CDT Roundup: 21 Deals, 12 Firms, 178 Lawyers, $18.7B

The Corporate Deal Tracker came across an interesting stat last week: Texas added more tech workers than any other state in the nation in 2022.

According to a new report by nonprofit information technology association CompTIA, net tech employment grew by 5.5 percent in Texas last year, with the number of people employed in technology increasing by an estimated 45,331 workers. CompTIA forecasts a 4.4 percent increase — more than 38,438 new jobs — in tech employment for 2023 in the state.

The association estimates there are 867,278 people in Texas working in tech jobs representing 6.2 percent of the overall state workforce, the largest in the country (after California). It also reports that there are 44,330 tech businesses in the state including 2,310 that opened in 2022, the highest among all states (also after California). And Texas’ tech industry delivers an economic impact of more than $158.7 billion, or 7.7 percent of its total economy.

All of which got us wondering: Are Texas lawyers working on more tech transactions?

Indeed they are. According to the CDT database, Texas attorneys worked on 182 deals last year, up 30.9 percent from 139 in 2021. The year 2020 was an anomaly, of course, due to the pandemic, logging only 92 tech deals, but there were 137 tech transactions in 2019, signifying an upward trend.

Which law firms did the most tech deals led by their Texas-based attorneys? Kirkland & Ellis was number one, working on 52 deals with a value of $46.3 billion. The Chicago-based firm was helped by its representation of Brookfield Infrastructure on its $30 billion chip-making joint venture with Intel Corp.

Kirkland was followed by Vinson & Elkins with 38 deals worth $12.6 billion and Sidley on V&E’s heels with 37 deals but logging a value of $13.5 billion. Shearman & Sterling and Latham & Watkins were tied for fourth at 28 tech deals, but Shearman won on value basis at $18.9 billion vs. Latham’s $11.5 billion. Rounding out the top eight were Haynes and Boone (21 tech deals), Weil (18) and McGuireWoods (12).

Out of the biggest 19 tech deals in 2022, lawyers who led multiple transactions were Simpson Thacher partner Chris May in Houston, Shearman & Sterling partners Alain Dermarkar and Bobby Cardone in Dallas and Latham & Watkins partner Ryan Maierson in Houston.

We would hazard a guess that none of these lawyers would consider themselves to be strictly tech attorneys. But given how much technology touches our daily lives, they might as well be.

The week ending April 1 saw 21 transactions reported — 11 M&A deals worth $11 billion and 10 Capital Markets issues worth $7 billion. That’s better than last week’s 15 deals worth $8.8 billion and way better than the 13 deals valued at $1.75 billion a year ago.

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
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

Webhelp to combine with Concentrix in $4.8B deal

Deal Description: Webhelp and Concentrix Corp. announced March 29 they entered into exclusive negotiations to combine in a transaction valuing Webhelp at around $4.8 billion, including net debt. Webhelp, based in Paris, France, specializes in sales, marketing and payment services across 58 countries in Europe, Latin America and Africa. Concentrix, based in Fremont, Calif., provides customer experience solutions and technology across 40 countries on six continents. The two claim the transaction will create a leading global customer experience provider.

Webhelp’s Outside Counsel: Latham & Watkins led by Paris partner Alexander Crosthwaite, Chicago partner Christopher Drewry and Houston counsel Thomas Verity along with associates Megan Staub, Thibault Burnier, Andrew James, Daniel Martel, Armand Levivier, Jack DeMeulenaere, Claudia Wang and Giovanni Novi.

STG closes Fund VII at $4.2B

Deal Description: Kirkland & Ellis said March 23 the firm advised private equity firm STG on the closing of STG VII on $4.2 billion of committed capital, including limited partner commitments of $4 billion. The fund was oversubscribed at its hard cap, completing the fundraise above its $3 billion target in under five months. STG is focused on investing in the software, data analytics and software-enabled technology services sectors.

From Kirkland: The team was led by investment funds partners Rachel O’Brien in Washington, D.C., and Warren Goodworth in Chicago but also included in David Wilson in Houston.

Energy Transfer buys EnCap’s Lotus for $1.45B

Deal Description: Energy Transfer announced March 27 that it plans to acquire Lotus Midstream Operations from an affiliate of EnCap Flatrock Midstream in a transaction valued at $1.45 billion. The deal consists of $900 million in cash and 44.5 million newly issued Energy Transfer common units. Lotus owns and operates Centurion Pipeline Co., a crude midstream platform in the Permian Basin. TPH said while the equity issuance is relatively immaterial (1.4% dilution), the transaction represents the first midstream M&A deal not funded solely via cash in recent history “and may drive a modicum of investor angst given Q4 commentary referencing continued bolt-on M&A and increasing organic investment over the course of 2023.” Vinson & Elkins counseled Lotus and Shearman & Sterling advised EnCap Flatrock while Sidley Austin assisted Energy Transfer. For more, click here.

Ontario Teachers’ Pension Plan commits $250M to Sevana Bioenergy

Deal Description: Kirkland & Ellis said March 28 it counseled Ontario Teachers’ Pension Plan Board on its strategic partnership with Sevana Bioenergy in which OTPP will acquire majority stake of Sevana and commit $250 million to the company to develop renewable natural gas projects across North America. OTPP claims Sevana is a pioneer in the RNG industry, developing large-scale biogas projects to increase the use of renewable energy through the reduction of organic waste. Since its founding by CEO John McKinney in 2017, Sevana has executed on dairy and organics projects across agricultural regions such as Oregon, Idaho and South Dakota. Sevana has led projects to deploy more than $350 million under construction and worked closely with farmers to form partnerships as part of its strategy to own and operate digester facilities. Sevana is the latest investment by OTPP in the sustainability and energy transition sector and will help it advance its commitment to achieve net-zero greenhouse gas emissions by 2050.

From Kirkland: The team was led by corporate partners Kevin Crews and John Furlow with support from associates Jack Chadderdon and Max Chaffetz (in Salt Lake City). It included, from Texas, tax partners David Wheat and Bill Dong; environmental transactions partner Jim Dolphin and associate Courtney Tibbetts; executive compensation partner Rob Fowler; and labor and employment partner Christie Alcala.

Sevana’s Outside Counsel: Fredrickson and Byron

Element8 attracts $200M from Digital Alpha, buys AtLink

Deal Description: Fort Worth-based Element8, which provides broadband connections to rural communities, announced March 15 it secured a $200 million strategic investment from Digital Alpha and moved to acquire Oklahoma City-based high-speed internet provider AtLink Services for an undisclosed sum. E8 and Digital Alpha plan to pursue a strategy that includes organic growth, acquisitions and greenfield network infrastructure expansion. E8 anticipates scaling its investment beyond $200 million in the coming years. E8 said its initial platform acquisition of AtLink marks a major milestone on its path to national expansion. Founded in 2020 by Kevin Grace, E8 intends to bring high-speed broadband internet service to millions of unserved and underserved Americans. AtLink is Oklahoma’s largest fixed-wireless internet service provider. Digital Alpha is an investment firm focused on digital infrastructure.

Digital Alpha’s Outside Counsel: Gibson Dunn led by Christopher Harding and Abtin Jalali in San Franscisco

Dawson Geophysical buys Breckenridge assets for stock valued at $11.7M

Deal Description: Dawson Geophysical Co. announced March 24 it reached an agreement with Wilks Brothers and Breckenridge Geophysical to purchase substantially all of the Breckenridge assets related to seismic data acquisition services other than its multi-client data library. Consideration is 7 million shares of Dawson common stock values recently at $11.7 million. Almost 1.19 million shares were issued at the time of closing and the remaining 5.88 million shares are in the form of a convertible note, which will only convert following shareholder approval at a meeting Dawson plans to convene as soon as possible.

Dawson’s Outside Counsel: Baker Botts including Grant Everett, Zach Fedorko and Derek Gabriel; Steve Marcus and Jordan Hahn; and Jason Loden, all in Dallas

Financial Advisor to Dawson Board’s Special Committee: Houlihan Lokey

Houlihan Lokey’s Outside Counsel: Gibson, Dunn & Crutcher led by Hillary Holmes and including associate Ashley Whittington

Outside Counsel to Dawson Board’s Special Committee: Porter Hedges with a team that included Corey Brown, Adam Nalley and Nico Kroeker

StellarFi attracts $15M

Deal Description: StellarFi, an Austin-based tool that helps pay bills, raised $15 million in Series A funding. Acrew Capital led the funding joined by ATX Venture Partners, Trust Ventures, Dream Ventures, Interplay, Accomplice, Vera Equity, FJ Labs, Fiat Ventures, Gaingels, Kelmhurst, Oyster Funds, Hilltop Ventures, Permit Ventures, Kindergarten Ventures, J2 Capital, Socially Financed and Kapital Ventures. The round brings the total funding to $22 million to date. The company intends to use the funds to expand its team and secure partnerships with financial institutions to further expand its marketplace credit offering. Led by CEO and founder Lamine Zarrad, StellarFi manages customers’ bills and recurring payments such as rent, subscriptions and utilities, making sure they get paid on time as well as reporting them to the credit bureaus to help increase customers’ scores without using traditional methods such as credit cards or loans. Zarrad also founded fintech company Joust, which ZenBusiness acquired in 2020.

StellarFi’s Outside Counsel: Kastner Gravelle led by partner Ryan Gravelle

ZCG-Backed Techniks Tool acquires Eppinger

Deal Description: Techniks Tool Group, a maker and supplier of aftermarket and OEM tooling products in North America, announced March 27 it agreed to acquire Eppinger Group, a Germany-based designer and manufacturer of static and live tools, computerized numerical control tooling systems, rotary tables for CNC machines and gears and gearboxes for robotics applications. Terms weren’t disclosed. TTG is a portfolio company of Z Capital Partners, the private equity fund management arm of privately held New York merchant bank Z Capital Group. The parties expected to close the deal last week. Founded in 1925, Eppinger has facilities located in Germany, India and the U.S. and holds relationships with machine shops, machine OEMs and robot manufacturers in Europe and Asia. The combined business will be named Eppinger Technologies and will expand its product offering to cover milling and lathe CNC machines. CEO Uwe Eppinger will remain with the business and remain an investor. ZCG has $6.5 billion in assets under management and its investors include pension funds, endowments, foundations, sovereign wealth funds, central banks and insurance companies.

Techniks’ Outside Counsel: Sidley Austin including M&A and private equity partners Vijay Sekhon in San Francisco and Marcus Klie in Munich and finance partner Kelly Dybala in Dallas as well as M&A and private equity senior managing associate Thomas Komanek in Munich

Basalt Infrastructure acquires Fatbeam

Deal Description: Basalt Infrastructure Partners and SDC Capital Partners announced March 27 that the fourth flagship Basalt fund agreed to acquire Fatbeam Holdings from a fund managed by SDC and other investors. Terms weren’t disclosed. The transaction must clear regulators. Fatbeam is a broadband service provider that owns and operates a 1,250-route mile fiber network in the western U.S. The company claims to be a leading provider of fiber-based network solutions to education, commercial, carrier and government customers across eight states. The transaction is Basalt’s second digital infrastructure investment in North America and represents the first investment by Basalt IV.

Expected Closing: Q2 2023

Basalt IV’s Financial Advisor: TD Securities

Basalt IV’s Outside Counsel: Latham & Watkins led by Houston/New York partner Ravi Purohit and New York partner Jason Webber with associates Greg Sorensen, Kara Chung, Mark Goshgarian, Zainab Hashmi, Jeffrey Romano, Justin Reinking, and Tasbiha Batool. Texas team members included Houston partner Jared Grimley with associate Chelsea Muñoz-Patchen (on tax matters); Houston counsel Robert Brown (data privacy); and Houston counsel Bryce Kaufman (on finance).

Fatbeam’s Financial Advisor: Bank Street Group

Fatbeam’s Outside Counsel: Wilmer Cutler Pickering Hale and Dorr

Macquarie invests in fiber business Pavlov Media

Deal Description: Infrastructure investor Macquarie Asset Management announced March 28 that a fund managed by MAM made a preferred equity investment in Pavlov Media Inc., one of the largest independent providers of fiber-based Internet connectivity to off-campus student housing in the U.S. Terms weren’t disclosed. Pavlov, founded in 1994, primarily provides broadband services to multi-dwelling units under bulk agreements with landlords. The company serves about 800 buildings, which have more than 275,000 beds, across more than 150 markets in the U.S. and Canada. Pavlov connects the buildings to its national backbone through its owned last-mile fiber network or third-party circuits. The fund’s investment will allow Pavlov to continue the construction of fiber infrastructure in existing and new markets, expand the company’s market presence and accelerate Pavlov’s fiber-to-the-home initiatives, which are focused on sites around its core markets.

Macquarie’s Outside Counsel: Kirkland & Ellis led by corporate partners John Pitts and Ben Hardison and associate Abbey Zuech and including debt finance partner Rohit Chaudhry; tax partners Lee Morlock and Joe Tobias; and investment funds partners Erica Berthou, Samuel Francis and Carrie VanFleet.

IOG Resources II buys non-operated oil & gas assets in Appalachia

Deal Description: First Reserve-backed IOG Resources II announced March 30 it signed definitive documentation to acquire non-operated oil and gas assets in Appalachia. Neither the seller nor the sum were disclosed. The assets include 66 producing wellbores and 7,000 net acres primarily in Carroll County, Ohio, and Butler County, Pennsylvania. The deal represents the second investment for IOGR II. Following the transaction, the IOG platform will have completed 14 discrete investments across 6 core basins in the U.S.

Expected Closing: Q2 2023

IOGR II’s Outside Counsel: Kirkland & Ellis led by corporate partners Rahul Vashi and RJ Malenfant and associates Skyler Sikes and Braxton Smith; tax partners Mark Dundon and Joe Tobias; and environmental transactions partners Paul Tanaka and Jennifer Cornejo.

CAPITAL MARKETS/FINANCINGS

Hewlett Packard Enterprise issues $1.7B in senior notes

Deal Description: Gibson Dunn said March 30 it represented Houston-based Hewlett Packard Enterprise Co. on the issuance of $1.7 billion in senior notes, including $1.3 billion in 5.9 percent senior notes due 2024 and $400 million in 6.102 percent senior notes due 2026. The deal closed March 21.

Underwriters: NatWest Markets Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities

From Gibson: The team was led by Andrew Fabens in New York

Shearman aids underwriters on Magna’s notes offerings worth $1.4B

Deal Description: Shearman & Sterling said March 30 it represented the underwriters on an offering by Magna International of $300 million in 5.98 percent senior notes due 2026 and $500 million in 5.5 percent senior notes due 2033. The underwriters were BofA Securities, Citigroup, J.P. Morgan, BNP Paribas, RBC Capital Markets, Scotiabank and TD Securities as book-running managers and ICBC, Loop Capital Markets, Commerzbank, HSBC, ING, Wells Fargo Securities, BMO Capital Markets, CIBC Capital Markets and Goldman Sachs & Co. as co-managers. Shearman & Sterling also represented BNP Paribas, Citigroup, BofA Securities and ING as book-running managers and Commerzbank, ICBC, Loop Capital Markets, Scotiabank, HSBC, Raiffeisen Bank International, RBC Capital Markets, TD Securities, Wells Fargo Securities and Goldman Sachs as co-managers on a Magna offering of €550 million ($599.9 million) in 4.375 percent senior notes due 2032. Magna is a Canada-based global automotive supplier with 343 manufacturing operations and 88 product development, engineering and sales centers.

From Shearman: The team was led by partners outside of Texas but included Houston-based associate Caleb Vinson.

Bracewell represents Phillips 66 on $1.25B notes offering

Deal Description: Bracewell said March 31 it represented Phillips 66 in its recent public offering of $1.25 billion of senior notes issued by Phillips 66 Company and guaranteed by Phillips 66.

From Bracewell: In Texas, partners Will Anderson and Troy L. Harder, senior counsel Ian R. Brown and associates Shannon Baldwin and Gabbie Hindera

Pioneer Natural prices offering of $1.1B in senior notes

Deal Description: Dallas-based Pioneer Natural Resources Co. announced March 27 it priced a public offering of $1.1 billion of 5.1 percent senior notes that will mature March 29, 2026. The company intends to use the net proceeds for general corporate purposes, which may include repayment or repurchase of its outstanding 0.550 percent senior notes due 2023. Interest on the notes will be payable on March 29 and September 29 of each year. The first interest payment will be due on Sept. 29 this year and will consist of interest from closing to that date.

Expected Closing: March 29

Pioneer’s Outside Counsel: Vinson & Elkins led by partners Robert Kimball and David Stone and counsel Joanna Enns with assistance from associates Kolten Morris and Katherine Harclerode. Other key team members included partners James Meyer and Wendy Salinas and associate Katie Dillard (tax).

Underwriters: Bank of America Securities, Wells Fargo Securities and TD Securities (USA)

Underwriters’ Outside Counsel: Gibson Dunn led by Douglas Rayburn and including Michael Cannon, both in Dallas

Western Midstream offers $750M in notes

Deal Description: Sidley Austin said March 31 it represented Western Midstream Partners on the offering by its subsidiary, Western Midstream Operating, of $750 million in 6.150 percent senior notes due 2033 at a price to the public of 99.728 percent of their face value.

From Sidley: Texans on the team included Jon Daly, John Stribling, Tanner Groce, Sabina Wahl and Angela Richards

Underwriters’ Outside Counsel: Gibson, Dunn & Crutcher led by partner Hillary Holmes and includes associates Justine Robinson, Malakeh Hijazi and Alexis Levine. Partner Krista Hanvey and associate Fanny Patel are advising on benefits with partner William Hollaway and senior counsel Janine Durand on energy regulatory aspects and partner Michael Murphy and associates James Erselius and Stefan Koller on environmental aspects.

Hunton Andrews Kurth advises PG&E on $750M in mortgage bonds 

Deal Description: Hunton Andrews Kurth said March 30 it advised Pacific Gas and Electric Co. on its issue of $750 million in 6.7 percent first mortgage bonds due 2053. The offering represented PG&E’s inaugural sustainability bond issuance. PG&E, a subsidiary of PG&E Corp., is a public utility operating company and provides natural gas and electric service to 16 million people over a 70,000-square-mile service area in northern and central California. PG&E generates revenues mainly through the sale and delivery of electricity and natural gas to customers. 

From HAK: The team was led by Michael F. Fitzpatrick in New York but included Robert McNamara and Tim Strother in Houston on tax.

EnLink Midstream prices offering of $300 million in additional notes

Deal Description: EnLink Midstream announced March 30 the pricing of a $300 million offering in 6.5 percent senior notes due 2030. The notes are being offered as an additional issue of EnLink’s existing $700 million of 6.5 percent senior notes due 2030 that EnLink issued on Aug. 31, 2022. The additional notes will be issued under the same indenture as the initial notes, will be treated as a single class of debt securities and will have the same terms other than the issue date and offering price. Like the initial notes, the new notes will be fully and unconditionally guaranteed on a senior basis by EnLink Midstream Partners, a subsidiary of EnLink. EnLink intends to use the net proceeds to repay outstanding borrowings under its revolver.

EnLink Midstream’s Outside Counsel: Baker Botts including, from Texas, corporate partner Preston Bernhisel and associate Tala Esmaili, finance partner Luke Weedon and tax partner Steve Marcus

Initial Purchasers’ Outside Counsel: Vinson & Elkins was led by Houston partners Thomas Zentner and David Stone and counsel Brett Peace with assistance from associates Phil Greenfield, Michelle Yang and Waleed Vohra. Also advising were partners James Meyer, Ryan Carney and Wendy Salinas and associate Jeff Slusher (tax); partner Matt Dobbins and associate Kelly Rondinelli (environmental); and counsel Andrew Beach and associate Jake Silver (energy regulatory).

Rexford Industrial prices $300M in notes

Deal Description: Rexford Industrial Realty Inc. announced March 28 that its operating partnership, Rexford Industrial Realty, priced a public offering of $300 million in 5 percent senior notes. The notes were priced at 98.975 percent of the principal amount and will mature on June 15, 2028. The offering was expected to settle on March 30 and the notes will be fully and unconditionally guaranteed by the company. The operating partnership intends to use the net proceeds for general management activities that may include funding future acquisitions, funding redevelopment or repositioning activities or the repayment of outstanding debt. Rexford invests in, operates and redevelops industrial properties in Southern California.

Book-Running Managers: J.P. Morgan, PNC Capital Markets, Wells Fargo Securities, BofA Securities, Mizuho and US Bancorp; Capital One Securities and Truist Securities; and Citizens Capital Markets, Goldman Sachs & Co., Regions Securities, Scotiabank and Roberts & Ryan

Underwriters’ Outside Counsel: The team was led in part by partner James Davidson in Houston

Rexford’s Outside Counsel: Latham & Watkins

Hess Midstream signs accretive $100M sponsor unit repurchase

Deal Description: Hess Midstream announced March 28 the execution of a definitive agreement providing for the $100 million repurchase of Class B units by its subsidiary, Hess Midstream Operations, from affiliates of Hess Corp. and Global Infrastructure Partners, Hess Midstream’s sponsors. The terms were unanimously approved by the board of Hess Midstream’s general partner based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors. Jonathan Stein, CFO of Hess Midstream, said the unit repurchase transaction is expected to provide immediate accretion to shareholders. Following the unit repurchase, he said Hess Midstream expects to continue to have more than $1 billion of financial flexibility through 2025 that can be used to support its return-of-capital framework, including potential additional and ongoing unit repurchases.

Outside Counsel for Conflicts Committee of Hess Midstream’s Board: Gibson, Dunn & Crutcher led by Houston partner Hillary Holmes and including associate Stella Tang

Outside Counsel to Intrepid Partners, Financial Advisor to Conflicts Committee: Baker Botts led by Houston partner Josh Davidson and including associate Catherine Baker Ellis

Simpson Thacher represents agents in $100M note offering by Northwest Natural

Deal Description: Simpson Thacher represented agents RBC Capital Markets and U.S. Bancorp Investments Inc. on an offering by Northwest Natural Gas Co. of $100 million in 5.75 percent secured medium-term notes, Series B, due 2033. NW Natural is a local distribution company that provides natural gas service to approximately 2.5 million people in more than 140 communities through 795,000 meters in Oregon and Southwest Washington. NW Natural owns and operates 21.6 billion cubic feet of underground gas storage capacity in Oregon. NW Natural is part of Northwest Natural Holding Co., which is headquartered in Portland and owns NW Natural, NW Natural Renewables Holdings, NW Natural Water Company and other business interests.

From Simpson: The team included Brian Rosenzweig, Margaret Selbe and Caroline Toohey (capital markets).

NW Natural’s Outside Counsel: Morgan, Lewis & Bockius and Stoel Rives

NW Natural’s In-House Counsel: General Counsel Margaret Kirkpatrick, formerly of Stoel Rives

OTHER MATTERS

Kirkland & Ellis said March 17 it represented flexible space provider WeWork Inc. on a restructuring of its capital structure through a series of transactions with an ad hoc group of noteholders representing more than 60 percent of its public notes, a third-party investor and affiliates of SoftBank Group Corp. The transactions will be implemented through exchanges of WeWork’s unsecured notes for new debt and equity securities and the issuance of new secured notes for cash. Once completed, the transactions will cut WeWork’s net debt by around $1.5 billion at closing, extend a significant maturity wall from 2025 to 2027 and result in new funding and new and rolled capital commitments of more than $1 billion. The effort was largely led by partners in New York and Chicago but included Houston debt finance partner Rachael Lichman and Dallas debt finance associates Purun Cheong and Jina Chung.