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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 18 Deals, 11 Firms, 242 Lawyers, $8B

August 16, 2022 Claire Poole

As Enverus noted last week, there has been a flurry of midstream capital market raisings this summer, most recently $1 billion by MPLX, the master limited partnership of Marathon Petroleum Corp.

MPLX, which tapped Jones Day as outside counsel, will use proceeds to refinance debt maturing in 2023 and notes maturing this year that were issued by Andeavor Logistics, which it bought in 2019. MPLX’s new 10-year notes were sold at a slight discount of 99.433 for an estimated 4.597 percent yield to maturity, Enverus said.

The issue follows those by Williams Cos. ($1.75 billion), Kinder Morgan ($1.5 billion) and TC Energy (potentially up to C$2 billion, $1.547 billion). Are more coming?

The two KMI issues were handled by Texas attorneys, including assistant general counsel Angela Teer with help from Bracewell. Hunton Andrews Kurth served as underwriters’ counsel.

Enverus said KMI’s the new notes are the BBB-rated midstream giant’s first offering this year under its own name and the second after a $300 million bond sold by subsidiary El Paso Natural Gas Co. in February.

That renewed interest in the capital markets has been reflected in deal numbers reported to the CDT Roundup. For the week ending August 13, there were 18 deals whose reported values hit $8 billion. Those totals compare in value with last week’s 24 deals worth $7.9 billion, but fall a bit short of 22 transactions worth $17.8 billion for the same week last year.

But as suggested above (and shown in the table below), the real message may lie in the capital markets numbers. Last week’s deals include seven capital markets transactions worth $5.1 billion. That makes 14 securities deals in the last two weeks — the same number of CapM deals as the previous seven weeks combined.

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 CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
09-Sept-2519$8,6221219013$2,8806$8,622
30-Aug-2510$6,56991097$3,5193$3,050
23-Aug-2523$15,2071012918$14,5005$707
16-Aug-2513$26,405121497$3,1806$23,225
09-Aug-2519$16,0661624515$11,3074$4,759
02-Aug-2517$19,4801110413$18,0024$1,478
26-Jul-2515$3,164129612$3,00233$162
19-Jul-2514$6,08014979$4,1655$1,915
12-Jul-2515$13,0121420812$10,9023$2,110
05-Jul-259$15,7788914$7,2805$8,498
28-Jun-2513$7,77781547$2,0316$5,746
21-Jun-2516$5,9841011311$3,0875$2,897
14-Jun-259$4788133603$478
07-Jun-2516$26,2101119611$24,7445$1,466
31-May-2519$23,3811116612$18,6657$4,717
24-May-2515$24,0331112113$23,6242$409
17-May-2516$21,7601214511$18,6155$3,145
10-May-2524$33,1751620619$30,7655$2,410
03-May-2511$4,249139011$2,226.52$2,022.5
26-Apr-2512$8,78791689$6,0113$2,776
19-Apr-2511$8,09771389$7,9852$112
12-Apr-2513$2,392815210$2,0653$327
05-Apr-2519$27,7621518816$25,4733$2,289
29-Mar-2521$8,1881025816$4,1255$4,064
22-Mar-2519$6,4851423115$4,1284$2,857
15-Mar-2513$13,7371315110$9,9324$3,805
8-Mar-257$2,2345665$2242$2,100
1-Mar-2511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Devon Energy buys Validus for $1.8B in cash

Deal Description: Devon Energy Corp. announced Aug. 9 that it entered into a definitive purchase agreement to acquire Validus Energy, an Eagle Ford operator, for $1.8 billion in cash. Vinson & Elkins counseled Validus and Kirkland & Ellis advised Devon. For more details on the deal, click here.

Bluescape Clean Fuels to become public via $500 million merger with SPAC Cenaq Energy

Deal Description: Cenaq Energy Corp., a special purpose acquisition company, and Bluescape Clean Fuels Intermediate Holdings announced Aug. 12 the signing of a merger. The combined company will be named Verde Clean Fuels Inc. and is expected to become publicly listed on the NASDAQ under the symbol “VGAS.” The combination values BCF at a $280 million enterprise value and an equity value of $500 million. Bluescape Holdings will receive shares of Verde Clean Fuels as consideration. Investors led by Arb Clean Fuels Management and Bluescape Holdings committed to invest $80 million in a private placement of Cenaq’s Class A common stock at $10 per share before closing. The proceeds will be used to fund Verde Clean Fuels’ initial 7 million gallon renewable gasoline facility in development at a landfill site owned by Waste Management Inc. in Maricopa, Ariz., and more facilities under development. Cenaq may choose to raise additional capital before closing. The ownership structure is expected to be 46.5 percent by Bluescape Holdings, 10.4 percent by PIPE shareholders (other than Bluescape Holdings), 36.1 percent by Cenaq public shareholders and 7 percent by Cenaq’s sponsor. Founded in 2007, BCF has developed a process using waste feedstocks that are otherwise landfilled, resulting in attractive margins and renewable gasoline that is 60 percent less carbon intensive than traditional gasoline.

Cenaq’s Financial Advisor: Imperial Capital

Cenaq’s Outside Counsel: Vinson & Elkins advised with a team led from Houston by  partners Mark Kelly and Crosby Scofield and senior associates Andrew Schulte and David Bumgardner with assistance from associates Victoria Bahrami-Negad, Elisie Lee, Mary Busse, Libby Gerstner, Chandler Spinks, Nina Ramachandran, Layla Wehbe, Michelle Yang, Dean Dixon and Phil Greenfield. Also advising were partners Jason McIntosh and Lina Dimachkieh, senior associate Brian Russell and associate Keleigh Carver; partners David D’Alessandro and Shane Tucker, counsel Dario Mendoza and associates Mary Daniel Morgan and Keira Kuntz; partner Matt Dobbins and associate Simon Willis; partner Sean Becker and associate Peter Goetschel; counsel Rajesh Patel and associate Marcus Martinez; partner Hill Wellford; counsel Scot Dixon; and partner Damien Lyster and associate Ryan Hoeffner.

BCF’s Outside Counsel: Kirkland & Ellis led by partners Sean Wheeler, Debbie Yee, Cephas Sekhar and Jhett Nelson; capital markets partner Anne Peetz; tax partners David Wheat and William Dong; and executive compensation partner Rob Fowler

Imperial Capital’s Outside Counsel: Baker Botts including corporate partner Douglas Getten as well as senior associate Garrett Hughey and associates Parker Hinman, William Cozzens and Austin Lee, all in Houston. On tax: Michael Bresson (partner, Houston) and Jared Meier (senior associate, Houston); and on employee benefits: Jason Loden (partner, Dallas)

Ascent Resources buys Utica properties from ExxonMobil’s XTO for $270M

Deal Description: Ascent Resources announced Aug. 5 it closed on the previously announced bolt-on acquisition with XTO Energy, a unit of ExxonMobil Corp., in the Utica Shale in Ohio for $270 million. Ascent financed the transaction with a combination of cash on hand and borrowings under its revolving credit facility. Ascent is one of the largest private producers of natural gas in the U.S. and is focused on acquiring, developing, producing and operating natural gas and oil properties in the Utica Shale in southern Ohio.

Ascent’s Outside Counsel: Porter Hedges led by Ray Lees and Scott Muehlberger with tax advice from Geoff Schultz. 

BP to sell half interest in Toledo refinery to JV partner Cenovus for $300M

Deal Description: BP announced Aug. 8 it reached an agreement to sell its half interest in the BP-Husky Toledo Refinery in Ohio to Calgary-based Cenovus Energy Inc., its joint venture partner in the facility. Cenovus will pay $300 million for BP’s stake plus the value of inventory and take over operations when the transaction closes, which is expected to occur later in 2022. BP and Cenovus also will enter into a multi-year product supply agreement. The 100-year-old BP-operated refinery can process up to 160,000 barrels of crude oil per day. Going forward, BP will focus investment on its Whiting refinery in Indiana and Cherry Point refinery in Washington, which serve customers in the Midwest and Pacific Northwest. In June, BP agreed to sell its interest in the Sunrise oil sands project in Alberta, Canada, to Cenovus and agreed to acquire Cenovus’s interest in the Bay du Nord project offshore Newfoundland and Labrador. In 2021, Cenovus combined with Husky in an all-stock transaction.

BP’s Outside Counsel: Baker Botts, including, from global projects, partner Dan Mark, senior associate Kyle Doherty and Gabbi Feldman and Ryan Chastain in Houston. On energy regulatory: Emil Barth (partner, Washington, D.C.); litigation: Meghan McElvy (partner, Houston); real estate: Chris Wilson (partner, Houston) and Emily Quiros (associate, Houston); on tax: Michael Bresson (partner, Houston), Jared Meier (senior associate, Houston); and intellectual property: Paul Morico (partner, Houston)

Heico buys Sensor Systems for $92.7M in stock plus undisclosed cash

Deal Description: Heico Corp. announced Aug. 11 that its electronic technologies group acquired all of the stock of Sensor Systems Inc. for a combination of cash and 575,000 Heico Class A common shares recently worth $92.7 million. Further financial details were not disclosed. Florida-based Heico expects the acquisition to be accretive to its earnings in the year following the acquisition. Chatsworth, Calif.-based Sensor is a designer and manufacturer of airborne antennas for commercial and military applications. Sensor’s antennas are found on nearly all large commercial transport aircraft built in the last 50 years, along with business and military aircraft. Sensor was built-up over 50 years by Seymour (“Si”) Robin and Mary (“Betty”) Bazar. Betty and her first husband, aviation entrepreneur and engineer Harvey Bazar, founded the company in 1961, developing it together until Harvey’s sudden death in 1965 at 42. Betty was actively involved in the business until she passed away in 2021 at 98.

Sensor’s Investment Banker: D.A. Davidson led by Paul Weisbrich

Sensor’s Outside Counsel: Rodnunsky & Associates and Sheppard Mullin Richter & Hampton led by Lindsay Ferguson in Dallas and Larry Braun in Los Angeles and including Laura Baptista, Michael Chan, Aaron Duffy, Frank Dworak, Jason Kearnaghan, Michael Leake, Meghan McCormick, Scott Maberry, Katy Perry, Adam Streisand, Mary Tarduno, Jonathan Wang and Michael Weisshar

Heico’s Outside Counsel: Akerman and Cox Castle & Nicholson

Notes: Sheppard Mullin’s Ferguson jumped from Hunton & Williams in 2020.

Aris Water Solutions acquired Delaware Energy’s assets for $75M in stock

Deal Description: Aris Water Solutions Inc. announced Aug. 3 it acquired Delaware Energy Services’ assets for 3.37 million Class A shares recently worth $75 million and a small, volumetric-based contingent consideration paid over five years. The assets are located in Aris’ core areas of Eddy and Lea County, NM.

Aris’ Outside Counsel: Bracewell including partners Charles Still Jr. (Houston), Steven Lorch (New York) and Amber Dodds (San Antonio) and associates John Stavinoha, Margo McEntire and Nathan Guerra, all in Houston

Regeneration.VC closes $7M investment in Smarter Sorting

Deal Description: Regeneration.VC, a Los Angeles-based early-stage venture capital fund, announced Aug. 1 the close of a $7 million investment in its newest portfolio company, Smarter Sorting. This capital comes as an extension to the recent $25 million investment round led by G2 Venture Partners earlier this year. Smarter Sorting, based in Boulder, Colo., Austin and Los Angeles, collects the truth about consumer products at the chemical and ingredient level to unlock new ways for retailers and brands to increase sustainability. The data company’s technology can classify 2 million consumer products across 3,500 data points and 150 million chemical compounds.

Smarter Sorting’s In-House Counsel: Trey Herschap

Smarter Sorting’s Outside Counsel: Kastner Gravelle led by Evan Kastner and including Elizabeth Peterson and Hunter Hampton

Longhorn Car-Truck Rental sells its assets to Herc Rentals

Deal Description: Porter Hedges announced Aug. 10 that it represented Longhorn Car-Truck Rental Inc., a family-owned car, truck and equipment rental provider, in the sale of certain of its assets to Herc Rentals Inc. Terms weren’t disclosed. The assets included passenger vehicles, vans, box trucks, pickup trucks, semi-trailer trucks, dump trucks and water trucks. Longhorn, founded in 1975 and based in Austin, has 700 vehicles for rent, including compact, medium, full-size and premium cars, SUVs and various other trucks. Longhorn continues to rent construction and heavy equipment under the brand HL Equipment Inc.

Porter Hedges Team: Led by James Cowen and Mandy Diaz with assistance from Ilana Leuchtag, Colin Cox, Ashley Prieto, Beverly Young, Allison Pearce, Laura Alaniz, Joyce Soliman and Daisy Puente.

Investindustrial buys portion of TreeHouse Foods’ meal preparation unit

Deal Description: An investment company indirectly held by Investindustrial VII announced Aug. 11 it agreed to acquire significant portions of the meal preparation business of TreeHouse Foods Inc., a North American manufacturer and supplier of private label food for retail and foodservice customers. Terms weren’t disclosed. The business is a U.S. supplier of private label food products, making and distributing pasta, red sauces, salsa, salad dressings, mayonnaise, condiments, syrup, pie-fillings and preserves among other products. The business operates 14 manufacturing facilities in the U.S., Canada and Italy along with 19 company-operated distribution centers and is expected to generate $1.6 billion revenues in 2022. The business will remain in Chicago. The revenues and global reach of the business and Investindustrial’s La Doria, a European maker of private label maker of reserved vegetables, peeled and chopped tomatoes, fruit juices and pasta sauces, will create one of the largest suppliers of private label food products in the world, Investindustrial said.

Expected Closing: Q4 2022 if the deal clears regulators

Investindustrial’s Financial Advisors: Lazard and Bank of America

Investindustrial’s Outside Counsel: Kirkland & Ellis

TreeHouse’s Financial Advisor: Evercore

Provider of Fairness Opinion to TreeHouse’s Board: Centerview

TreeHouse’s Outside Counsel: Gibson Dunn including partners Jonathan Whalen, Jeffrey Chapman and Gerry Spedale and associate Kelsey Anne Green; partner Janet Vance and of counsel Yair Galil on financing and partner Daniel Angel on IP

Partners Group acquires Foundation Risk Partners

Deal Description: Private equity firm Partners Group announced Aug. 9 that it agreed to acquire a controlling stake in insurance broker Foundation Risk Partners from Warburg Pincus. Terms weren’t disclosed. FRP’s management will keep a substantial stake in the business while Warburg Pincus will retain a meaningful minority position. Based in Daytona Beach, Florida, FRP assists businesses and private individuals in navigating the complex U.S. insurance landscape, including commercial insurance, employee benefits, personal insurance and risk management services. It has 139 offices across 18 states with a primary focus in Florida, New Jersey, New York and California. The company generates revenues from fees on the initial placement and the recurring annual renewal of insurance policies. The market benefits from several transformative trends including the emergence of new risks, such as cyber and social media exposure; the increase in the cost and frequency of litigation; and an evolving regulatory environment that emphasizes the need for insurance advice and coverage.

Partners’ Financial Advisor: Morgan Stanley & Co.

Partners’ Outside Counsel: Ropes & Gray (Bob Rivollier in New York)

Warburg Pincus/Foundation Advisors: Barclays (Amrit David and Jeff Hinton in New York), MarshBerry, Kirkland & Ellis, Jamieson Corporate Finance and Peter W. Klein, Attorney at Law. From KE: partners Doug DiMedio, Jai Agrawal and Adam Larson and associate Kartik Khanna and debt finance partners Eric Wedel and Ben Steadman

Beemok Capital to acquire Cincinnati’s Western and Southern Open

Deal Description: Beemok Capital, the family office of businessman and philanthropist Benjamin Navarro, announced Aug. 12 that it agreed to acquire Cincinnati’s Western and Southern Open tournament from the U.S. Tennis Association. Financial terms were not disclosed. Beemok brings operational and hospitality expertise to the Western and Southern Open, having recently completed a renovation that transformed Charleston’s Credit One Stadium into a world-class tennis and concert venue, Beemok said. Credit One Stadium plays host to North America’s largest women’s only professional tennis tournament, the Credit One Charleston Open, bought by Beemok in 2018. Beemok also operates two tennis complexes in the Charleston area that serve as host sites for USTA Pro Circuit events, the USTA Girls’ 18s National Clay Court Championship and a tennis academy serving players aspiring to compete at the college and pro levels.

Expected Closing: Q3 2022

Beemok’s Outside Counsel: Gibson, Dunn & Crutcher led by corporate partner Michael Piazza in Houston and associate Matthew Schwartz in New York and including associates Ashley Whittington, Chris Atmar and Benjamin Lefler. Partner Kathryn Kelly and associate Ryan Rott advised on tax aspects, partner Shalla Prichard advised on financing and partner Krista Hanvey and associate Gina Hancock advised on benefits. Partner Sean McFarlane and associate Zachary Landow advised on media rights aspects, partner Andrew Lance and associate Alex Fischler advised on real estate and associates Meghan Hungate and associate Sara Schlafstein advised on IP. 

USTA’s Financial Advisor: BofA Securities (Jim Nash in Charlotte)

USTA’s Outside Counsel: Covington & Burling (Peter Zern in Washington, D.C.)

CAPITAL MARKETS/FINANCINGS

Transocean began “at-the-market” equity distribution program worth $435M

Deal Description: On Aug. 5, Transocean Ltd. commenced an “at-the-market” equity distribution program and entered into an equity distribution agreement with Morgan Stanley & Co. as sales agent in which the company may offer and sell shares having a total offering price of up to $435 million.

Transocean’s Outside Counsel: Baker Botts including, from corporate, partner Jim Marshall, Senior Associate Garrett Hughey and associate Michael Mazidi and, on tax, partner Jon Lobb, all in Houston

Liberty Media proposes $375M private offering of convertible senior notes

Deal Description: Liberty Media Corp. announced Aug. 9 that it intends to offer $375 million aggregate principal amount of convertible senior notes in a private offering. Liberty also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $50 million principal amount of notes. The notes will be convertible into cash, shares of Liberty’s Series C Liberty Formula One common stock or a combination at Liberty’s election. The notes, as well as the associated cash proceeds, will be attributed to the Liberty Formula One tracking stock group. Liberty expects to use the net proceeds together with cash on hand to make repurchases of Liberty’s existing 1 percent cash convertible notes due 2023 in one or more individual privately negotiated transactions and for general corporate purposes.

Liberty’s Outside Counsel: Baker Botts, including, from corporate, Samantha Hale Crispin (partner, Dallas), Robert Wann (partner, New York), Sarah Dodson (special counsel, Houston), Lee Davis (special counsel, Washington, D.C.) and Charlie Gili (associate, New York); and on tax: Tamar Stanley (partner, Washington, D.C.)

HAK counsels on capm deals by Annaly, Nextera, DTE and One Gas

Deal Description: Hunton Andrews Kurth announced Aug. 10 that the firm recently advised on four capital markets deals: Serving as issuer’s counsel on Annaly Capital Management Inc.’s $650 million public offering/bought deal; remarketing agent counsel/underwriters’ counsel (Barclays) on Nextera Energy Capital Holdings’ $1.5 billion debt offering; issuer’s counsel on DTE Energy Co.’s $1.3 billion debt offering of senior notes; and underwriters’ counsel (RBC Capital Markets) on One Gas Inc.’s $300 million debt offering/senior notes offering.

HAK Team: on Annaly: Led from Richmond, Va./Washington, D.C., but including special counsel David Barbour in Dallas; on Nextera: Led from New York but including Robert McNamara and Tim Strother in Houston; on DTE: Led from New York but including Strother; and on One Gas: Led from New York but including McNamara and Strother in Houston

5E Advanced Materials secures $60M private placement from Bluescape

Deal Description: 5E Advanced Materials Inc., an exploration stage boron and lithium company, announced Ag. 11 that it has entered into a definitive agreement with Bluescape Energy Partners for a $60 million private placement of senior secured notes convertible into common stock of the company. Bluescape is a U.S.-based institutional investment manager with particular experience in building, operating and investing in real assets. Bluescape’s focus is in the power and energy transition sector, with the company expecting to leverage Bluescape’s experience and relationships within the power and resources sectors, U.S. shareholder base and federal government.

5E’s Placement Agent: BofA Securities

5E’s Outside Counsel: Winston & Strawn (Eric Johnson, Ryan Hunsaker and Erin Webb in Houston) and Baker & McKenzie (Sean Duffy in Sidney)

Bluescape’s Outside Counsel: Kirkland & Ellis led by debt finance partners Andy Veit and Shan Khan and associates Brittany Taylor and Grant Gannon; capital markets partners Julian Seiguer and Bryan Flannery and associates Billy Vranish and Sara Ashley Byrd; corporate partners Jhett Nelson and Paul Knowlton and associates Ashley Victoria Park and Aburiyeba Ibiye Amaso; and tax partner Mark Dundon and associate Victoria Chang

BofA Securities’ Outside Counsel: Shearman & Sterling (Mårten Olsson and Ilir Mujalovic in New York and Bill Nelson in Houston)

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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