They’re back….
The team that brought you Double Eagle — John Sellers and Cody Campbell — are at it again, this time launching Double Eagle IV with $1.7 billion in funding from EnCap, Apollo and Magnetar.
The high school and Texas Tech football buddies have created and divested various iterations of Double Eagle, the last one being the sale of Double Eagle III to Pioneer Natural Resources Co. for $6.4 billion.
The deal netted the pair $800 million, according to Forbes estimates. They were only 39 at the time.
Wes Williams, a partner at Akin Gump Strauss Hauer & Field, represented Double Eagle this time around. He did once before: While at Thompson & Knight, he papered the creation of Double Eagle III, which raised $1 billion from Apollo in 2018.
Vinson & Elkins is back in as well, this time representing EnCap (the firm previously advised Apollo on its investment in Double Eagle III and Double Eagle III on its sale to Pioneer as well as Alston & Bird). Kirkland is involved, too, with partner Bill Benitez assisting Magnetar on its investment in Double Eagle through the years.
For the week ending June 25, Texas lawyers reported a total of 15 deals worth $6.1 billion. That included nine M&A transactions worth $2 billion and six capital markets deals valued at $4.1 billion. That’s less than the 17 deals worth $11.4 billion the week prior, but a bit better than the 10 deals worth $5 billion during the same week in 2021.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Week Ending | Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | |
|---|---|---|---|---|---|---|---|---|
| December 2, 2023 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| November 25, 2023 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| November 18, 2023 | 22 | $6,568.7 | 17 | 184 | 14 | $4,709.2 | 8 | $1,859.5 |
| November 11, 2023 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| November 4, 2023 | 15 | $20,582.5 | 14 | 193 | 12 | $19,417.5 | 3 | $1,165 |
| October 28, 2023 | 18 | $68,419.1 | 18 | 152 | 15 | $66,646 | 3 | $1,773.1 |
| October 21, 2023 | 16 | $6,755.9 | 16 | 165 | 15 | $6,755.9 | 1 | $3 |
| October 14, 2023 | 10 | $67,851.2 | 13 | 125 | 7 | $61,998.5 | 3 | $5,852.7 |
| October 7, 2023 | 17 | $6,595.5 | 13 | 228 | 16 | $5,995.5 | 1 | $600 |
| September 30, 2023 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| September 23, 2023 | 23 | $6,432.7 | 17 | 230 | 16 | $1,402.8 | 7 | $5,029.9 |
| September 16, 2023 | 25 | $23,226.7 | 23 | 353 | 16 | $17,239 | 9 | $5,987.7 |
| September 9, 2023 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| September 2, 2023 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| August 26, 2023 | 17 | $12,160.25 | 13 | 202 | 15 | $ 6,573.25 | 2 | $ 5,587.00 |
| August 19, 2023 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| August 12, 2023 | 19 | $9,698.8 | 13 | 184 | 7 | $3,270 | 12 | $6,428.8 |
| August 5, 2023 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| July 29, 2023 | 15 | $21,031.6 | 13 | 196 | 11 | $18,292.0 | 4 | $2,739.6 |
| July 22, 2023 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| July 15, 2023 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| July 8, 2023 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| July 1, 2023 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| June 24, 2023 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| June 17, 2023 | 17 | $5,880.7 | 15 | 151 | 15 | $4,705.7 | 2 | $1,175 |
| June 10, 2023 | 19 | $8,516.1 | 13 | 111 | 16 | $6,252.4 | 3 | $2,263.7 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.5 |
| May 27, 2023 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| May 20, 2023 | 11 | $22,458.1 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| May 13, 2023 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| May 6, 2023 | 20 | $3,297.6 | 18 | 196 | 17 | $2,985.6 | 3 | $312 |
| April 29, 2023 | 23 | $3,691.2 | 18 | 135 | 17 | $1,969.7 | 6 | $1,721.5 |
| April 22, 2023 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| April 15, 2023 | 12 | $23,818.1 | 9 | 59 | 10 | $21,618.1 | 2 | $2,200 |
| April 8, 2023 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| April 1, 2023 | 21 | $18,676.7 | 12 | 175 | 11 | $10,926.7 | 10 | $7,750 |
| March 25, 2023 | 15 | $8,779.5 | 10 | 141 | 5 | $2,362 | 10 | $6,416.5 |
| March 18, 2023 | 7 | $14,048.8 | 6 | 69 | 5 | $13,345 | 2 | $703.8 |
| March 11, 2023 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| March 4, 2023 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| February 25, 2023 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| February 18, 2023 | 14 | $5,743.7 | 13 | 158 | 8 | $898.7 | 6 | $4,845 |
| February 11, 2023 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| February 4, 2023 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| January 28, 2023 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| January 21, 2023 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| January 14, 2023 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| January 7, 2023 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| December 31, 2022 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| December 17 | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| December 10, 2022 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| December 3, 2022 | 26 | $12,800.9 | 11 | 172 | 20 | $4,141 | 6 | $8,659.9 |
| November 26, 2022 | 8 | $2,266.7 | 8 | 5 | 3 | $76 | 5 | $2,190.7 |
| November 19, 2022 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| November 12, 2022 | 13 | $15,093.7 | 9 | 81 | 9 | $14,200 | 4 | $893.7 |
| November 5, 2022 | 25 | 19,337.2 | 16 | 509 | 22 | $8,267.2 | 3 | $11,070 |
| October 29, 2022 | 15 | $7,805.3 | 9 | 116 | 14 | $7,180.3 | 1 | $625 |
| October 22, 2022 | 20 | $8,193.5 | 13 | 253 | 13 | $5,442 | 7 | $2,751.5 |
| October 15, 2022 | 9 | $3,046.1 | 9 | 139 | 7 | $2,588.3 | 2 | $457.8 |
| October 8, 2022 | 19 | $2,011.8 | 12 | 114 | 16 | $833.8 | 3 | $1,178 |
| October 1, 2022 | 23 | $5,532.9 | 16 | 156 | 18 | $4,952.3 | 5 | $580.6 |
| September 24, 2022 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| September 17, 2022 | 21 | $8,352.3 | 12 | 320 | 15 | $4,759.6 | 6 | $3,592.7 |
| September 10, 2022 | 15 | $19,853.5 | 10 | 126 | 13 | $19,403.6 | 2 | $450 |
| September 3, 2022 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| August 27, 2022 | 16 | $30,891.7 | 10 | 135 | 15 | $30,666.4 | 1 | 227.7 |
| August 20, 2022 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| August 13, 2022 | 18 | $8,004.7 | 11 | 242 | 11 | $2,844.7 | 7 | $5,160 |
| August 6, 2022 | 24 | $7,948.9 | 12 | 240 | 17 | $3,577 | 7 | $4,371.9 |
| July 30, 2022 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| July 23, 2022 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| July 16, 2022 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| July 9, 2022 | 10 | $3,557.7 | 7 | 68 | 9 | $3,557.7 | 1 | 0 |
| July 2, 2022 | 18 | $8,609.4 | 13 | 152 | 15 | $2,754.4 | 3 | $5,855 |
| June 25, 2022 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| June 18, 2022 | 17 | $11,890.1 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| June 11, 2022 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| June 4, 2022 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| May 28, 2022 | 9 | $3,197.6 | 11 | 86 | 9 | $3,197.6 | 0 | 0 |
| May 21, 2022 | 14 | $7,284.5 | 12 | 185 | 11 | $6,609 | 3 | $675.5 |
| May 14, 2022 | 11 | $306.6 | 9 | 80 | 10 | $306.6 | 1 | $225 |
| May 7, 2022 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| April 30, 2022 | 16 | $2,296.5 | 16 | 157 | 12 | $895.5 | 4 | $1,401 |
| April 23, 2022 | 10 | $2,241 | 11 | 58 | 8 | $1641 | 2 | $600 |
| April 16, 2022 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| April 9, 2022 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| April 2, 2022 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| March 26, 2022 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| March 19, 2022 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| March 12, 2022 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| March 5, 2022 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| February 26, 2022 | 12 | $5,095 | 8 | 149 | 9 | $4,437.5 | 3 | $658 |
| February 19, 2022 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| February 12, 2022 | 12 | $2,344.7 | 10 | 73 | 8 | $641.7 | 4 | $1,703 |
| February 5, 2022 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| January 29, 2022 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
| January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
| January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
| December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
| December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
| November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
| November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
| October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
| October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| July 31, 2021 | 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 |
| July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| April 24, 2021 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
| April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
| March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
| February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
| January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
| January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
| January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
| November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
| October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
| October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
| October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
| July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
| July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
| June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
| June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
| May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
| May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
| April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
| December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
| November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
| July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
| February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| August 23, 2017 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
M&A/FUNDINGS
EnCap, Double Eagle form Double Eagle IV with $1.7B of equity committed
Deal Description: EnCap Investments and the Double Eagle family of companies announced June 19 that they entered into a strategic partnership to form Double Eagle Energy Holdings IV and Tumbleweed Royalty IV. The new entities also received minority investments from Apollo Natural Resource funds, Magnetar Capital and other institutional partners. Based in Fort Worth, Double Eagle IV will primarily focus on investing in oil and gas properties in the Permian Basin and Tumbleweed IV will focus on royalty and mineral investments across the Permian Basin. Double Eagle IV was formed by the same management team that successfully led its predecessor companies, with John Sellers and Cody Campbell continuing to serve as co-CEOs. Double Eagle claims it has been one of the largest independent acquirers of oil and gas leasehold interests across Texas, the Rockies and the Mid-Continent.
EnCap’s Outside Counsel: Vinson & Elkins with an all-Texas team led by partner Matt Strock and senior associate Michael Marek, with assistance from associates David Lassetter, Houston Morgan and Drew Clements. Also advising were partner John Lynch (tax); partner Bryan Loocke and senior associate Cesar Leyva (energy transactions/projects); and partner David D’Alessandro and associate Mary Daniel Morgan (executive compensation/benefits).
Double Eagle’s Outside Counsel: Akin Gump Strauss Hauer & Field led by partner Wes Williams with support from counsel Mary Lovely and associate Michael Daus in Houston; and tax support from Dallas partner Julia Pashin. Cole Bredthauer, energy transactions partner in Fort Worth, also provided assistance.
Magnetar’s Outside Counsel: Kirkland & Ellis led by corporate partner Bill Benitez and associate Jack Chadderdon, tax partner Mark Dundon and capital markets partner Matt Pacey, all of Houston
ProFrac acquires U.S. Well Services, two sand mines from Signal Peak for $183M
Deal Description: ProFrac Holding Corp. announced June 22 that it reached an agreement to acquire U.S. Well Services Inc. in a stock-for-stock transaction valued at $93 million. ProFrac also announced June 21 it paid $90 million for two units of Signal Peak Silica that own sand mines in West Texas. ProFrac will exchange 0.0561 shares of ProFrac Class A common stock for each share of USWS Class A common stock. The acquisition is expected to be completed in the fourth quarter if the deal clears USWS stockholders. The parties claim that the combination creates a market leader in next generation frac solutions and a combined company with an expected 44 active fleets by the end of 2022. Crestview Advisors is the largest stockholder of U.S. Well Services.
U.S. Well Services Special Committee’s Financial Advisor: Piper Sandler & Co. led by Sanjiv Shah in Houston
U.S. Well Services Special Committee’s Outside Counsel: Paul Hastings led by a partner Steve Camahort in San Francisco
U.S. Well Services’ Outside Counsel: Porter Hedges led by Houston partner Corey Brown with assistance from corporate partners Adam Nalley, James Cowen and Nick Nicholas, corporate associate Megan Luh, benefits counsel Beverly Young, tax partners Craig Bergez, James Reardon and Mandy Diaz, finance partners Joyce Soliman and Janine Lundin and finance associate Samuel Schauer.
ProFrac Special Committee’s Financial Advisor: Jefferies led by Dan Anderson in Houston
ProFrac Special Committee’s Outside Counsel: Kirkland & Ellis led by Texas corporate partners Doug Bacon, Debbie Yee and Emily Lichtenheld; debt finance partner Andy Veit; tax partners Mark Dundon and Bill Dong; and executive compensation partners Stephen Jacobson and Jared Whalen.
ProFrac’s Outside Counsel: Brown Rudnick (legal advisor) and Lowenstein Sandler (merger clearance counsel)
Crestview’s Outside Counsel: Vinson & Elkins led by Texas partners Crosby Scofield and Steve Gill and senior associates Todd Hartis and David Bumgardner with assistance from associate Phil Greenfield. Also advising were partners Lina Dimachkieh and Wendy Salinas (tax); and partner Guy Gribov, senior associate Alex Cross and associate Jyra Bickham (finance)
ProFrac’s Financial Advisor on Sand Mines: Piper Sandler & Co. led by Sanjiv Shah in Houston
ProFrac’s Outside Counsel on Sand Mines: Winston & Strawn led by Charlie Haag, David Lange and Andrew Betaque in Dallas
Signal Peak Silica’s Financial Advisor: Evercore led by Rob Pacha in Houston
Signal Peak Silica’s Outside Counsel: Houston partners Duston McFaul and Atman Shukla of Sidley Austin advised the owners of Signal Peak, London’s Orchard Global Asset Management.
OneWater Marine agrees to buy Ocean Bio-Chem for $125M
Deal Description: OneWater Marine Inc. announced June 22 it agreed to buy Ocean Bio-Chem Inc. for $13.08 per share in an all-cash transaction valued at about $125 million. As part of the transaction, OneWater will also acquire OBCI’s affiliate, Star Brite Europe Inc. Upon closing, OBCI and Star Brite Europe will be integrated into T-H Marine Supplies, OneWater’s subsidiary and platform for parts and accessories businesses. OBCI makes, markets and distributes products under Star brite, Star Tron, Odor Star, Performacide and other brand names. OBCI also provides private label production, blending and packaging for many of its products. Ocean Bio-Chem’s headquarters are in Ft. Lauderdale, Fla., with a manufacturing plant in Montgomery, Ala., shipping products globally. OneWater will finance the transaction with an extension of its term loan facility led by Truist Bank and has received a commitment letter to be executed following the transaction closing.
Expected Closing: OneWater’s fiscal fourth quarter, which ends Sept. 30, if it clears regulators
OneWater’s Outside Counsel: Butler Snow, including Bo Harwell in Jackson, Miss., and Vinson & Elkins led by partners Steve Gill and Katherine Frank and senior associate David Bumgardner with assistance from senior associate Lucy Liu and associates Anne Jensen and Judy Park
OBCI Special Committee’s Financial Advisor: Houlihan Lokey led by Youmna Salameh in New York
OBCI’s Outside Counsel: Morgan, Lewis & Bockius led by Philadelphia partner Justin Chairman
Avfuel invests in Alder Fuels
Deal Description: Avfuel Corp. announced June 16 a multimillion-dollar investment in Alder Fuels, a clean tech company which claims to have developed first-of-its-kind technologies for producing sustainable aviation fuel at scale. Avfuel is making the investment through unit Avfuel Technology Initiatives Corp. Alder Fuels converts biomass, such as regenerative grasses and forest and agricultural residues, into low-carbon crude oil that replaces fossil crude in refineries producing aviation fuel. As part of the agreement, Avfuel will purchase 1 billion gallons of sustainable aviation fuel, or SAF, over a 20-year period and use it to supply business and commercial aviation globally. Before founding Alder, CEO Bryan Sherbacow built the world’s first SAF refinery in collaboration with Honeywell and United Airlines in Paramount, Calif.
Alder’s Outside Counsel: Latham & Watkins with a corporate deal team led by partners Jim Morrone in San Francisco and Justin Stolte and Jonathan Castelan in Houston with assistance from associates Ajay Sundar, Billy Wu and Sam Bentley
Ironspring Ventures Leads $9M Series Seed Financing of ProKeep
Deal Description: Ironspring Ventures on June 2 led the $9 million seed financing round of ProKeep, an end-to-end communication and commerce platform for the distributor market based in New Orleans. ProKeep, which claims to streamline ordering, deliveries and pickups in its all-in-one platform, will use its new capital to accelerate its marketing and sales efforts, expand its partnership channels and enter into additional industries. ProKeep has more than 1,000 distributors.
Ironspring‘s Outside Counsel: Gunderson led by partner Wesley Watts in Austin and including senior corporate associate Luke Thomas and senior tech/IP associate Ben Cukerbaum
Ara Partners buys Genera Energy
Deal Description: Ara Partners, a private equity firm that specializes in industrial decarbonization investments, announced June 22 it acquired Genera Energy Inc., a manufacturer of non-wood agricultural pulp and molded fiber products. Terms were not disclosed. Genera’s previous owners – WindSail Capital Group, Coppermine Capital and Stairway Capital – will keep a minority interest in the company. Genera claims its Vonore, Tenn., production facility is the largest vertically integrated non-wood agricultural pulp and molded fiber manufacturing facility operating in North America. Ara and Genera will expand the company’s production footprint across the U.S. to address the growing demand for domestically sourced sustainable packaging. Ara’s investment proceeds will be used to develop more facilities as well as to expand molded fiber production capacity in Vonore, enabling production of 5 million sustainable take-out containers, plates, bowls and other food and consumer packaging products.
Ara’s Financial Advisors: England & Co. and FocalPoint Partners, a B. Riley Financial company
Ara’s Outside Counsel: White & Case’s M&A team in Houston led by partner Steven Tredennick and including partner Morgan Hollins and associates Alexandra Lippert, Kabir Phaguda, Anıl Tanyıldız, Yasin Khan, Sadi Moradi and Philip Reyneke. The other Houston team members included partner Chad McCormick and associate Neil Clausen (both tax); partner Charles Koster (financial restructuring and insolvency); and partner Taylor Pullins (environment and climate change).
Genera’s Investment Banker: Jefferies
Genera’s Outside Counsel: Paul Hastings led by partners Matt Murphy, Brian Richards and Kelly Padgett in Chicago and Jeffrey Goldfarb in New York
Flash acquires Ballparc
Deal Description: Flash announced June 22 the acquisition of Ballparc, a developer of event parking revenue control and enforcement systems. Terms were not disclosed. Flash said the deal reinforces its commitment to bringing parking asset owners and operators the tools to transform isolated parking assets into connected mobility hubs. Flash powers more than 10,000 customer locations across all major U.S. cities and Canada, processing 15 million parkers per month and $1.5 billion in annual transactions. Ballparc is in 38 states and two Canadian provinces, including the KFC Yum! Center in Louisville and Highmark Stadium in Buffalo.
Flash’s Outside Counsel: Vinson & Elkins with an all-Texas team led by partner Michael Gibson with assistance from senior associate Austin White and associate Christina Wu. Also advising were counsel Allyson Seger and associate Dan Henderson (tax); partner Shane Tucker and associate Keira Kuntz (executive compensation/benefits); and counsel Rajesh Patel and associate Marcus Martinez (technology transactions/IP).
UPS acquires Plano-based Delivery Solutions
Deal Description: Plano-based same-day parcel service Delivery Solutions was picked up by United Parcel Service for undisclosed terms. UPS said May 31 that the target’s technology helps merchants offer their customers more flexibility and online purchasing. Founded by Arshaad Mirza and Manil Uppal five years ago, Delivery Solutions continues to operate with its current leadership and will be run independently and under the same name.
Delivery Solutions’ Outside Counsel: Gunderson led by corporate partner Wes Watts and senior corporate associate Luke Thomas in Austin. The team included corporate associates Monica Dion and Emma Anderson and senior tech/IP associate Ben Cukerbaum.
CAPITAL MARKETS/FINANCINGS
Healthcare Trust begins $1.15B exchange offer for Healthcare Realty notes
Deal Description: Healthcare Trust of America announced June 14 an exchange offer of debt and senior notes of Healthcare Realty Trust Inc. worth $1.15 billion in anticipation of their pending merger. The combination is expected to be completed by July 20.
Dealer Manager: Wells Fargo Securities
Exchange and Information Agent: D.F. King & Co.
Healthcare Realty’s Outside Counsel: Hunton Andrews Kurth led in part by partner James V. Davidson in Houston
Wells Fargo’s Outside Counsel: Alston & Bird led by partner Mike Kessler in New York
Targa Resources prices $1.25B offering of senior notes
Deal Description: Targa Resources Corp. announced June 22 the pricing of an underwritten public offering of $750 million of its 5.2 percent senior notes due 2027 and $500 million of its 6.250 percent senior notes due 2052 at a price to the public of 99.849% and 99.773% of their face value, respectively. The company expects to use the net proceeds to fund a portion of its previously announced acquisition of all of the outstanding interests in Lucid Energy Delaware for $3.55 billion in cash. Targa expects the acquisition to close in the third quarter if it clears regulators. The closing of the offering isn’t contingent on the closing of the acquisition. If the company doesn’t complete the acquisition, it expects to use the net proceeds for general corporate purposes, which may include, among other things, repayment of indebtedness, capital expenditures, additions to working capital, investments in its subsidiaries and other acquisitions.
Expected Closing of the Offering: July 7
Targa’s Outside Counsel: Vinson & Elkins led by partners Thomas Zentner in Austin/Houston, David Stone in Houston and senior associate Stancell Haigwood in New York with assistance from partner Benji Barron and associates Nate Richards, John Frey and Charlie Fitzpatrick. Also advising were senior associate Caitlin Snelson and associate Taylor Daily (finance); partners Jim Meyer and Ryan Carney and associates Brian Russell and Adam Bateman (tax); and counsel Larry Pechacek (environmental).
Callon Petroleum prices $600M offering of unsecured notes
Deal Description: Callon Petroleum Co. announced June 6 that it priced $600 million aggregate principal amount of its 7.500 percent senior unsecured notes due 2030 in a private offering that is exempt from registration under the Securities Act of 1933, as amended. On June 9, Callon delivered a redemption notice with respect to all $460.2 million of its outstanding 6.125 percent senior notes due 2024 and all $319.7 million of its outstanding 9 percent second lien senior secured notes due 2025. The net proceeds from the offering, along with borrowings under the senior secured revolving credit facility, are expected to be used to redeem all of the 2024 notes and all of the second lien notes. Both notes will be redeemable on July 9 and redemptions will settle on July 11.
Expected Closing: June 24
Callon’s Outside Counsel: Kirkland & Ellis led by Texas capital markets partners Sean Wheeler, Michael Rigdon and Atma Kabad and associates Erin Eberle, Hunter Richey and Rizwan Popatia with assistance from debt finance partners Mary Kogut and Jordan Roberts, tax partners David Wheat, Bill Dong and associate Nicole Martin and environmental partner James Dolphin
Cleco Power closes $425M in utility securitization bonds
Deal Description: On June 22, Cleco Securitization I, a wholly owned unit of Cleco Power, closed its offering and sale of $425 million of its Series 2022-A Senior Secured Storm Recovery Bonds. The bonds were issued due to a financing order issued by the Louisiana Public Service Commission under the Louisiana Electric Utility Storm Recovery Securitization Act. They are secured by storm recovery property, which includes the right to a special, irrevocable non-bypassable charge, known as the “storm recovery charge,” paid by all existing and future LPSC jurisdictional customers of Cleco Power. The net proceeds will be paid to Cleco Power by the Issuer, who will use the net proceeds to fund a restricted storm recovery reserve and to reimburse Cleco Power for the storm recovery costs previously expended by Cleco Power in connection with Hurricanes Laura, Delta, Zeta and Ida and Winter Storms Uri and Viola.
Representatives of the Underwriters: J.P. Morgan Securities and Credit Agricole Securities (USA) Inc.
Cleco Power’s Outside Counsel: Baker Botts including Tim Taylor (partner, Houston); Clint Rancher (partner, Houston); William Stutts (senior counsel, Austin); Jamie Yarbrough (senior associate, Houston); Michael Mazidi (associate, Houston); and Austin Lee (associate, Houston)
Ormat closes upsized $375M green convertible senior notes offering
Deal Description: Ormat Technologies Inc., which claims to be the only vertically integrated company engaged in geothermal and recovered energy generation, announced it priced its upsized $375 million offering of 2.50 percent green convertible senior notes due 2027. Ormat intends to allocate an amount equivalent to the net proceeds from the offering to finance and/or refinance, in whole or in part, one or more eligible green projects in accordance with its green finance framework. Ormat concurrently issued capped call transactions designed to reduce the potential dilution to its common stock upon any conversion of the notes and/or offset any cash payments it’s required to make in excess of the principal amount of converted notes.
Expected Closing: June 27
Ormat’s Outside Counsel: White & Case led out of Houston by partners Colin Diamond, A.J. Ericksen and Laura Katherine Mann with Edward So in New York. They were supported in part by partner Taylor Pullins (environment and climate change), associates Rachel Collier, Bryson Manning and Steven Amrein (capital markets) and RJ Colwell (energy regulatory), all of Houston.
U.S. Physical Therapy closes a new $325M credit facility
Deal Description: Publicly traded U.S. Physical Therapy Inc., a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, announced June 20 it closed a $325 million, five-year credit facility that includes a $150 million term loan and a $175 million revolver. The credit facility was upsized from its $300 million launch amount. This is an increase and extension of its previous $150 million credit facility. USPH also announced that it entered into an interest rate swap agreement with respect to $150 million of the debt under the new credit facility. Founded in 1990, U.S. Physical Therapy operates 608 outpatient physical therapy clinics in 38 states.
Arranger: BofA Securities Inc. and Regions Capital Markets, a division of Regions Bank
Bookrunner: BofA Securities Inc.
Administrative Agent: Bank of America
U.S. Physical Therapy’s Outside Counsel: Porter Hedges led by Jason Lloyd and Kevin Poli with assistance from Geoff Schultz, Cortnee Sabio and Sam Schauer
ADDENDUM
Cheniere Energy Inc. announced last week that it made a positive financial investment decision with respect to the 10 million ton-per-year LNG Corpus Christi Stage 3 Liquefaction Project and issued full notice to proceed to Bechtel Energy Inc. to continue construction. CCL Stage 3 began earlier this year under limited notice to proceed. The project is only the second FID of a liquefaction facility in the U.S. since August 2019. In addition to the EPC work, King & Spalding represented Cheniere in connection with LNG sale and purchase agreements and other commercial arrangements underpinning the financing of the Stage 3 project. The Houston team member included Scott Greer, Rob Garner, Jill McWhirter, David Lang, Kim Cagle, Silvia Martin, Fernando Langa, Sean Sheehy and Erin Mendez.