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CDT Roundup: 10 Deals, 8 Firms, 93 Lawyers, $12.8B

This week’s Roundup includes a big one: the $7 billion sale of the Blackstone Group’s 40%-plus share in Cheniere Energy, the Houston-based pioneer in natural gas liquefaction.

The occasion was a big one for Blackstone’s eight-plus year investment in Cheniere. But it was also a big occasion — in an odd moment of history — in the ongoing transformation of the Texas energy industry.

First, according to Bloomberg, Blackstone realized a $5 billion gain on their original $1.5 billion investment. They did so, even as another of their subsidiary funds, Blackstone Infrastructure, invested in half the purchase — in tandem with Brookfield Infrastructure.

But perhaps more importantly, Blackstone’s original investment in 2012 helped Cheniere and its former CEO Charif Souki make a turn from oil and gas exploration to become the second largest producer and exporter of LNG in the world.

With two liquefaction facilities in Texas and Louisiana, Cheniere is, by far, the largest producer of LNG in the U.S., with nearly half the nation’s current annual production capacity.

Oddly, its Sabine facility in Louisiana was originally designed to import LNG. The plan was to re-gas the liquid and distribute the end-product through its pipelines.

But Souki, an American of Lebanese background, convinced the company and its investors to convert their facility to an export model, a move that required complex infrastructure realignment and far-reaching investment.

His lead was followed by others including Brookfield, which already holds 25% of a smaller LNG facility, Cove Point in Maryland.

Cheniere’s gamble was an expensive, long-term bet on the viability of LNG, but as Europe emerges from their pandemic lockdown, LNG prices are rising: a 19% increase from July to August, according to the U.S. Energy Information Administration. And at the moment, the EIA is predicting a return to pre-COVID levels for U.S. LNG exports by November.

Although that may be highly optimistic in light of a potential resurgence of the COVID-19 virus in parts of Asia and Europe, the point is that an LNG export industry that didn’t exist 15 years ago has declared itself real.

Souki, of course, left Cheniere in 2016 after being forced out as CEO in a dispute with maverick investor Carl Icahn.

He and business partner are now in competition with Cheniere at Tellurian Energy where their Driftwood subsidiary is building a new LNG liquefaction facility at Calcasieu Pass in Louisiana. The new project, originally introduced while Souki was at Cheniere, formed the basis for his dispute with Icahn.

One of them was right.

Last week’s 10 transactions, valued at a total of $12.8 billion, involved eight different firms and 93 Texas-based lawyers. The deal classifications were split evenly, with five M&A/PE Funding deals worth $10.3 billion and five capital markets transactions worth $2.47 billion.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
March 25, 202315$8,779.5101415$2,36210$6,416.5
March 18, 20237$14,048.86695$13,3452$703.8
March 11, 202321$11,5761616516$8,1315$3,445
March 4, 202320$9,6681122816$8,2094$1,459
February 25, 202313$5,3351313012$4,2351$1,200
February 18, 202314$5,743.7131588$898.76$4,845
February 11, 202316$12,0881213712$9,9654$2,123
February 4, 202317$8,0661514013$5,6144$2,452
January 28, 20237$2,1807755$1,692.752$488
January 21, 202317$5,7681617412$1,9185$3,850
January 14, 202311$2, 800101028$4213$2,400
January 7, 202318$8,2961116714$6,4613$1,835
December 31, 202214$2,732119912$2,0922$640
December 1714$7,9191311512$7,4191$500
December 10, 202214$10,093128811$7,0933$3,000
December 3, 202226$12,800.91117220$4,1416$8,659.9
November 26, 20228$2,266.7853$765$2,190.7
November 19, 202221$2,8861521219$2,5502$336
November 12, 202213$15,093.79819$14,2004$893.7
November 5, 20222519,337.21650922$8,267.23$11,070
October 29, 202215$7,805.3911614$7,180.31$625
October 22, 202220$8,193.51325313$5,4427$2,751.5
October 15, 20229$3,046.191397$2,588.32$457.8
October 8, 202219$2,011.81211416$833.83$1,178
October 1, 202223$5,532.91615618$4,952.35$580.6
September 24, 202218$5,1941421615$4,0503$1,144
September 17, 202221$8,352.31232015$4,759.66$3,592.7
September 10, 202215$19,853.51012613$19,403.62$450
September 3, 20229$2,3129629$2,31200
August 27, 202216$30,891.71013515$30,666.41227.7
August 20, 202212$1,977815299253$1,052
August 13, 202218$8,004.71124211$2,844.77$5,160
August 6, 202224$7,948.91224017$3,5777$4,371.9
July 30, 20228$6,9419787$6,8391$102
July 23, 202211$801119210$80110
July 16, 202214$3,6501012214$3,65000
July 9, 202210$3,557.77689$3,557.710
July 2, 202218$8,609.41315215$2,754.43$5,855
June 25, 202215$6,142131469$2,0176$4,125
June 18, 202217$11,890.11422815$11,4102479.7
June 11, 202217$7,6001212310$2,3007$5,300
June 4, 202212$2,937101279$6923$2,245
May 28, 20229$3,197.611869$3,197.600
May 21, 202214$7,284.51218511$6,6093$675.5
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$1,800

It was fewer transactions worth more than last week’s 14 valued at $8.4 billion and even fewer than the 19 transactions worth $8.1 billion this time last year.

MERGERS AND ACQUISITIONS/PE FUNDING

Simpson, Latham, Kirkland Advise On $7B Sale of Blackstone Cheniere Interest

In the week’s big news, Blackstone Energy Partners announced that its private equity funds closed the $7 billion sale of their 42% stake in Cheniere Energy Partners to Brookfield Infrastructure and funds managed by Blackstone Infrastructure Partners.

Latham & Watkins advised Blackstone with lawyers from New York and Washington. The team included one Texas lawyer, partner Lauren Anderson, who specializes in energy transactions in Houston.

Kirkland & Ellis advised Brookfield with a team from Houston that included Sean Wheeler, Roald Nashi and Cephas Sekhar.

Simpson Thacher advised Blackstone Infrastructure with a team that included partners Breen Haire and Ravi Purohit with Tyler Cox, all in Houston, along with lawyers in New York and Washington, D.C.

In 2012 Blackstone Energy Partners invested $1.5 billion in Cheniere Energy Partners to build the first two liquefaction trains at the Sabine Pass LNG facility in Louisiana, the first such facility in the lower 48 states. And the Sept. 24 closing marks the culmination of investment to the tune of an estimated $5 billion gain, according to Bloomberg.

David Foley, global head of Blackstone said the relationship proved ideal: “Blackstone’s early equity commitment to Cheniere enabled the timely construction of Sabine Pass.”

According to documents filed in August with the SEC, Brookfield Infrastructure and Blackstone Infrastructure together hold a 42% interest in Cheniere through BX CQP Target Holdco LLC. Blackstone Infrastructure holds a 50.01% interest and Brookfield a 49.99% interest. If for some reason the deal had not been consummated, each would have the option of buying the other’s interest.

V&E Advises SPAC in Merger with ChargePoint

Moving to create a publicly traded ESG company, electric vehicle charging network ChargePoint Inc. announced that it has merged with a SPAC, NGP Energy Capital-backed Switchback Energy Acquisition Corporation.

The Sept. 24 announcement valued the enterprise value of the combination at $2.4 billion. Assuming no redemption by Switchback shareholders, the enterprise will include about $683 million in cash, creating a pro forma equity value of approximately $3 billion.

ChargePoint expects to use transaction proceeds to expand its reach in North America and Europe, ahead of rising EV penetration. Just last Thursday, California Gov. Gavin Newsom signed an executive order halting the sales of new carbon-driven vehicles in that state by 2035.

Vinson & Elkins advised Switchback Acquisition on the transaction. The V&E corporate team was led by partners Ramey Layne and Doug McWilliams with assistance from senior associates Mike Marek and Andrew Schulte and associate Jordan Fossee. Also advising were Houston partner Jason McIntosh and partner David Peck along with senior associate Brian Russell from Dallas; Houston partner Sean Becker; partner Shane Tucker from Dallas and senior associate Kristy Fields from Houston; partner Devika Kornbacher, Houston, and senior associate Ben Cukerbaum, Austin; partner Margaret Peloso and senior associate Lindsay Hall; partner Hill Wellford and associate Ryan Will; counsel Sarah Mitchell; and senior associate Emilie Stewart.

Weil, Gotshal & Manges LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP are serving as legal advisors to ChargePoint.

Goldman Sachs & Co. LLC is serving as exclusive financial advisor, and as lead placement agent.

ChargePoint is the largest network of charging stations in North America and Europe. Servicing residential, commercial and fleet-oriented locations, ChargePoint utilizes single-account management to allow EV charging from virtually any of their stations with charging allocated to a single account.

The transaction marks a real diversification for Dallas-based NGP led by managing partner Tony Weber. Thompson & Knight and University of Texas law alumnus Jeff Zlotky is the company’s general counsel.

Locke Lord Advises White Deer on Unicat Catalyst Technologies

On Sept. 17 White Deer Energy announced the acquisition of a majority interest in Unicat Catalyst Technologies. The terms of the transaction were undisclosed.

Headquartered in Alvin, Tex., Unicat is a global supplier of niche catalyst solutions used in refinery, syngas, steel, agriculture and green energy products.

Locke Lord advised Houston-based White Deer with a team based in the Bayou City. The Locke Lord team was led by partners Joe Perillo and Jennie Simmons. Additional assistance was provided by partners Jerry Higdon, Ed Razim, Mike Rose and Buddy Sanders, as well as senior counsel Freddy Feldman and associate Shannon Schroeder (all of Houston). Michael Bennett, a Chicago-based partner also pitched in. 

Jim Meneely, partner at White Deer, called Unicat “an incredible company with a strong brand resulting in impressive growth over the last twenty years.”

Mani Erfan, Unicat’s Co-Founder and CEO, will continue to oversee the business and maintain a portion of his ownership stake.

In August, White Deer and NGP-backed Catapult Energy Services pooled their equity in a merger between Covenant Testing Technologies and Stuart Pressure Control to create a major production services provider in the Permian, DJ, Eagle Ford and Haynesville basins. Locke Lord advised Covenant on that transaction.

Kirkland-Advised Blue Sage Capital Closes $300M Third Fund

Austin-based Blue Sage Capital announced Sept. 22 that it had closed its third fund at $300 million, twice the value of its original fund size.

Blue Sage was advised by Kirkland & Ellis led from New York by partner John O’Neil with lawyers from Chicago.

Managed by its founding partners Peter Huff and Jim McBride, the firm has specialized in niche investments in family-owned platform businesses with annual revenues of $4 million to $15 million.

United Wholesale Mortgage Merges With Gores Holdings SPAC

United Wholesale Mortgage, the nation’s largest mortgage originator, announced Sept. 23 that it is merging with Gores Holdings IV, a special acquisition company established by the Gores Group.

The resulting company, which will also be known as United Whole Mortgage, will have its common stock sold on NASDAQ under the symbol UWMC. Gores is a $435 million publicly listed SPAC.

Upon completion of the transaction, including the private placement, the current owners of UWM will retain approximately 94% ownership of the combined company. The existing management team, led by long-standing president and CEO Mat Ishbia, will continue to lead the business.

Weil Gotschal & Manges advised Gores Holdings IV with a team led out of New York. However, the team also included Dallas partner Jim Griffin and associate Adam Arikat.

Deutsche Bank Securities and Morgan Stanley & Co. acted as lead financial advisors.

Greenberg Traurig was legal advisor to UWM and Goldman Sachs acted as their financial advisors.

CAPITAL MARKETS

Bracewell Advises on $1.17B in Bonds for Two Hospital Systems

Bracewell announced last week its involvement in bond issues for two hospital-based health systems in the Houston area.

Bracewell announced Sept. 21 that the firm had represented JP Morgan in a series of bond issues for a total of $270 million aimed at debt reduction for the Memorial Hermann Health System.

According to Bracewell, the bond issues involved four series of bonds, as well as a tender and exchange offer both for prior and upcoming taxable and tax-exempt debt.

The Memorial Hermann Health System operates 15 hospitals and other health facilities in the Houston area and is one of the largest health systems in Texas.

The Bracewell team was led by Dallas partner Jonathan Leatherberry and included Houston partners Todd Greenwalt, Brian Teaff and Troy Harder. Also pitching in from Dallas was counsel Ian Brown and associates Paige Abernathy and Kathy Witty Medford, both of Houston.

Likewise, Bracewell announced Sept. 22 that it had served as bond counsel for $900 million in bond issues for Houston Methodist and its seven-hospital system.

The two issues include a $530 million series of taxable revenue bonds and $370 million in tax-exempt bonds by Harris County Cultural Education Facilities Finance Corp. for the benefit of Houston Methodist. The proceeds are to be used for the expansion and renovation at Houston Methodist locations in The Woodlands, Sugar Land, Baytown and the Texas Medical Center.

The Bracewell team was led by Cristy Edwards, Todd Greenwalt, Brian Teaff, Nancy LeGros and Matthew Grunert. Also pitching in were counsel Peggy Christman and associate Paige Abernathy.

Latham, V&E Advise on $200M Issue of CNX Senior Notes

CNX Resources, the Pittsburgh-based natural gas exploration and production company announced the Sept. 22 close of an issue of $200 million in senior notes due 2027.

The 7.250% notes have been priced at 103.5% of par figuring an effective yield of 6.34%. The notes are an add-on to a March 2019 issue of $500 million.  

Latham & Watkins represented CNX Resources Corporation in the offering with a corporate team led by Houston partner David Miller, with Houston associates Monica White, Clayton Heery, Kate Wang, Ricky Alvarado and Danielle Kinchen. Advice was also provided on tax matters by Houston partners Tim Fenn and Jim Cole, with Houston associate Marianne Standley; and on environmental matters by Houston partner Joel Mack and Los Angeles counsel Joshua Marnitz. 

The V&E corporate team was led by partners Doug McWilliams, David Stone and Thomas Zentner with assistance from senior associates Raleigh Wolfe and Andrew Schulte and associates Todd Hartis, David Lassetter and Miles Fortenberry. Also advising were partners Wendy Salinas and James Meyer and associate Liz Synder (tax); partner Casey Hopkins and senior associate Lindsay Hall (environmental); and senior associate Alexander Kamel and associate Danial Abbasi (finance).

CNX says the net proceeds of $204 million as well as its existing credit facility to redeem its outstanding 5.875% senior notes due 2022, eliminating any senior note maturities prior to 2026.

V&E, Latham Advise on HollyFrontier $750M Notes Offering

HollyFrontier Corporation, a Dallas-headquartered exploration and refining company, announced its pricing of $750 million in senior notes.

A series of $350 million in 2.625% senior notes due 2023 was priced at 99.894% of face. A $400 million series of 4.500% senior notes due 2030 was priced at 99.824% of par. The offer closed Sept. 28.

HollyFrontier was advised by a V&E team led by senior associate Katherine Frank and partner David Stone, with assistance from partner Gillian Hobson, of counsel Alan Bogdanow and associates Audrey Bartosh and Breanna Kelly. Also advising were partner Jim Meyer and senior associate Brian Russell (tax); partner Shane Tucker, senior associate Melissa Spohn and associate Maddison Riddick (executive compensation/benefits); and partner Bailey Pham (finance).

Latham & Watkins represents the underwriters — including HIgh Grade Transaction Management, Citigroup Global Markets, MUFG Securities and TD Securities — in the offering with a team led by New York partners with tax advice was provided by Houston partner Tim Fenn and associate Jared Grimley.

Baker Botts Advises Global Partners LP Offering of $350M in Notes

In an offering scheduled to close Oct. 7, Global Partners LP announced that they have priced at par $350 million in 6.875% senior notes due 2029.

The notes, which will be co-issued by GLP Finance Corp and guaranteed by various subsidiaries of Global, are being placed privately with institutional investors. The notes will be used to redeem Global’s 7.00% senior notes due 2023 and to pay a portion of its outstanding credit agreement.

Baker Botts L.L.P. represented the initial purchasers in the offering: BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG Securities Americas Inc., SG Americas Securities, LLC, BMO Capital Markets Corp. and TD Securities (USA) LLC acted as joint book-running managers.

Credit Agricole Securities (USA) Inc., Rabo Securities USA, Inc., Santander Investment Securities Inc., Capital One Securities, Inc. and Regions Securities LLC acted as co-managers.

The Baker Botts team was led by capital partners Josh Davidson and Justin Hoffman. Associates Jamie Yarbrough, Parker Hinman and Sean Aguirre contributed, along with special Counsel Chuck Campbell on tax, as well as partner Matt Kuryla and associate Harrison Reback on environmental matters.

Global is one of the largest independent owners of gasoline stations and convenience stores, located primarily in the northeast. Global is also involved in the transportation of petroproducts and renewable fuels across the Midwest and Canada.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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