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CDT Roundup: 11 Deals, 8 Firms, 65 Lawyers, $3.2B

Despite a blockbuster 2021, IPO activity has slowed drastically in the early part of 2022, according to Fidelity Investments.

Issuance and proceeds are well off last year’s pace as broad market worries about inflation, supply chain problems and, more recently, the war in Ukraine have slowed IPO activity.

IPOs have also underperformed in public trading of late, the investment firm said. The Renaissance IPO Index, which tracks the performance of newly public companies, fell 5 percent in 2021—after soaring 110 percent in 2020. Thus far in 2022, it is down 23 percent. 

Still, there are some well-known companies expected to go public in 2022 that could help get the ball rolling, Fidelity says. The list includes advanced driver assistance company Mobileye, message board operator Reddit, software robot company Automation Anywhere, online retailer Flipkart and Vietnamese automaker Vinfast.

Here in Lone Star State, Texas-based lawyers worked on 104 IPOs last year, more than 11 percent of the 951 IPOs issued in the U.S., according to the Corporate Deal Tracker. And of the 104 IPO transactions, 78 were special purpose acquisition companies, or SPACs, representing 75 percent of the total.

Still, Baker Botts partner Josh Davidson told The Texas Lawbook earlier in the month that he expects the SPAC market to stay in play, particular in energy, the sector dominated by Texas-based lawyers.

“Many of these SPACs are focused on acquiring business in the energy sector, particularly energy transition focused businesses,” Davidson said. “While the SPAC IPO market has been tightening up due to the large volume of capital chasing de-SPAC merger targets and SEC focus, we continue to see investors willing to put money into these vehicles, especially those with strong sponsors and management teams.”

Indeed, more SPACS keep coming. This past week, RF Acquisition Corp. launched its $100 million initial public offering on March 24 (Winston & Strawn partner Mike Blankenship co-advised RF out of Houston along with fellow partner Simon Luk in Hong Kong).

In addition, Clean Earth Acquisitions Corp. announced Feb. 24 the pricing of its initial public offering of 20 million units at $10 per unit (Baker Botts aided the underwriters led by Houston corporate partners Doug Getten and Travis Wofford). And Kimbell Tiger Acquisition Corp., a special purpose acquisition company and an indirect subsidiary of Kimbell Royalty Partners, announced Feb. 8 the closing of its initial public offering of 23 million units (White & Case led by partners Jason Rocha and AJ Ericksen counseled Kimball).

For the week ending March 26, there were 11 deals valued at $3.2 billion, including six M&A transactions and five capital markets deals. There was disparity in reported value, however. Only one of the six M&A deals had a disclosed value: $200 million. No calculator is necessary to determine that the cap markets deals were worth about $3 billion.

That stacks up favorably with 13 deals worth $2.2 billion the week before, but poorly against the 27 deals worth $13.9 billion last year.

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
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

M&A/FUNDINGS

Targa Resources to acquire Southcross Energy for $200M

Deal Description: Targa Resources Corp. announced March 17 that it agreed to acquire Southcross Energy Operating and its subsidiaries in South Texas for $200 million. Targa said the transaction highlights include an attractive acquisition price represents about 4 times adjusted EBITDA multiple; further synergy potential to reduce acquisition multiple over time; the potential to move a currently idle 200 million cubic feet per day plant; fee-based contracts with the vast majority of volumes being low pressure wellhead gathering; and continued simplification through acquisition of remaining T2 joint venture interests. Southcross emerged from Chapter 11 bankruptcy in 2020. Its owners once included private equity firm Charlesbank Capital Partners.

Expected Closing: Q2

Targa’s Financial Advisor: Wells Fargo Securities, including Michael Shih and Nick Horodinca

Targa’s Outside Counsel: Winston & Strawn, including partners Isaac Griesbaum, Max Stubbs and Dean Hinderliter and associates Anna Gryska and Brandon Davidson

Southcross’ Outside Counsel: Shearman & Sterling, including partners Sarah McLean, Todd Lowther and Ben Gris

Ara creates CycleØ, acquires FNX Liquid Natural Gas

Deal Description: Ara Partners, a private equity firm that specializes in industrial decarbonization investments, announced March 21 its partnership to create European biomethane platform CycleØ Group Ltd. through the acquisition of FNX Liquid Natural Gas. Terms for the investment and the acquisition weren’t disclosed. Based in Bilbao, Spain, FNX specializes in biogas capture and conversion via compression and liquefaction technologies for vehicular and industrial applications. The technologies serve the biogas-to-vehicle and biogas-to-grid markets. The company’s initial projects include an operating plant in Vilanant, which is the first bio-G2V-CNG project in Spain; an operating plant in Faenza, which is one of the largest bio-LNG plants in Europe and the first bio-G2V-LNG project in Italy; and a project in late-stage development in Catalonia, which will be among the first bio-G2G projects in Spain. Ara has offices in Houston, Boston and Dublin. Ara partner Christopher Picotte led the deal while Laurence Molke leads CycleØ.

Ara’s Outside Counsel: Latham & Watkins led by London partner Simon Tysoe and Houston partner Justin Stolte with London associates Ryan Martin and Saavan Shah.

Notes: LW’s Stolte advised Ara Partners in several decarbonization transactions, including its acquisition of Anviplas Group, a plastic recycling business located in Europe, and its purchase of the px Group, an integrated infrastructure services provider based in the U.K.

Pine Wave Energy sells Haynesville assets to Silver Hill

Deal Description: Pine Wave Energy Partners announced March 14 that it agreed to sell Haynesville assets located in Caddo Parish, Louisiana, and Harrison and Panola Counties, Texas, to affiliates of Silver Hill Energy Partners III. Terms were not disclosed. Pine Wave will continue to operate its other properties and pursue new opportunities as a portfolio company of Old Ironsides Energy. Pine Wave was formed in 2018 by CEO Ben Hunter, executive VP Ben Voigt and general counsel Stephen O’Neal. The assets consist of 12,500 net acres with ownership interests in 10 operated wells with 100 million cubic feet per day of production as well as all associated midstream infrastructure, including 18 miles of natural gas gathering pipelines located in Caddo Parish and Panola County.

Expected Closing: Second quarter of 2022

Pine Wave Management’s Outside Counsel: Akin Gump Strauss Hauer & Feld, including Cole Bredthauer, Wes Williams, Alison Chen, David Quigley, Eduardo Canales, Andrew Oelz and Dominic Riella

Silver Hill’s Outside Counsel: Shearman & Sterling, including partners Sarah McLean, Omar Samji and Todd Lowther

SBJ-backed Dennis Uniform completes acquisition of Mills

Deal Description: Dennis Uniform, the U.S.’s leading custom school uniform provider and a portfolio company of SBJ Capital, announced March 22 the acquisition of Mills Uniform Co. Terms weren’t disclosed. Portland, Ore.-based Dennis and San Francisco-based Mills have more than 175 years of combined knowledge and experience servicing the nation’s top school uniform programs. All Mills employees have been retained in the combined business. Suzette Mills, owner of Mills and granddaughter of founder Sue Mills, will continue as a board member, shareholder and executive in the combined business. SBJ Capital is a private investment firm with about $400 million of capital under management.

Dennis’ Outside Counsel: McGuireWoods led by partner Jeffrey Brooker and associate David Krieghbaum in Dallas

Mills’ Outside Counsel: Donahue Fitzgerald

Elevation attracts Series B investment from Bernhard

Deal Description: Elevated, a residential energy solutions company, announced March 23 the close of a Series B financing led by Bernhard Capital Management Partners, a private equity management firm with a services and infrastructure focus. Terms were not disclosed. The investment follows a June 2021 Series A and will support the expansion of the company’s proprietary clean energy technology platforms, which it provides for homeowners and to renters of single-family rental properties. By leveraging its Curb energy management technology along with renewable solar energy, Elevation provides a way to bring lower cost, cleaner energy to renters through institutional single-family rental home operators. Jeffrey Koonce will join Elevation’s board. Bernhard has deployed capital in three funds across several strategies and has about $2.5 billion of gross assets under management. 

Bernhard’s Outside Counsel: Kirkland & Ellis led by corporate partner Bill Benitez and associates Alec Manzer and Jessica Stenglein; tax partner Mark Dundon and associate Nicole Martin; and capital markets partner Julian Seiguer and associate Logan Weissler.

Five Points Capital acquires Bio Sci Solutions

Deal Description: Private equity firm Five Points Capital acquired Bio Sci Solutions, a provider of parts, onsite repair and shop repair services for labs in the U.S. Terms were not disclosed. The deal closed March 11. Winston-Salem, N.C.-based Five Points has raised $1.9 billion in commitments across 12 funds since its 1997 inception and has made made 170 investments.

Five Points’ Outside Counsel: McGuireWoods, led by Dallas partner Kash Sethi

CAPITAL MARKETS/FINANCINGS

Targa Resources prices $1.5B offering of senior notes

Deal Description: Targa Resources Corp. announced March 23 the pricing of an underwritten public offering of $750 million of its 4.200% senior notes due 2033 and $750 million of its 4.950% senior notes due 2052 at a price to the public of 99.815% and 99.333% of their face value. The company intends to use a portion of the net proceeds to fund the previously announced purchase of 5 7/8% Senior Notes due 2026 of Targa Resources Partners or to fund the previously announced redemption of any 2026 notes not purchased in the tender offer with the remaining net proceeds to be used to repay a portion of the amounts outstanding under its revolver.

Expected Closing: April 6

Targa’s Outside Counsel: Vinson & Elkins led by corporate partners Thomas Zentner and David Stone and counsel Jessica Lewis with assistance from associates Nate Richards and John Frey. Also advising were senior associate Caitlin Snelson and associate Taylor Daily (finance); partner Jim Meyer and associate Adam Bateman (tax); counsel Larry Pechacek (environmental); and partner Damien Lyster and senior associate Victoria Galvez Godfrey (energy regulatory).

Apache purchases $1.1B in notes in cash tender offer

Deal Description: Apache, a unit of APA Corp.), purchased $1.1 billion of its outstanding 4.625% notes due 2025, 4.375% notes due 2028 and 4.875% notes due 2027 in a cash tender offer. The tender offer was upsized from an initial maximum purchase amount of $500 million.

Investment Banks: Dealer-managers: Citigroup, Mizuho Securities, MUFG Securities, Truist Securities and Wells Fargo Securities. Tender and information agent: D. F. King & Co. Inc.

Apache’s Outside Counsel: Bracewell including partner Troy L. Harder and associate Jay N. Larry.

Select Energy transitioned asset-backed loan facility into $270M sustainability-linked one

Deal Description: Select Energy Services Inc. announced March 17 that it transitioned its existing asset-backed loan facility into a sustainability-linked one while extending the facility through March of 2027. The new facility provides up to $270 million of asset-based liquidity. Under the terms of the amended facility, Select will receive pricing benefits for achieving ambitious targets associated with escalating volumes of produced water recycled through its fixed facilities and operating substantially more safely than industry peers or pay higher fees for failing to hit those targets.

Investment Banks: Wells Fargo Bank with Bank of America acting as joint lead arranger and joint bookrunner. Wells Fargo Capital Finance was sustainability structuring agent and Amegy Bank, Royal Bank of Canada, Cadence Bank and BOK Financial served as additional lenders in the facility.

Select’s Outside Counsel: Vinson & Elkins led by counsel Caitlin Lawrence with assistance from partner Guy Gribov and associates Joe Higdon, David Albano and Tania Pinon Venegas; and partner Wendy Salinas and associate Lauren Nieman (tax).

Notes: V&E’s Lawrence advised Solaris Oilfield Infrastructure Inc. in a $20 million secured revolving credit facility; Concho Resources Inc. in a $4 billion secured reserve-based revolving credit facility; Parsley Energy in a $2.5 billion secured reserve-based revolving credit facility; and Anadarko Petroleum Corp. in a $5 billion unsecured 364-day revolving credit facility and five-year revolving credit facility.

RF Acquisition launches $100M IPO

Deal Description: RF Acquisition Corp. launched its $100 million initial public offering March 24, listing on the Nasdaq Global Market and trading under the ticker symbol “RFACU.” The company granted the underwriters a 45-day option to purchase up to an additional 1.5 million units at the $10 IPO price to cover any over-allotments. RF Acquisition is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. RF is led by CEO and chairman Tse Meng Ng, co-founder of Singapore-based financial firm Ruifeng Wealth Management and a former Credit Suisse investment banker, and CFO Han Hsiung Lim. The company’s independent directors include Benjamin Waisbren, Simon Eng Hock Ong and Vincent Hui Yang and its advisors include Chandra Tjan and Stephen Lee.

Sole Bookrunning Manager: EarlyBirdCapital Inc.

RF’s Outside Counsel: Winston & Strawn advised with Mike Blankenship, co-lead partner, Houston; Simon Luk, co-lead partner, Hong Kong; and associates John Niedzwiecki, Alexandra Santana and Ben Smolij in Houston and Jacob Tabman in New York

Riverstone Credit leads $35M green loan facility for Harland & Wolff

Deal Description: Riverstone Credit Management was lead lender and coordinator on a $35 million secured green loan facility for Harland & Wolff Group. The delayed-draw term loan facility provides borrowing capacity of $35 million with the ability for Harland & Wolff to request an increase of up to an additional $35 million in loans. The proceeds may be used to fund working capital and capital expenditures, including those associated with the fabrication of wind turbine jackets for an offshore wind project off the coast of Scotland. Harland & Wolff performs fabrication and construction work within the maritime and offshore renewable, energy and defense sectors and ship repair and maintenance. It also owns and operates four shipyards and a gas storage project in the U.K. Riverstone Credit, managed by Riverstone Holdings, lends to entities that build infrastructure in the renewable and conventional energy sectors as well as those engaged in the energy transition from a fossil-based to a zero-carbon economy.

Riverstone’s Outside Counsel: Bracewell including partners Kate H. Day (Houston) and Tom C. Jamieson (London); senior associates Benjamin M. Pridgeon (London) and Adam T. Waszkiewicz (London); and associates Anna K. Miller (Austin), Jessica F. Hastings (London) and Jordan E. Crawford (Houston)

Notes: Bracewell’s Day has advised Wells Fargo on several recent matters, including a $3.75 billion revolving credit facility for the Williams Cos. Inc. and its subsidiaries in October and in connection with the Chapter 11 reorganization of Diamond Offshore Drilling Inc. and the exit financings entered upon emerging from bankruptcy in May.

Claire Poole

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

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