CDT Roundup: 14 Deals, 12 Firms, 88 Lawyers, $10.1B

Ravi Purohit, a Houston partner at Latham & Watkins, has been busy in the waning months of 2022, working on three major infrastructure deals in as many weeks.

First, he advised American Triple I as part of JFK Millennium Partners’ $4.2 billion deal to develop the new terminal 6 at JFK Airport. Next, he counseled ConocoPhillips on its strategic partnership with Sempra for the Port Arthur LNG project. And finally, he aided OpticalTel on its investment by Antin Infrastructure Partners (see below).

The Corporate Deal Tracker caught up with Purohit to see what’s up with all the activity. Edited excerpts from the interview follow.

Tell us about these three infrastructure deals and what they say about dealmaking in this space right now.

I have been fortunate to work on three marquee infrastructure transactions that involve quite different assets but share common attractive investment characteristics. The three transactions involved different infrastructure verticals (transportation, energy and digital infrastructure), which have continued to be very active this year despite the economic headwinds and debt financing challenges. These deals and other similar transactions throughout the year demonstrate a continued desire by investors to deploy capital into infrastructure assets that provide essential services, have certain barriers to entry, are supported by contracted cash flow with creditworthy counterparties, have been financially resilient through COVID and post-COVID economic turmoil and are able to withstand higher inflation either through price adjustment mechanics or an ability to pass through increased costs.

How did you land the JFK airport deal? (please forgive the pun)

I have known for several years and previously worked with a few of the principals at American Triple I, including with respect to evaluating, investing in and operating a variety of airport assets (e.g., Heathrow Airport). The client was looking for a one-stop legal partner that could help them raise money from investors, assist in diligence of the asset, negotiate terms with the Port Authority of NY/NJ and finalize shareholder arrangements with their consortium partners. There are very few law firms that have that breadth of legal expertise under one roof, and we were able to bring Latham’s fund formation, infrastructure, private capital, corporate and finance teams together to work through a complex and difficult situation resulting in a landmark transaction for our client and their partners.

How did you win the ConocoPhillips-Sempra business?

Latham has one of the best LNG focused energy infrastructure legal practices. My partners and I have been involved in almost every major LNG project in the U.S. and around the world.  That depth of experience allows us to understand the diligence required to develop and acquire these assets as well as the current market and relevant terms of the underlying contracts (LNG sale purchase agreements) better than any other law firm. For clients such as ConocoPhillips, this experience allows us to provide sage commercial advice beyond just legal considerations and assemble teams that not only negotiate the equity documentation but also provide peerless counsel on the LNG offtake arrangements. That ability to form a multidisciplinary team that operates in a seamless manner is a key differentiator in my view for many clients.

What does the deal say about the energy business right now?

LNG was a relatively peripheral infrastructure asset several years ago with export and import facilities located primarily where the demand and supply existed geographically together.  However, with recent macroeconomic conditions and political situations over the past few years, we are seeing immense demand for LNG projects around the globe regardless of the scope of supply. The European and Asian markets remain hungry for the product and are increasingly willing to sign long term take-or-pay contracts, which can help provide the foundation for attractive project financing to develop a LNG project or expand existing LNG facilities. The combination of cheaper financing, long term contracts with credit worthy counterparties and attractive contracted cash flows is an enticing proposition for any investor and, in particular, energy investors, so I would expect LNG activity and deal flow to thrive over the next few years.  

What are you seeing in energy overall?

We are still seeing a lot of deal activity across the energy spectrum from oil/gas to solar to wind to hydrogen/ammonia projects. As a colleague recently noted, for the first time in our life, we are trying to address both energy security and energy transition, thereby resulting in a myriad of activity in the sector. For example, there is consolidation in the oil/gas sector along with opportunities for these companies and other firms to deploy capital in alternative energy assets. It is a great time to be active in the space.  

Finally, how did you come to represent OpticalTel?

We were introduced to the OpticalTel team by another client who recommended us to assist in the sale of the broadband fiber company.  OpticalTel understood the unique characteristics of the underlying asset class and appreciated our extensive experience with digital infrastructure and associated regulatory considerations, intimate knowledge of the market terms for similar transactions as well as our laser focus on providing practical legal advice. We worked seamlessly with the management team throughout the process, were glad to help them sign the transaction with Antin and are looking forward to closing the transaction in early 2023. 

What does that deal say about telecom?

The OpticalTel deal demonstrates the continued high demand for digital infrastructure assets with institutional investors. These assets provide essential services and benefit from the increased use of data by customers, such as high speed internet in homes and buildings, contracted cash flow, ability to pass through costs and general stickiness of customers provided they are receiving quality service. There is a lot of tailwind in the macroeconomic outlook for these types of digital infrastructure assets. We have seen that these assets are also capable of obtaining financing, even in today’s difficult environment, which makes them even more ripe targets for investors looking to deploy capital in the short term.  

So what’s your outlook for infrastructure M&A deals?

I fully expect to see continued high level of activity for infrastructure M&A deals going forward.  A recent report said there is over $300 billion of dry powder held by infrastructure funds as of Q3 2022. That massive amount doesn’t include capital held by pension funds, sovereign wealth funds and family offices that may be, and in many cases, allocated to infrastructure or partly focused on the industry. That money needs to be deployed, in most cases, over a certain period of time, and investors are getting creative with financing deals – be it with all equity consideration, potential future back leverage at a later date or by utilizing private debt capital providers.

Infrastructure assets have proven their financial resilience over the past few years, provide essential services with contracted cash flows, and often have some inflation adjustment mechanisms that may prove to be even more attractive in the year(s) ahead. Given that performance and investment characteristics, I expect that quality infrastructure assets will continue to attract a lot of attention and robust deal activity even if there is a potential slowdown in M&A and private equity activity for other assets in 2023.  

Finally, if we see any stabilization or reduction in interest rates in 2023 or 2024, along with an open IPO market, you could see deal activity for infrastructure assets significantly rise again to very lofty and potentially unprecedented levels. It’s a very exciting moment to be a part of the infrastructure industry and I strongly believe the future for investing in these assets is very bright irrespective of the economic conditions that lie ahead.

In deals involving Texas lawyers, the week ending Dec. 10 saw 14 transactions with reported values of $10.1 billion. That included 11 M&A deals worth $7.1 billion and capital markets transactions valued at $3 billion. That compares with 26 deals for $12.8 billion last week and 16 deals for $5 billion at this time 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 Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
23-Nov-24	15	$4,553	15	145	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	22	$22,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDINGS

NRG Energy to buy Vivint Smart Home for $5.2B

Deal Description: NRG Energy Inc. of Princeton, N.J., and Houston and Vivint Smart Home Inc. of Utah announced Dec. 6 they entered into a definitive agreement in which NRG will acquire Vivint for $12 per share or $2.8 billion in cash and the assumption of $2.4 billion of debt. The consideration represents a premium of 33 percent over Vivint’s closing share price on Dec. 5. The transaction implies a multiple of 6.3 times run-rate enterprise value to adjusted EBITDA. The agreement was unanimously approved by the boards of both companies. Vivint’s mission is to help its nearly two million customers live intelligently by providing them with technology, products and services to create a smarter, more efficient and safer home. The company’s vertically integrated business model includes hardware, software, sales, installation, support and professional monitoring. The transaction improves and diversifies NRG’s financial profile while also expanding the market opportunity available to NRG. The annual run-rate adjusted EBITDA, including $100 million of run-rate synergies, is $835 million.

Expected Closing: Q1 2023

NRG’s Financial Advisor: Goldman Sachs & Co., with Goldman Sachs Bank USA providing fully committed financing

NRG’s Outside Counsel: Out-of-state lawyers at White & Case

Vivint’s Financial Advisor: J.P. Morgan Securities

Vivint’s Outside Counsel: Simpson Thacher & Bartlett led by partners Eric Swedenburg, Elizabeth Cooper and Michael Chao in New York

Keurig Dr Pepper invests $863M in Nutrabolt

Deal Description: Dallas-based Keurig Dr Pepper Inc. and Nutrabolt announced Dec. 8 a strategic partnership, including a definitive agreement for a long-term sales and distribution arrangement. KDP also will make a cash investment in Nutrabolt of $863 million, or about $740 million net of anticipated cash tax benefits, in exchange for preferred equity with a 5 percent annual coupon paid in cash or in-kind. The investment provides KDP with an ownership stake of about 30 percent, earning KDP representation on the Nutrabolt board and making it the largest investor in behind its founder, chairman and CEO Doss Cunningham. Net of the anticipated cash tax benefits, the investment represents a multiple below 4x estimated 2023 net sales, which are expected to be above $650 million. The investment is expected to close by year-end. Nutrabolt is a growing, global active health and wellness company with a portfolio of brands, including C4 Energy, C4 Pre-Workout and XTEND. Under the agreement, KDP will sell and distribute C4 Energy in the majority of its company-owned direct store distribution territories. Nutrabolt will continue to distribute C4 Energy directly or through its distribution network to the specialty, health club and fitness channels.

KDP’s In-House Counsel: Anthony Shoemaker, chief legal officer and general counsel, Mark Jackson, VP & assistant general counsel, Lisa Dalfonso, SVP & assistant general counsel (New York), and Anne Langford, corporate counsel

KDP’s Financial Advisor: Evercore Group

KDP’s Outside Counsel: Skadden with the team all based in New York

Nutrabolt’s Financial Advisors: Jefferies and Goldman Sachs & Co.

Nutrabolt’s Outside Counsel: Goodwin Procter, Giannuzzi Lewendon and Kirkland & Ellis, including corporate partners Julian Seiguer and John Kaercher and corporate associate John Morgan with support from tax partners David Wheat and Ryan Douglas Phelps, executive compensation partner Rob Fowler, litigation partner Stefan Atkinson and labor and employment partner Christie Alcala.

Tigo Energy in $600M merger with SPAC Roth CH Acquisition IV

Deal Description: White & Case said Dec. 6 that it advised Tigo Energy Inc., a provider of intelligent solar and energy storage solutions, on its agreement to combine with Roth CH Acquisition IV Co., a special purpose acquisition company, resulting in Tigo becoming a publicly traded company. Upon closing, the combined company will retain the Tigo name and be listed on Nasdaq under the ticker symbol TYGO. The transaction values Tigo at a pre-money equity value of $600 million. Roth CH IV has $117 million held in trust.

Expected Closing: Q2 2023

From White & Case: The team was led by M&A partner Bryan Luchs and capital markets partners Colin Diamond, both in New York, as well as Laura Katherine Mann in Houston. The team also included, in Houston, M&A associate Carlos Moran, capital markets associates Bryson Manning and Steven Amrein and environmental and climate change partner Taylor Pullins.

Roth CH IV’s Outside Counsel: DLA Piper and Loeb & Loeb

Notes: Since 2020, White & Case’s SPAC team has led more 50 SPAC business combinations valued at more than $90 billion.

Caliche II, Orion, GCM Grosvenor partner on underground storage assets, commit $180M

Deal Description: Houston-based Caliche Development Partners II along with Orion Infrastructure Capital and publicly traded GCM Grosvenor announced Nov. 29 a partnership targeting underground storage and sequestration assets supporting North America’s transition to lower-carbon forms of energy. The commitments represent OIC’s second investment with Caliche management and Caliche’s first with OIC’s frequent investment partner GCM Grosvenor, which invested client capital. Both firms bring experience in infrastructure investing to Caliche’s next iteration. The partnership’s initial acquisition of Golden Triangle Storage Inc., with the anticipated acquisition of Central Valley Gas Storage from Southern Co.’s affiliates, targets two regions with increasing demand for storage to support variable power loads, natural gas liquefaction and high penetrations of renewable resources. Acquisition amounts total $186 million, which represents the purchase price of GTS and CVGS plus working capital and other adjustments. The GTS transaction closed on Nov. 18 and the CVGS purchase, which requires state regulatory approvals, is expected to be completed in 2023.

Caliche II’s Outside Counsel: Willkie Farr & Gallagher led by partner Archie Fallon in Houston

Yildirim buys chromium business from Elementis for $170M

Deal Description: Elementis announced Nov. 30 that it agreed to sell its chromium business to Yildirim Group for an enterprise value of $170 million. The transaction includes the transfer of environmental liabilities of $35 million and other liabilities of $8 milion, with the total cash proceeds on completion expected to be around $119 million before tax. The sale follows the strategic review of the chromium business announced in April 2022. In the 12 months ending on June 30, the business reported sales of $171 million and adjusted operating profit of $14 million. The transaction values the business at 7.3 times EBITDA and will result in a gain on disposal and a tax charge of $12 million. The proceeds from the sale will be used to reduce net debt.

Expected Closing: Q1 2023 subject to U.S. regulatory approval

Yildirim’s Outside Counsel: Latham & Watkins led by Houston corporate partner Kevin Richardson with Houston associates Thomas Hillebrand, Brent Wagner, Vera Bespalova and Tasbiha Batool and London corporate partner Nick Cline with London associate Tom Channing. Advice was provided on U.S. environmental matters by Houston partner Joel Mack, on finance matters by Houston counsel Bryce Kaufman and on U.S. tax matters by Houston partner Jared Grimley with associate Dominick Constantino

Dine Brands acquires Fuzzy’s Taco Shop for $80M

Deal Description: Dine Brands Global Inc., the parent company of Applebee’s and IHOP, announced Dec. 5 that it agreed to acquire Fuzzy’s Taco Shop from Experiential Brands, a unit of NRD Holding Co., for $80 million in cash. Fuzzy’s is a fast-casual restaurant concept serving Mexican favorites with a Baja twist. The transaction is expected to be immediately accretive to earnings. Net of tax benefits, the purchase price is around $70 million. Founded in 2003 in Fort Worth, Fuzzy’s is a category innovator, offering a new twist on Mexican favorites at a value price point. Fuzzy’s is led by 35-year industry veteran CEO Paul Damico, who will continue to drive the future of Fuzzy’s. Fuzzy’s, with 138 restaurants in 18 states, has long-term development agreements currently in place to nearly double its current restaurant base. Ninety eight percent of Fuzzy’s system is franchised and the brand is expected to generate $230 million in sales in 2022.

Dine’s Financial Advisor: Centerview Partners

Dine’s Outside Counsel: Sidley Austin led by partner Beth Berg in Chicago but including Heather Palmer and Greta Carlson in Houston

Fuzzy’s Financial Advisor: Arlington Capital Advisors

Fuzzy’s/NRD’s Outside Counsel: Cheng Cohen

Antin invests in OpticalTel

Deal Description: Antin Infrastructure Partners and OpticalTel announced Dec. 5 that Antin acquired a majority interest in OpticalTel, a fiber broadband provider in Florida. Terms weren’t disclosed. OpticalTel is Antin’s sixth investment through its mid cap fund. Founded in 2004 by Mario Bustamante, OpticalTel provides high-speed internet and telecommunication services with a focus on residential bulk contracts to customers in homeowners and condo-owners associations. Antin’s investment will support OpticalTel’s growth as it deepens its customer relationships in existing markets and further expands its geographic footprint throughout the region. Bustamante will keep an ownership stake in OpticalTel and remain on the board. Luis Rodriguez, CEO and president, will continue to lead the company. Citizens, CIT, a unit of First Citizens Bank, and TD Securities were lead arrangers on the debt financing.

Expected Closing: Early 2023 subject to customary regulatory approvals

OpticalTel’s Financial Advisors: Lazard and RBC Capital Markets

OpticalTel’s Outside Counsel: Latham & Watkins led by Houston partner Ravi Purohit and New York partner James Gorton with New York associates Ben Howard, Aubrey Steiger, Sofia Skara and Houston associate Kara Chung. Other Texas attorneys: Houston tax partner Bryant Lee with Houston associate Christine Mainguy and Houston counsel Robert Brown on data privacy matters.

Antin’s Financial Advisor: TD Securities

Antin’s Outside Counsel: Greenberg Traurig

ProFrac acquires Eagle Ford sand mine

Deal Description: ProFrac Holding Corp. announced Dec. 5 that it entered into a definitive agreement to acquire the Eagle Ford sand mining operations of Monarch Silica. Terms weren’t disclosed. Matt Wilks, ProFrac’s executive chairman, said the transaction further demonstrates ProFrac’s commitment to its vertical integration strategy, providing the company with access to local proppant in the Eagle Ford where the company operates eight active fleets.

ProFrac’s Outside Counsel: Winston & Strawn led by partner David Lange in Dallas and including, from Texas, associates Ben Chrisman, James Kemp, Danielle Marr and John Sullivan and practice attorney Matt Lammers

Monarch’s Financial Advisor: Piper Sandler & Co.

Monarch’s Outside Counsel: Chamberlain Hrdlicka led by partner Habeeb “Hobbs” Gnaim

Expected Closing: end of 2022

Align recaps Premier Biotech

Deal Description: Align Capital Partners announced Dec. 6 it completed the recapitalization of Premier Biotech, a provider of point-of-care drugs of abuse testing products and laboratory services for customers across workplace, government and behavioral health end markets. Terms weren’t disclosed. ACP is partnering with the company’s senior management team to support Premier Biotech’s continued growth and innovation. Premier Biotech was founded in 2009 and shortly thereafter launched the company’s flagship oral fluid testing product OralTox.

Premier Biotech’s Advisors: Cascadia Capital and Winthrop & Weinstine

ACP’s Outside Counsel: McGuireWoods led by Dallas partner Jon Finger and including Dallas associates Lowrie Reniger, Chelsie Kidd and David Krieghbaum

CMA CGM buys flagship terminals in Port of New York, New Jersey

Deal Description: France’s CMA CGM Group, a global provider of sea, land, air and logistics solutions, announced Dec. 7 it signed a binding agreement to acquire GCT Bayonne and New York terminals held by Global Container Terminals Inc. Terms weren’t disclosed. The Port of New York and New Jersey is a key entry point serving the Northeastern U.S. supply chain areas and represents CMA CGM’s largest gateway on the U.S. East and Gulf Coasts. The Bayonne and New York terminals have a potential for expansion, up to almost double capacity. The deal must clear regulators.

CMA CGM’s Outside Counsel: Willkie Farr & Gallagher led by partners Daniel Hurstel and Annette Peron in Paris and Archie Fallon, Jay Hughes and Robert Jacobson in Houston

Lime Rock-backed Ardyne partners with Weatherford

Deal Description: Weatherford International announced Nov. 29 a strategic partnership with Lime Rock Partners-backed Ardyne enabling Weatherford and Ardyne together to offer plug and abandonment and slot recovery solutions. Weatherford will invest an undisclosed sum in Ardyne’s single-trip abandonment and slot-recovery technology to pair with its Firma P&A offering. With expertise in P&A and a global footprint, Weatherford will help Ardyne to expand its brand and compete in new markets while it remains an independent company. Weatherford said the combined offering addresses a niche in late-life well management by allowing operators to tap into additional reserves or abandon nonproductive wells with an estimated 70 percent to 80 percent reduction in rig time in complex well environments.

Lime Rock’s Outside Counsel: Latham & Watkins led by Houston private equity and M&A partner Bruce Herzog and London private equity and M&A partner Beatrice Lo with Houston associate Omar Shariff  

CAPITAL MARKETS/FINANCINGS

Energy Transfer prices $2.5B in debt

Deal Description: Dallas midstream giant Energy Transfer announced Dec. 5 the pricing of its $1 billion in 5.550 percent senior notes due 2028 and $1.5 billion in 5.750 percent senior notes due 2033 at a price to the public of 99.974% and 99.891%, respectively, of their face value. The sale of the senior notes is expected to settle on Dec. 14. Energy Transfer intends to use the net proceeds of about $2.482 billion (before offering expenses) to repay outstanding indebtedness and for general partnership purposes. Barclays Capital Inc., BofA Securities Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities are book-running managers for the offering.

Project/Underwriters’ Outside Counsel: Hunton Andrews Kurth including partners Henry Havre, Jordan Hirsch and Mike O’Leary and associates Hannah Bradley, Kelli Regan Rice, Casey Shaw and Kaitlyn Thorson, all of Houston

Energy Transfer’s Outside Counsel: Latham & Watkins led by partners Kevin Richardson and Bill Finnegan and associates Dan Harrist, Michael Pascual, Kathy Phan and Kevin Donovan.

HAK advises Evergy Missouri West on offering of $300M in first mortgage bonds

Deal Description: Hunton Andrews Kurth said Dec. 5 it advised Evergy Missouri West Inc. in connection with its issuance of $300 million in first mortgage bonds, 5.150 percent series due 2027, under its mortgage indenture. The company is an integrated, regulated electric utility engaged in the generation, transmission, distribution and sale of electricity in western Missouri, including the suburban Kansas City metropolitan area, the city of St. Joseph and surrounding counties. It is a wholly-owned unit of Evergy Inc.

From HAK: Peter K. O’Brien, Brendan P. Harney and Reuben H. Pearlman in New York but including Robert McNamara and Tim Strother in Houston providing tax advice. 

Other Parties’ Counsel: Bracewell

EZCORP offers $200M of convertible senior notes

Deal Description: EZCORP Inc., a provider of pawn transactions in the U.S. and Latin America, announced Dec. 8 the pricing of its private offering of $200 million in convertible senior notes due 2029. The offering was upsized from the previously announced $175 million. The company granted an option to the initial purchasers to purchase up to an additional $30 million in convertible notes. The sale is expected to close on Dec. 12.

EZCORP’s Outside Counsel: Vinson & Elkins led by partners Robert Kimball and David Stone, senior associates Stancell Haigwood and Alex Lewis and associates Claire Wenholz, Griff Kimball and Bennett Robinson. Other key team members include partner Wendy Salinas and associate Tyler Underwood (tax); and partners David D’Alessandro and Shane Tucker and counsel Heather Johnson (executive compensation/benefits).

OTHER TRANSACTIONS

Latham & Watkins said Dec. 2 it advised Austin-based Wander.com on a $100 million credit facility from Credit Suisse to double its network of smart vacation homes by the first half of 2023. The company also launched Wander Atlas Reit, the industry’s first and only vacation rental REIT. The company said both the Atlas REIT and credit facility will enable the 18-month-old company to scale efficiently. The finance team was led by New York partner Loren Finegold with associates David Siegel, Benjamin Gelfand, Jacob Watts and Ananya Hindupur but included Austin partner Scott Craig with associates Clayton Cromer, Omar Ammash and Autumn Schmidt. The REIT team was led by Orange County partner Bill Cernius and Century City partner Pardis Zomorodi but also included Craig.