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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

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

CDT Roundup: 14 Deals, 10 Firms, 157 Lawyers, $864.1M

November 18, 2020 Allen Pusey

The energy market has certainly endured its share of disruption in 2020. But 2024 is going to be a lot better for at least one energy component: LNG.

By that year, about 144.6 million tons of annual capacity will be added in the U.S., giving it most of the growth in new capacity on the continent.

As of Sept. 17, according to the Federal Energy Regulatory Commission, there were five new FERC approved LNG export terminal projects under construction: three in Louisiana, two in Texas.

More to the future point: there are 15 more projects already approved by FERC that are not yet under construction — six in Texas, five in Louisiana — giving LNG export an overwhelming presence on the Gulf Coast.

GlobalData, the business intelligence giant, is predicting that liquefaction capacity in North America will increase from 69.9 mtpa in 2020 to 205.1 mtpa by 2024, with 80% of the increase coming from new, planned projects rather than expansions of existing operations.

That presumption is particularly welcome in the industry given the dearth of new activity during 2020.

NextDecade’s Rio Grande project in Brownsville, for instance, will mean an addition of 27 mtpa. Citing the uncertainties of the COVID-19 pandemic on energy demand, NextDecade pushed back its FID to early next year, making 2020 the first “dry” year — a year in which no final investment decisions were forthcoming — in LNG investment in more than two decades, according to Global LNG Hub.

The good news for LNG investors is that even a change in administrations is not likely to disrupt the massive project since LNG is looked upon somewhat favorably by the incoming Biden administration as a logical, and highly strategic, energy transition mechanism to lower carbon emissions.

In the meantime, there were 14 M&A transactions last week carrying a total reported value of $864.1 million. That’s a deceptively low number because only four of the transactions actually reported a value; the lowest at $25 million, the highest at $550 million.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

That said, there were 12 M&A deals worth $289.1 million and two capital markets transactions worth $575 million, which meant billable hours for 157 Texas lawyers at 10 unique firms.

That compares with 13 deals last week worth $6.1 billion and an awesome 25 deals worth $12.9 billion a year ago.

Maybe you’ll feel better to know that those 25 deals still reign as the second highest number of deals ever reported by the Lawbook for a single week. The highest was 29 in October 2020. Those 29 deals were worth $3.1 billion.

So, now you feel better. Right?

M&A/PE FUNDING

V&E Advises on Downhole Services Combination of Rubicon with Innovex

Rubicon Oilfield International, an oilfield products and services company from the Warburg Pincus portfolio, announced Nov. 10 that it had agreed to be acquired by Innovex Downhole Solutions Inc.

Terms of the deal were not disclosed, but closing is expected sometime in early 2021.

Innovex, backed by Intervale Capital, says the transaction is intended to strengthen the company’s profile as a global platform capable of sustaining growth in a lower priced commodity environment by combining complementary products and services and expanding the company’s profile internationally.

Vinson & Elkins advised Rubicon with a team led by Houston partner Matt Strock and senior associate Claire Campbell with assistance from associates Burk Wendt, Jimmy Chalk and Katie Davis. Advising on tax matters was partner David Peck.   

V&E worked, as well, with Rubicon Oilfield International’s Senior Vice President & General Counsel Sue Kean and Deputy General Counsel Jennifer Dotson, as well as the Warburg Pincus legal department.

Leadership of the combined company will include executives from both companies, but Adam Anderson will continue as CEO and the company will operate under the Innovex brand.

Both companies are headquartered in Houston. Rubicon has offices in Texas, Utah, Louisiana, North Dakota, Canada, Argentina, Colombia and Mexico. Innovex has offices in every major U.S. basin, as well as international service offices in Saudi Arabia and Oman.

Locke Lord Advises Madrid-based Food Company on Sale of Pasta Brands

TreeHouse Foods Inc. announced Nov. 5, that it is acquiring several lines of pasta brands from Riviana Foods for $242.5 million.

The deal includes a factory in St. Louis along with such well-known regional pasta lines as: Skinner, No Yolks, American Beauty, Creamette, San Giorgio, Prince and Light ‘n Fluffy, Mrs. Weiss’, Wacky Mac, P&R Procino-Rossi and New Mill. The deal does not include the Ronzoni brand.

Riviana, a subsidiary of Spain’s Ebro Group headquartered in Madrid, was advised on the transaction by a mostly Texas team from Locke Lord led by Houston partner Steve Peterson. Additional assistance was provided by Jennie Simmons, Janet Militello, Gerry Pels, Paul Pruett, Ed Razim, Buddy Sanders, Mitch Tiras, Sara Longtain, Caleb Dunson, Kirby Gilbert, Thomas Johnson, Andrew Nelson, Shannon Collins Schroeder and Kelly Smit (all of Houston), Allen Woolley and Michael Conroy (Chicago), Van Jolas, Paul Nason, Robin Shaughnessy and Brad Weber (all of Dallas) and Jaremi Chilton (San Francisco).

Steve Oakland, CEO and president of Treehouse, said: “The acquisition of Ebro’s well-known regional pasta brands further strengthens our portfolio and expands our scale to better serve our national and regional customers. “Our existing private label and regional brand pasta business will be a natural complement to the acquired brands and will enable us to further optimize our production network, improve capacity utilization and deliver greater profitability and free cash flow.”

The businesses to be acquired generated approximately $200 million in sales during the 12-month period ended June 30. TreeHouse management, headquartered in Oak Brook, Illinois, expects the acquisition will be accretive by 20¢ to 30¢ per share in the first full year after closing. The transaction is expected to close during the fourth quarter of 2020.

“The work we have done over the past several years to strengthen our operating platform and realign our businesses into two distinct segments has positioned us well to execute this transaction and integrate the pasta business,” Oakland said. “We are confident this accretive acquisition, along with the significant progress we have made in generating free cash flow this year, will enhance our ability to drive shareholder value.”

Greenberg Traurig Advises as Vizient Acquires Intalere

Dallas-based Vizient Inc. announced Nov. 5 that it is acquiring Intalere, one of its competitors in the healthcare supply chain business, from Intermountain Healthcare. Terms of the deal were not disclosed.

Vizient said the deal will increase its presence in small town and rural acute care facilities and opportunities to grow its non-healthcare supply chain subsidiary Provista.

Vizient was advised on the transaction by Greenberg Traurig with a team led from Dallas by health care shareholder Michael Malone and corporate shareholder Thomas Woolsey.

The team also included Washington D.C. shareholder Andrew G. Berg on antitrust, corporate associate Richard D. Dusenbury, health care associate Somer Hayes, and tax associate Josh Prywes — all from Dallas.

Hall Render Killian Heath & Lyman advised Intermountain. The firm has not disclosed the attorneys involved.

H2C Securities is serving as financial advisor to Vizient. J.P. Morgan advised Intermountain.

Vizient provides expertise, analytics and advisory services, as well as a contract portfolio that represents more than $100 billion in annual purchasing volume, to improve patient outcomes and lower costs.

AEGIS Acquires Hedging Firm Nexidus As Kirkland Advises Investor

AEGIS Hedging Solutions announced on Nov. 11 that it had acquired Nexidus Commodities, a company based in Knoxville focused on the trading and hedging of metals.

The acquisition by AEGIS, headquartered in The Woodlands, was made through an investment by Trilantic North America, a New York based private equity firm.

Trilantic was advised by Kirkland & Ellis with a team led from Houston by transactional partners Jhett Nelson, Shubi Arora, Will Mabry and associates Zach Savrick and Abbey Zuech in Dallas and executive compensation partner Stephen Jacobson in Houston. Other lawyers Kirkland lawyers from Boston, New York and Chicago were involved.

Founded in 2017, Nexidus provides research, strategy, execution, and administrative support to companies in the industrials and manufacturing sectors hedging their exposures to base and precious metals.

“The acquisition of Nexidus is a significant step in extending our hedging technology and expertise beyond the energy sector,” said Bryan Sansbury, Chairman and CEO of AEGIS. “With increasing global volatility, we are committed to serving companies across industries as they manage their commodity and rate risks.”

AEGIS — founded by Sansbury, Chris Croom and Justin McCrann — includes in its hedging strategies, not only metals and refined products, but also interest rates and foreign exchange transactions.

Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion.

Baker Botts Advises As Zix Acquires Israel-based Tech Security Firm CloudAlly

Dallas-based technology security experts Zix Corporation announced Nov. 9 the $30 million acquisition of Israel-quartered CloudAlly Ltd., a leader in data backup security and recovery for businesses.

Founded in 2011, CloudAlly pioneered enterprise-grade security software-as-a-service (SaaS), including GDPR/HIPAA compliant solutions for Microsoft Office 365, Google Workspace, SharePoint, OneDrive, Salesforce, Box and Dropbox.

CloudAlly is a channel-first provider to more than 5,000 customers, 250,000 users and supported by 600 Managed Service Provider (MSP) partners projecting $8 million in revenue for calendar 2020.

Zix chief legal counsel Noah Webster tapped Baker Botts and the Israel legal firm Gornitsky & Co. to advise on the transaction.

The Baker Botts team was led from Dallas by partners Don McDermett and Grant Everett with corporate associates Jennifer Ybarra and Victor Ochieng, also of Dallas.

Also pitching in were finance partner Luke Weedon in Dallas and finance associate Keegan Bobholz from Houston; partner Luke Pederson and associate Andrew Wilson, both of Washington D.C., along with Dallas associate Tyler Beas and Moscow associate Elena Polevaya chipped in on intellectual property issues, while both tax partner Steve Marcus and compensation and benefits associate David Schiller advised from Dallas.

Gornitzky & Co. acted as legal advisors to Zix. Clairfield International acted as financial advisor and Gross Kleinhendler Hodak acted as legal advisor to CloudAlly.

Zix Corporation specializes in email security, particularly user-friendly encryption and threat protection for healthcare, finance and government institutions.

The CloudAlly acquisition allows Zix easy entry into the cloud backup and recovery market, estimated by MarketsandMarkets as a $1.3 billion market, and growing. Specifically, it enables entry by Zix product suites into Microsoft Office 365 backup through AppRiver and Zix channels.

Zix CEO David Wagner says a survey of the company’s managed services partners showed that 45% would buy backup services from Zix if it were offered.

“Cloud backup being our number one product adjacency, coupled with our proven success attaching additional products to our customer base, gives us a high level of confidence that we can leverage CloudAlly to become a greater business than just the sum of its parts,” Wagner said. “With CloudAlly, we can greatly enhance our Secure Cloud platform and also mitigate concerns around ransomware which has become a large industry focus.”

Although the terms of the acquisition were undisclosed, Zix modified its existing senior secured term loan led by Truist Bank, adding an additional $35 million to bring the total outstanding to $212.2 million. Zix intends to use a portion of the additional term loan to clear out $25 million under its revolving credit facility.

Jackson Walker Advises Regal Oil on Sale of C-Stores to Majors Management

Texas wholesaler Regal Oil announced Nov. 2 that it had completed a long-anticipated sale of its 14 Star Shop convenience stores to Majors Management, a Georgia-based operator of more than 800 such convenience stores.

Terms of the transaction were undisclosed, but the sale had actually been in the works for several years, its finalization slowed by the advent of the coronavirus pandemic.

The sale of Regal’s 14 c-stores —located in San Angelo, Eldorado and Big Spring — marked a return to oil products wholesaling, what one Royal executive termed “our roots.” Regal plans to concentrate on supplying wholesale fuel and petroleum products — gasoline, kerosene, naptha, etc. — across West Texas.

Based in San Angelo, Regal was advised by a Jackson Walker team led by Samuel Allen, a finance partner in San Angelo, and Carlos Treviño, a corporate partner in Austin. The team also included corporate associate Michael Flatter and partner Ali Abazari, who weighed in on environmental matters.

For Majors Management, the acquisition marked company’s 8th transaction in the last 16 months. The company, headquartered in Lawrenceville, Georgia, said it intends to continue pursue convenience store acquisitions as part of its regional growth throughout the central U.S.

Bracewell, V&E Advise as Ameredev Texas Wins $46.6M Bid for Lilis Assets

EnCap-backed Ameredev Texas has been tapped to purchase substantially all the assets of bankrupt Lilis Energy for $46.6 million, according to an announcement by Lilis on Nov. 8.

Ameredev won the bid in a 363 auction conducted under the guidance of the Houston division of the Southern District of Texas Bankruptcy Court.

Ameredev was advised on the bid by Bracewell with a team led by partners Jason Cohen (Houston), Austin Lee (Houston) Steven Lorch (New York) and Matt Paulson (Austin). The team also included associates Jonathan Lozano (Austin) and Andrew P. Mintz (Houston) and John Stavinoha III (Houston).

Lilis was advised by Vinson & Elkins with a team that includes Houston restructuring and reorganization partner Harry Perrin. Barclays Capital is serving as Lilis’ investment banker and Opportune is advising on the restructuring.

Fort Worth-based Lilis filed for bankruptcy protection in June with the intent of emerging with an equity investment. In midstream, however, the company refocused its effort on a sale of its assets, most of which are in the Permian Delaware Basin of West Texas and Southern New Mexico.

V&E Advises Clearlake-backed Sunbelt on Oliver Equipment Acquisition

Clearlake Capital-backed Sunbelt Supply announced the acquisition of Oliver Equipment Company by its affiliate FlowWorks Nov. 6. Terms of the transaction were not disclosed.

Sunbelt Supply, headquartered in Pasadena, Texas, provides specialty valve and flow control distribution platforms focused on industrial production processes. Likewise, Houston-based Oliver Equipment offers industrial specialty products as well as MRO — maintenance, repair and operations — through its networks of high-trained sales force.

The V&E team was led by partner Matt Strock with senior associate Jeannie Poland and associates Sara Bloom, Carmen Guidry and Maggie Webber. Also advising were partner Prentiss Cutshaw and associate P.J. Tatum; partners Larry Nettles and Matthew Dobbins and associate Austin Pierce; partner Sean Becker and counsel Christie Alcalá; partner Brian Bloom and senior associate Kristy Fields; partner John Lynch and associate Christine Mainguy; partner Fry Wernick and senior associate Brian Howard; and partner Devika Kornbacher and senior associate Sean Hill.

Locke Lord advised Oliver Equipment with team led by Kevin Peter (Houston). The team also included Steve Boyd, Laura L. Ferguson, Jerry Higdon, Berne Kluber, Jeff McPhaul, Tammi Niven, Buddy Sanders, Ed Razim, Michelle Gutierrez-Begin, Evan Blankenau, Elizabeth Genter, Zac Horne, Tom Johnson, Hayley McElhinney, Matt McKenna, Andrew Nelson, Shannon Schroeder and Kelly Smit (all of Houston), Mike Conroy (Chicago) and Geoff Polma (Dallas).

Scott Jackson, CEO of Sunbelt and FloWorks, called OEC “a great complement to our group of companies and brands.”

OEC will continue to go to market under the OEC brand with the company’s top executives, including OEC president Gale Oliver, staying at the firm.

With offices in Santa Monica and Dallas, Clearlake Capital José Feliciano, co-founder and managing partner of Clearlake, said the acquisition is in keeping with an effort by the PE company to acquire sector-focused businesses.

“This acquisition of OEC represents another step towards building a leading specialty industrial distribution platform, differentiated by its scale, product solutions and technical expertise,” Feliciano said.

Bonanza Creek Acquires Restructured HighPoint Resources

Bonanza Creek Energy, Inc. announced Nov. 9, its acquisition of HighPoint Resources Corporation in a merger agreement valued at approximately $376 million.

The transaction value is based on the equity to be issued to HighPoint equity holders, the equity and debt to be issued to HighPoint debt holders in connection with a related exchange offer, as well as the remaining debt to be assumed.

Denver-based Bonanza Creek will issue 9.8 million shares of common stock and up to $100 million in senior unsecured notes in the transaction. The transaction has been unanimously approved by the board of directors of each company. The strategic combination is expected to create the leading unconventional oil producer in rural Weld County. 

The V&E M&A team was led by partners Shelley Barber from New York and Robert Kimball from Dallas with assistance from senior associate Doug Smith and associates KJ Pedersen and Ted Belden, all from Dallas. Partner Paul Heath from Houston, as well as senior associate Lauren Kanzer and associate Zack Paiva from New York led the restructuring team. Partner David Stone in Houston and senior associate Joanna Enns from Dallas are advising on the notes exchange.

Also advising are partners Jim Meyer and Wendy Salinas, senior associate Brian Russell andassociate David Gilbert all from Dallas; partner Shane Tucker and senior associate Missy Spohn both from Dallas; partner Sean Becker and associate Peter Goetschel in Houston; partner Larry Nettles in Houston; partner Brett Santoli and senior associate Michael Makhotin from New York; partner Suzanne Clevenger and counsel Damien Lyster from Houston; partner Darren Tucker and associate Ryan Will, both of Washington D.C.; partner Lawrence Elbaum from New York; and senior associates Katherine Frank and associates Cameron Land and Claire Wenholz all from Dallas, as well as Brett Peace and Nina Bhatia in Houston.

Evercore is serving as financial advisor to Bonanza Creek.

Tudor, Pickering, Holt & Co. and Perella Weinberg Partners are serving as financial advisor to HighPoint with Kirkland & Ellis serving as legal advisor to HighPoint along with AlixPartners serving as restructuring advisor.

Akin Gump is serving as legal advisor to an informal group of HighPoint note holders that have signed the TSA. The Akin Gump team advising HighPoint’s noteholders included financial restructuring partners Michael Stamer and Meredith Lahaie and corporate partners Stephen Kuhn and John Goodgame.

J.P. Morgan Securities also served as an advisor to HighPoint.

The acquisition creates a company capable of 50,000 barrels of oil — or its equivalent — per day in the DJ Basin where it will hold more than 206,000 contiguous net acres of potential production acreage.

On a pro forma basis, the combination is expected to result in $31 million in 2021 synergies and an estimated pro form leverage ratio less than 0.7x at closing.

Under terms of the deal HighPoint and Bonanza Creek will simultaneously produce a registered exchange offer and consent solicitation. as well as a prepackaged reorganization plan. HighPoint said the plan is to gain approval for the plan outside the Chapter 11 process, but that in the event of any glitches in that process HighPoint intends to file for bankruptcy and pursue the agreement without stockholder approval.

Upon completion, Bonanza Creek shareholders will own 68% of the combined company, with HighPoint stakeholders owning the remaining 32%, comprised of HighPoint shareholders (1.6%) and HighPoint noteholders (30.4% and as much as $100 million of newly issued 7.50% senior unsecured 2026 notes). That amounts to an implied exchange ratio of 0.114 shares of Bonanza Creek common stock for each share of HighPoint.

Fifth Creek Energy Company, which owns about 46.5% of the outstanding shares of HIghPoint have agreed to support the transaction.

Evercore is serving as financial advisor and Vinson & Elkins LLP is serving as legal advisor to Bonanza

Kirkland Advises As Blackstone Energy Acquires, Integrates Two Decarbonization Firms

Blackstone Energy Resources announced Nov. 9, that it is acquiring, then merging, two companies engaged in decarbonization and energy efficiency.

The first company, Therma Holdings, a portfolio company of Gemspring Capital, designs and produces specialty and mechanical and electrical controls for complex process-sensitive systems like laboratories, hospitals and data centers.

The second, RE Tech, is an energy and sustainability consulting firm. RE Tech designs and tracks efficiency, environmental and social governance programs for business, primarily involving real estate. Their programs include design and implementation of programs for energy auditing, data analytics, climate change, carbon reduction and regulatory compliance.

Kirkland & Ellis counseled Blackstone Energy on both transactions with a team was led by partners Rhett Van Syoc and Kyle Watson and associates Zach Savrick, Fern Langa, Brittany Scheier, Mike Bassi, Abbey Zuech, Christian Mahre and Jack Kelly; tax partner Mark Dundon and associate Joe Tobias; debt finance partners Melissa Hutson and Yuli Wang and associate Peter Bang; executive compensation partner Stephen Jacobson and associate Jake Ebers; and employee benefits partner Alex Mihalas and associate Chris Chase.

Guggenheim Securities acted as financial advisor to Blackstone.

Jefferies Financial Group and Lincoln International are serving as financial advisors and McDermott Will & Emery is legal counsel to Therma.

Blackstone Energy says it is combining the two companies — merging RE Tech into Terma — to create a comprehensive suite of products and services that aid in sustainability, carbon reduction and energy management services.

David Foley, Global Head of Blackstone Energy Partners said: “Blackstone Energy Partners has been supporting the transition to cleaner, affordable energy through investments in critical energy infrastructure, renewable power generation, battery storage and the electric transmission grid. We also see opportunities to help companies become more efficient – consuming less energy and generating less carbon dioxide while not compromising productivity, safety and comfort. Therma and RE Tech are doing just that and can help Blackstone achieve its own recently announced goal of reducing emissions.”

Blackstone recently expanded its existing environmental sustainability efforts by setting a goal of 15% carbon emissions reduction across all new investments where it controls energy usage.

Guggenheim Securities acted as financial advisor to Blackstone Energy Partners, while Kirkland & Ellis acted as legal advisor. Jefferies Financial Group and Lincoln International are serving as financial advisors and McDermott Will & Emery LLP is serving as legal counsel to Therma.

Morgan Lewis Counsels The Hiller Companies Acquisition of A&D Fire Sprinklers

Fire protection specialists, The Hiller Companies, says it has purchased California-headquartered A&D Fire Sprinklers. The deal, whose terms were undisclosed, closed Nov. 1.

A&D Fire Sprinklers has offices in San Diego, Los Angeles, Salt Lake City and Spokane offering fire protection technologies and services.

Hiller, headquartered in Mobile, Alabama, owned by Pon North America, plans to maintain all of A&D’s management, staff and technicians to ensure a smooth transition of A&D to a division of The Hiller Companies.

Morgan Lewis was tapped by Pon North America GC Magnus Rayos to advise the Hiller Companies.

The Morgan Lewis team was led by Houston partner Sameer Mohan with support from Houston associates Tara McElhiney, Clara Betancourt and Melissa Brown along with ML lawyers from Los Angeles, Orange County, Philadelphia and Washington.

Willkie Advises Pritzker on Purchase of Automotive Businesses

Family investors Pritzger Private Capital announced the acquisition of two companies involved in the production and distribution of automotive maintenance products.

PPC said Nov. 10 it had completed the acquisition of Highline Aftermarket Holdings a leading national distributor of aftermarket automobile products and the purchase of Warren Distribution, a manufacturer of private label automotive lubricants and chemicals.

Terms of the transaction were not disclosed, but Willkie Farr & Gallagher advised Highline Aftermarket on the deal with a team led by Houston partners Bruce Herzog and Scott Miller.

J.P. Morgan Securities LLC acted as financial advisor to PPC, and served as lead arranger for the debt financing in respect to the transaction.

CAPITAL MARKETS

V&E Advises on $550M Private Offering by Antero Midstream

Antero Midstream Corp. said Nov. 10 that one of its subsidiaries, Antero Midstream Partners, had closed a private offering of $550 million in 2026 7.875% senior unsecured notes.

Antero says it plans to use the estimated $544 million in net proceeds to reduce some of the outstanding debt accrued under its credit facility.

Headquartered in Denver, Antero owns and operates gathering, compression and fractionation assets in West Virginia and Ohio.

Antero was advised by Vinson & Elkins with a team led from Houston by Scott Rubinsky, Doug McWilliams and David Stone, with assistance from senior associate Austin March and associates Billy Vranish, John Daywalt and Mary Busse. Also advising were partner Matt Dobbins and associate Austin Pierce (environmental); and partner Wendy Salinas and associate Liz Snyder (tax).

Baker Botts Advises Summit Midstream on $25M Tender Offer

Continuing an aggressive reduction in outstanding debt, Summit Midstream announced a tender offer of $200 per unit for up to $25 million of its outstanding 9.5% Series A Perpetual Fixed-to-Floating rate.

The offer conditioned on holders of at least 75,000 Series A preferred units validly tendering their units prior to the expiration of the offer on Dec. 9.

Baker Botts advised Summit Midstream with a team led from Houston by partners Josh Davidson and Jason Rocha. They are backed by senior associate Sarah Dodson and associates Emmie Proctor and Rachel Collier. Pitching in on tax is partner Michael Bresson and senior associate Jared Meier.

D.F. King & Co., Inc. is acting as the tender agent for the offer.

In September Summit Midstream held a complicated dual “Dutch auction” that redeemed more than $72 million in bonds due in 2022 and 2025.

If the current tender offer is fully subscribed, 125,000 units would be redeemed. Under terms of the offer, units redeemed above the original purchase price would be redeemed, perhaps on a pro rata basis.

Summit Midstream is an infrastructure company focused on basins known for unconventional resources, especially the shale formations in Ohio, West Virginia, North Dakota, Colorado, Wyoming and Texas. Summit also provides fee-based natural gas, crude oil and water gathering services in six basins across the U.S.

Allen Pusey

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

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