, D.C.), Britton Dale Davis (Washington, D.C.), Aaron Friberg (San Diego), Madeline Hodges (San Diego), S. Drew Levin (Los Angeles), Hannah Cary (San Diego/Los Angeles), Joy Chen (Los Angeles), Gail Neely (New York) and Shira Mendelsohn (New York).

Bolder Industries Outside Legal Counsel: King & Spalding

Bolder Industries Financial Advisor: Greenhill, a Mizuho affiliate

Lennar Corporation Completes Spin-off of Millrose Properties

Deal Description: Lennar Corporation, a Miami-based homebuilder, announced on Feb. 7 that it has completed its September 2024 announced spin-off of its land banking assets into a separately publicly traded company, Millrose Properties. The separation saw Millrose, a new homesite option purchase platform, begin trading on the NYSE under “MRP” as a separate company on Feb. 7. Despite recently being named its own publicly traded company, Millrose will trade as a REIT for tax purposes during its first year in operation. As a part of the initially announced details regarding the spin-off, 80% of Millrose’s stock went to Lennar’s stockholders, with it contributing an additional $5.5 billion in land assets and $1 billion in cash to Millrose, bringing the book value of Millrose’s equity to $5.8 billion. As a part of the recent announcement of the spin-off’s closing, it was also reported that MRP entered into a new $1.3 billion revolving credit facility agreement that could increase to $2 billion, an agreement on which Akin also advised. Millrose will be managed externally by affiliates of institutional alternative investment firm Kennedy Lewis Investment Management now that it is a separate company. The move supports Lennar’s continuing strategy of becoming an asset-light, land-light company. Under the spin-off agreement, Lennar retains exclusive rights to certain of the properties contributed to Millrose and, as of the time agreement, Lennar will be Millrose’s sole customer. Although the company says it is in negotiations with other builders, it also says there is no guarantee that more customers will develop.

Millrose Properties Outside Legal Counsel: Akin Gump Strauss Hauer & Feld and Venable served as legal counsel to Millrose with an Akin team that was led by Dan Fisher (New York) and Zachary Wittenberg (New York) and also included John Clayton (Dallas), Alan Laves (Dallas), Alexandra Reuss (New York), Stefanie Manna (New York), Lech Wilkiewicz (Dallas), Taylor Williams (Dallas), Megan Hamilton (Dallas), Beatrice Techawatanasuk (New York), Brady Pedneau (Dallas), Karolen Eid (Washington, D.C.) and Karen Liu (New York).

Lennar Corporation Outside Legal Counsel: Cleary Gottlieb Steen & Hamilton; Gibson, Dunn & Crutcher and Goodwin Procter 

Lennar Corporation Financial Advisors Outside Legal Counsel: Davis Polk & Wardell

Lennar Corporation Financial Advisors: Vestra Advisors, Citigroup, Goldman Sachs and JPMorgan Chase

Note: In November, Lennar Corporation announced its acquisition of Arkansas-based Rausch Coleman Homes. Under that agreement, Lennar said it would retain the Rausch home construction business, but that Rausch Coleman real estate assets would be assigned to a “third party.” Rausch Coleman was advised by Vinson & Elkins on that transaction.

McKesson Corporation Acquires Controlling Interest Stake in PRISM Vision Holdings for $850M

Deal Description: McKesson Corporation, an Irving-based distributor of healthcare-focused products and technology for healthcare organizations, announced on Feb. 4 that it has agreed to acquire an 80 percent controlling interest stake in PRISM Vision Holdings, a New Jersey-based ophthalmology and retina management services provider, for $850 million. Despite McKesson acquiring such a significant interest stake in the firm through this recent agreement, PRISM Vision physicians will still retain a 20 percent interest stake. Once the transaction closes, PRISM will consolidate into McKesson’s U.S. pharmaceutical segment, and McKesson anticipates that PRISM will raise its earnings per share from $0.20 to $0.30 within the first year and $0.65 to $0.75 at the end of the third. Through this move, McKesson expects the acquisition to support several of its strategic objectives for 2025. For PRISM, the acquisition will aid in expanding both its provider base and service platform.

McKesson Corporation In-House Legal Counsel: Michele Lau (Irving)

PRISM Vision Group Outside Legal Counsel: Katten represented PRISM in the deal with a team that included Roger Griesmeyer (New York), Dilen Kumar (Dallas), Jesse O’Connell (New York), Julie Park (Dallas), Alex Lindsey (New York), Astoneia Moss (Dallas), Miriam Wang (Dallas), Ramana Rameswaran (Dallas) and Valentina Famparska (Chicago).

Pon, URUS Group and Trans Ova Advanced Technologies Acquire Recombinetics and Its Subsidiary, Acceligen

Deal Description: Pon Holdings, a Netherlands-based conglomerate that operates globally within several different industries, recently announced that it is collaborating with one of its companies, URUS Group, a Madison-based holding company that produces products for dairy and beef cattle producers, and its affiliate, Trans Ova Advanced Technologies, to acquire all assets of Recombinetics and its subsidiary, Acceligen. The four firms involved in the acquisition did not disclose the deal’s financial details, but the transaction closed formally on Jan. 8. The acquisition will explicitly see Recombinetics, a Minnesota-based animal gene editor and developer of agriculture-focused technologies, merge with Trans Ova Advanced Technologies, an Iowa-based firm focused on animal genetics and agricultural innovation. The duo and Recombinetics subsidiary, Acceligen, have worked together in the past, and the acquisition represents the next progression of the duos’ partnership by officially combining its resources to continue developing technology and solutions to aid its farmer and researcher customers.

Pon North America In-House Legal Counsel: Magnus Rayos (Houston)

Pon Holdings, URUS Group and affiliate Trans Ova Advanced Technologies Outside Legal Counsel: Morgan, Lewis & Bockius represented the trio of firms in the acquisition with a team that included partner Sameer Mohan (Houston), partner Jennifer Feldsher (New York), partner Greer Longer (Pittsburgh), partner Jon English (New York), partner Kristen Campana (New York), partner Jody Barillare (Wilmington), partner Christopher Betti (Chicago), partner Ron Dreben (Washington DC), and associates Michael Gocksch (Boston), Michael Morgan (New York), Kelsey Warren(Houston), Emily Pollak (New York), Regina Chong (Boston), Andrew Dietrick (Philadelphia) and Cassandra Sciortino (Washington DC).

Note: The acquisition isn’t the first deal Morgan Lewis has advised Pon and URUS on. The trio has worked together on several other deals, most recently collaborating in June 2024 on a partnership agreement with CVC Capital Partners. 

Capital Markets/Credit

Sysco Corporation Announces a Pair of Senior Note Offerings Worth a Combined $1.25B

Deal Description: Sysco Corporation, a Houston-based seller and distributor of food products, announced on Feb. 13 that it is offering a pair of new senior note offerings worth a combined total of $1.25 billion. The public offerings include senior notes due in 2030 worth $700 million at 5.1 percent and senior notes due in 2035 worth $550 million at 5.4 percent. The offerings intend to close on Feb. 25. Sysco will use the net proceeds to repay borrowings owed for its commercial paper programs and other general corporate purposes.

Sysco Corporation In-House Counsel: Eve McFadden (Houston)

Sysco Corporation Outside Legal Counsel: King & Spalding 

Underwriters Outside Legal Counsel: Baker Botts represented the underwriters in the offering with a team that included Eileen Boyce (Houston), Michael Mazidi (Houston), Sarah Dyer (Houston), Adrienne Murr (Houston), Jon Lobb(Houston) and Michael Kovacich (Houston).

Underwriters of the Offering: BofA Securities, Goldman Sachs, J.P. Morgan

Joint Book-running Managers of the Offering: TD Securities and Wells Fargo Securities

Snap Inc. Announces Upsized Offering of $1.475B of Senior Notes Due 2033

Deal Description: Snap Inc., a Santa Monica-based technology company, announced on Feb. 11 that it has priced an upsized offering of senior notes worth $1.475 billion at 6.875 percent due in 2033. The notes themselves will be senior unsecured obligations. In addition, Snap’s domestic subsidiaries, which have previously guaranteed its other indebtedness, will fully and unconditionally guarantee them. The offering intends to close on Feb. 14, and Moody’s has already assigned Snap and the new offering a B1 rating. Fitch and the S&P have also rated Snap and the offering, assigning them a BB rating and B+ rating, respectively. Snap intends to primarily use the net proceeds from the offering to repurchase its outstanding convertible senior notes due in 2026, 2027, and 2028 worth $45.3 million, $797.4 and $800 million. However, the firm expects that by repurchasing these notes, the holders may take particular actions that could increase its standard stock price. The firm intends to use the remaining proceeds for other general corporate purposes.

Snap Inc.’s Outside Legal Counsel: Latham & Watkins and Fenwick & West represented Snap in the deal with a Latham team that included Seth Gottlieb (Silicon Valley/San Francisco) and Alex Kassai (Silicon Valley/San Francisco) and a Fenwick team that included David Michaels (Silicon Valley) and Aman Singh (New York).

Initial Purchasers’ Outside Legal Counsel: Sidley Austin represented the initial purchasers in the offering with a team that included Natalie Karam (Century City/San Francisco), Johnny Skumpija (New York), John Stribling (Houston) and Kayla West (New York).