CDT Roundup: 16 Deals, 12 Firms, 172 Lawyers, $5.4B

Deal bankers are hurting.

An estimated $20.6 billion worth of investment banking fees were generated in the U.S. during the first six months of 2023, down 18 percent from the same period in 2022 and the lowest first half total since 2016, according to LSEG unit Refinitiv. Advisory fees earned from completed M&A transactions slid 32 percent to $7.4 billion during the same period, hitting a seven-year low.

There’s a good reason for the slippage. The value of announced M&A transactions with any U.S. involvement reached $736 billion during the first half, 37 percent less than the value recorded during the same period in 2022, Refinitiv said. The number of U.S. deals declined 9 percent over the same period, falling below 10,000 announced deals for the first time since the first half of 2020. 

A big culprit? Private equity-backed deals, which accounted for only 23 percent of U.S.-targeted M&A during the first half totaling $172.3 billion, a 52 percent decline compared with a year ago, when they accounted for 30 percent of U.S. deal making. 

One bright spot was U.S. healthcare M&A, which was up 65 percent to $132.6 billion during the first half, accounting for 23 percent of overall deal making. But technology M&A accounted for 15 percent, registering a 78 percent decline over a year ago. 

How did deals in energy and power – important to the Texas economy – perform? The sector made up 16 percent of U.S. M&A totaling 366 deals amounting to $92.3 billion during the first half, down 8 percent compared with the first half of 2022, when the it totaled $100.7 billion from 362 deals. 

Equity capital markets underwriting fees, meanwhile, increased 50 percent to $2.3 billion, the strongest first half since the first half of 2021. Follow-on issuance accounted for 53 percent of activity while convertibles made up 35 percent and initial public offerings accounted for 12 percent. In fact, there were 29 IPO’s versus 26 during the same period last year that raised $8.2 billion, up 170 percent.

On the other hand, debt capital markets fees declined a slight 4 percent from last year to $5.3 billion, while syndicated lending fees dropped 23 percent to $5.7 billion.  Financial issuers accounted for 56 percent of proceeds raised during the first half while energy and power issuers accounted for 10 percent and healthcare and technology with 6 percent.  

Overall, JP Morgan earned the most investment banking fees in the U.S. during the first half for a total of $2.4 billion, or 11.8 percent of the fee pool, while Goldman Sach and BofA Securities rounded out the top three fee earners each with 8.5 percent. But Goldman Sachs was the top financial advisor for U.S. M&A during the first half with $231.4 billion in value from 111 deals while JP Morgan came in second and BofA Securities was third.

Texas-related deals reported for the week ending July 8 were in keeping with the sluggish year described above. There were 16 deals, 11 M&A transactions valued at $2.4 billion and five capital markets deals for a scratch under $3 billion. That is down slightly from last week’s 16 deals for $6.9 billion.

Last year at this time, there were 10 deals reported for $3.6 billion. The difference? Last year there was only one capital markets transaction — a private placement for no reported value. Five deals for $3 billion may not be a lot better; but it IS better.

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

Patterson-UTI Energy to buy Blackstone’s Ulterra for $800M

Deal Description: Patterson-UTI Energy Inc., a provider of drilling and completions services in the U.S., announced July 5 it agreed to acquire Ulterra Drilling Technologies from Blackstone Energy Partners for nearly $800 million. The consideration includes $370 million in cash and 34.9 million shares of Patterson-UTI common stock. Patterson-UTI intends to fund the cash amount using funds on hand and its revolver. Blackstone entered into an agreement with NexTier Oilfield Solutions in which the private equity firm will vote the shares of Patterson-UTI issued in the transaction at its special meeting to facilitate the consummation of the Patterson-UTI-NexTier merger. Founded in 2005 and based in Fort Worth, privately-owned Ulterra designs, manufactures, sells and rents PDC drill bits. Ulterra supports customers in 30 countries with sales, manufacturing and repair facilities in North and South America, the Middle East and Asia. Ulterra is a leading provider of PDC drill bits In North America, with operations in the U.S. and Canada. Mike Holcomb, Patterson-UTI’s COO, said the company expects Ulterra to generate between $160 million and $180 million in EBITDA and begin generating revenue synergies within the first year.

Expected Closing: Q3 2023 if it clears regulators

Patterson-UTI’s Outside Counsel: Gibson, Dunn & Crutcher including partners Tull Florey and Jonathan Whalen, of counsel Tyler Cox and associates Adri Langemeier and Gerald Kimani. Partner Michael Cannon and associate Blake Hoerster are advising on tax, partner Krista Hanvey and associate John Curran on benefits and partner Stephen Weissman and of counsel Ryan Foley on antitrust.

Blackstone’s Outside Counsel: Kirkland & Ellis led by corporate partners Cyril Jones, Rhett Van Syoc and Joshua Teahen with corporate associates James Long and Paul Fife; capital markets partners Michael Rigdon and Billy Vranish; tax partners Mark Dundon and Rebecca Fine; and executive compensation partner Stephen Jacobson and associate Brandon Newman.

Notes: Gibson Dunn’s Florey also advised Patterson-UTI on its purchase of NexTier.

Ellington Financial, Great Ajax Corp. announce $1B merger

Deal Description: Ellington Financial Inc., a real estate investment trust investing in residential and commercial mortgage loans, announced July 3 its plans to acquire fellow REIT Great Ajax Corp. for a combination of stock and contingent cash consideration. The merger has an estimated pro forma market capitalization of more than $1 billion. Each share of Oregon-based Great Ajax common stock will be converted into 0.5308 shares of Ellington Financial common stock, or about 12.5 million shares of Ellington Financial in total. Ellington Financial’s closing price on the New York Stock Exchange on June 30 implies an offer price of $7.33 per share of Great Ajax, representing a 19 percent premium. Ellington Financial shareholders will end up with 84 percent of the combined company’s stock while Great Ajax stockholders will hold 16 percent. Ellington Financial will assume Great Ajax’s outstanding senior unsecured notes and convertible senior notes. Great Ajax’s investment portfolio includes more than $1 billion of first-lien residential re-performing loans and non-performing loans, most of which are financed through term, non-mark-to-market, non-recourse securitizations, expanding Ellington Financial’s strategy. Ellington Financial’s CEO and president Laurence Penn will continue to lead the combined company and Ellington Financial executives Michael Vranos, Mark Tecotzky, and JR Herlihy will remain in their current roles. The combined company will remain in Old Greenwich, Conn.

Expected Closing: Year-end 2023

Ellington Financial’s Financial Advisor: Keefe, Bruyette & Woods, a Stifel unit

Ellington Financial’s Outside Counsel: Vinson & Elkins led by Daniel LeBey, Stancell Haigwood and KJ Pedersen with assistance from Bekah Briggs, Austin Scieszinski, Nick Gonzalez, and Teresa Robach. Also advising were Zach Swartz, Dario Mendoza, Maddison Riddick, Cassandra Zarate, Sean Becker, Peter Goetschel, Ashley Plunk, Carter Olson, Kim Dalrymple, Michelle Kraidman, Ramey Layne, Matt Dobbins, Alexis Boyd, Courtney Hammond, Mark Kramer, Katherine Skipper, Michael Kurzer and Warner Scott.

Great Ajax’s Financial Advisor: Piper Sandler & Co. 

Great Ajax’s Outside Counsel: Mayer Brown

Special Committee’s Financial Advisor: BTIG

Special Committee’s Outside Counsel: Sheppard Mullin (partners Richard Friedman and John Hempill in New York)

ArcLight buys commercial distributed generation unit from Duke Energy for $364M

Deal Description: ArcLight Capital Partners on July 5 announced its agreement to buy Duke Energy’s commercial distributed generation business for an enterprise value of $364 million, including non-controlling tax equity interests. Duke expects about $259 million in proceeds from the transaction. The distributed generation business includes REC Solar operating assets, development pipeline and O&M portfolio and distributed fuel cell projects managed by Bloom Energy. Federal Energy Regulatory Commission approval will be required for the sale of the Bloom Energy distributed fuel cell assets. In June Duke reached a sale agreement for its utility-scale renewables business platform to Brookfield Renewable for $2.8 billion. The company expects to finalize the sales for both businesses by the end of 2023 and will use the proceeds to strengthen its balance sheet and avoid additional holding company debt issuances associated with these assets. Duke said the transactions will support its focus on the growth of its regulated businesses, including investments to enhance grid reliability and help incorporate 30,000 megawatts of regulated renewable energy onto its system by 2035.

Advising ArcLight: A Kirkland & Ellis team was led by corporate partners Kristin Mendoza, Ahmed Sidik, Austin Uhm and Qasim Rasool with tax partners Bill Dong and Mike Masri and debt finance partners Kelann Stirling and Rob Eberhardt and corporate associates Marie-Joe Abi-Nassif, Brett Mele and Ernesto Sanz.

Duke’s Outside Counsel: Mayer Brown

ArcLight’s Financial Advisor: Scotia

Duke’s Financial Advisor: BofA Securities Inc.

SPAC Byte merges with Airship AI in $225M deal

Deal Description: On June 27, special purpose acquisition company Byte Acquisition Corp. finalized an agreement to combine with Airship AI Holdings Inc., a video, sensor and data management platform for government agencies and enterprises, for a pre-money equity value of $225 million. The deal, which was first announced on March 10, will result in Airship AI becoming a public company. Upon closing of the transaction, the combined company is expected to be listed on Nasdaq under the ticker symbol AISP. Airship AI’s products gather unstructured data from surveillance cameras and sensors, applies artificial intelligence analytics and provides visualization tools to improve decision making in mission critical environments. The company aims to improve public safety and operational efficiency for the public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers.

Byte Acquisition Outside Counsel: A White & Case team was led by M&A partner Matthew Kautz, capital markets partner Elliott Smith and associates Annabelle Healey and Melissa Curvino, all in New York, but also included tax associate Neil Clausen in Houston.

Spinnaker sells to RPC for $79.5M

Deal Description: Locke Lord said July 5 the firm represented Spinnaker Oilwell Services, a provider of oilfield cementing services in the Permian and Mid-Continent ‎basins, on its sale to publicly traded RPC Inc. for around $79.5 million. The deal was announced June 30. Spinnaker is an affiliate of Houston-based Catapult Energy Services Group and is backed by NGP. Based in Oklahoma City, Spinnaker operates two facilities in Oklahoma and New Mexico and maintains 18 cementing spreads.

From Locke Lord: The team was led by Rachel Fitzgerald and Mitch Tiras with assistance from Shumaila Dhuka, Jerry Higdon, Jeff McPhaul, Ed Razim, Michelle Gutierrez-Begin, Jordan Rodriguez, Akilah Craig, Andrew Nelson, Brendan O’Leary, Aaron Weiss, Peter Wynacht, Mark Backofen and Andrew Capalbo.

RPC’s Outside Counsel: Arnall Golden Gregory

Spinnaker’s Financial Advisor: FMI Capital Advisors Inc.

Mainsail invests $51M in Red Oak Compliance

Deal Description: Austin-based Red Oak Compliance Solutions, a provider of compliance software solutions, announced June 29 a $51 million investment from Mainsail Partners, an Austin and San Francisco growth equity firm that invests in software companies. The transaction will enable Red Oak to accelerate innovative product development, continue enhancements to its existing software suite and expand its customer service model to support the needs of compliance teams in the financial services and insurance industries. Founded in 2010 by Stephen Pope, Cathy Vasilev and Rick Grashel, Red Oak has delivered proprietary software to asset managers, broker-dealers, registered investment advisors, private equity firms, banks and insurance firms. Mainsail has raised $2.2 billion in committed capital and invested in more than 70 companies. 

Steadily raises $28.5M in Zigg-led funding

Deal Description: Steadily, an Austin- and Overland Park, Kan.-based landlord insurance provider, announced July 5 it raised $28.5 million in a Series B funding. The new investment was led by Zigg Capital of New York City with participation from Matrix Partners, Koch Ventures, Clocktower Technology Ventures and Nine Four Ventures. The latest funding brings Steadily’s total to $59.5 million after a $16 million Series A in 2021. Over the last decade, Zigg has made early-stage investments in Procore, Matterport, Snapdocs, VTS, Kasa and Tend. 

Steadily’s Outside Counsel: Grellas Shah including partner Mital Makadia and associate Katherine Hart in Cupertino, Calif.

Zigg’s Outside Counsel: Gunderson Dettmer

Jordan inks sale of Hornets to group led by Gabe Plotkin, Rick Schnall

Deal Description: Michael Jordan reached an agreement to sell NBA team the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, the team announced June 16. Terms weren’t disclosed, but according to ESPN, the sale values the Hornets at around $3 billion. Jordan will keep a minority stake in the team. Plotkin, who is the founder and chief investment officer of Tallwoods Capital, acquired a minority stake in the Hornets in 2019 and has been an alternate governor on the NBA Board of Governors since 2019. Schnall, co-president of Clayton, Dubilier & Rice, is in the process of selling his investment in the Atlanta Hawks and has been an alternate governor on the NBA Board of Governors since 2015.. The buyer group also includes Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives J. Cole and Eric Church and several Charlotte investors, including Amy Levine Dawson and Damian Mills. The transaction has to clear the NBA Board of Governors. Jordan bought the Hornets for $275 million in 2010 when they were known as the Charlotte Bobcats. The team enjoyed some success during Jordan’s 13-season tenure as majority owner, reaching the playoffs twice but getting eliminated in the first round in 2014 and 2016.

Schnall’s Outside Counsel: King & Spalding with a deal team led by Atlanta partner Rahul Patel and senior associate Will Jordan but including Houston partner Scott Greer.

Christus Health buys Gerald Champion Regional Medical Center

Deal Description: Gerald Champion Regional Medical Center announced July 1 its combination with Christus Health, an international not-for-profit health system. Terms weren’t disclosed. Gerald Champion Regional Medical Center is an independent, nonprofit, sole community Level III Trauma, 98-bed hospital dedicated to serving South Central New Mexico. Christus Health is a Catholic, not-for-profit system with more than 600 health centers, including community hospitals, urgent care centers, health insurance companies and physician clinics providing individualized care with a focus on charitable missions to communities in Texas, Louisiana and New Mexico.

GCRMC Outside Counsel: A White & Case team was led by M&A partners Michael Deyong and James Hu (both in New York) supported by partner Roberto Kampfner (Los Angeles) and associates Nate Bascom (Houston) and Leslie Teng (New York). The group also included M&A associate Muhammad Hasan in Houston.

Arroyo invests in Mesa Solutions

Deal Description: Arroyo Investors, a Houston-based independent investment manager focused on power generation and energy infrastructure assets in the Americas, announced June 30 it closed an investment in Mesa Solutions, a distributed power generation solutions company based in Loveland, Colorado. Terms weren’t disclosed. Mesa designs, assembles, deploys and services primary and standby power generation solutions using natural gas-fired engines. Arroyo believes Mesa’s vertical integration enables it to meet specific client needs and positions it to meet the demand growth in distributed generation and micro-grids. Mesa’s portable power units segment provides primary power to customers that lack access to grid power at a lower overall emissions profile than diesel while its emerging distributable power units segment provides standby and backup power applications to commercial, industrial and government users and prime power for grid resiliency support.

Mesa’s Outside Counsel: Locke Lord with a team led by Eric Larson and Mitch Tiras, both of Houston, and additional assistance provided by Jeff McPhaul, Ed Razim, Jennie Simmons and Aaron Weiss of Houston, Peter Wynacht (Chicago), Van Jolas (Dallas) and Joseph Farside (Providence).

Mars buys Kevin’s Natural Foods

Deal Description: Mars Inc., a family-owned global leader in confectionery, food and pet care products and services, announced July 5 that it signed an agreement to acquire Kevin’s Natural Foods, a nutritious meal company. Terms weren’t disclosed. The acquisition includes an exit of Kevin’s minority partners, TowerBrook Capital Partners and NewRoad Capital Partners. Kevin’s makes chef-inspired sous-vide meals, sides and sauces. Kevin’s has experienced double-digit growth since it was founded in 2019 and is available across 17,000 retail locations, from grocery stores and supermarkets, through to digital commerce. Kevin’s Natural Foods will operate as a standalone business within Mars Food & Nutrition reporting to its president, Shaid Shah. Co-founded by Dan Costa, Kelsie Costa-Olson and Kevin McCray, Kevin’s Natural Foods was born out of Kevin’s desire to be healthier and help other people eat well. Founded in 2019, the company is headquartered in Modesto, Calif., and has 180 employees, with products sold in the U.S., U.K., Canada and Mexico.

Expected Closing: Q3 2023

Mars’ Financial Advisor: Citi

Mars’ Outside Counsel: Simpson Thacher & Bartlett, Covington & Burling, and ArentFox Schiff

Kevin’s Financial Advisor: Wells Fargo Securities

Kevin’s Outside Counsel: Sheppard Mullin led by Dallas office managing partner Lindsay Ferguson and partner Edward Xia and associates Jay Lee and Vincent Shin, with special assistance by partners Leo Caseria, Dmitriy Chelnitsky, Shaun Clark, Frank Dworak, Jason Kearnaghan, Allen McConnell, Abby Meyer and Olivier Theard, special counsel Malika Levarlet, attorney Zana Operta and associates Serene Ateek, Deena Muzafar, Patrick Quine and Michael Weisshar.

CAPITAL MARKETS/FINANCINGS

Petrobras issues $1.25B SEC-registered bond offering

Deal Description: Shearman & Sterling said July 5 it advised the underwriters in connection with the issuance of a new series of SEC-registered debt securities by Petrobras Global Finance. The offering, priced on June 6 and settled on July 3, consisted of $1.25 billion in 6.500% global notes due 2033 issued by PGF and guaranteed by Petrobras. Proceeds will be used for general corporate purposes.

Underwriters: Banco BTG Pactual, Citigroup Global Markets Inc., Goldman Sachs & Co., Itau BBA USA Securities Inc., MUFG Securities Americas Inc., Santander US Capital Markets, Scotia Capital (USA) Inc. and UBS Securities

From Shearman: The team was led by partners Roberta B. Cherman in São Paulo and Bill Nelson in Houston and was supported by associate Debora Ayoub (capital markets), partner Larry Grouch and associate Daniel Kachmar (tax), associate Taylor Pugliese (FIA) and visiting attorneys Nicolle Bretas and Juliana de Meneses.

Notes: The transaction represents the continuation of Shearman’s relationship advising the underwriters in connection with Petrobras’ debt and equity securities offerings.

CBRE completes $1B notes offering

Deal Description: Simpson Thacher said July 5 it represented CBRE Group in connection with a CBRE Services offering of $1 billion in 5.95% senior notes due 2034. The date of the issue was June 23. The net proceeds will be used for general corporate purposes, including repayment of any loans outstanding from time to time under its revolving credit facility. CBRE Group, a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm based on 2022 revenue.

From Simpson: William Brentani, Kelli Schultz, Jesse Feng and Christian Sheets (capital markets) and Jonathan Cantor and Adam Hersch (tax). Summer associate Alex Hyojung Roh provided assistance.

Brinker offers $350M in senior notes

Deal Description: Simpson Thacher said July 5 it represented J.P. Morgan Securities as representative of the initial purchasers in connection with the Brinker International Inc. offering of $350 million in 8.25% senior notes due 2030. The issue date was June 27. The company intends to use the net proceeds to repay a portion of its outstanding debt under its revolving credit facility. Dallas-based Brinker owns, develops, operates and franchises the Chili’s Grill & Bar and Maggiano’s Little Italy restaurant brands as well as certain virtual brands including It’s Just Wings and Maggiano’s Italian Classics. It has 1,657 restaurants in the U.S., 28 other countries and two U.S. territories.

From Simpson: Art Robinson, John O’Connell, Ben Pittenger and Ziang Zhou (capital markets); Michael Mann (tax); Jamin Koslowe and Ryan Kenny (executive compensation and employee benefits); Michael Isby (environmental); Dennis Loiacono (real estate); Kate Mirino (intellectual property); and Jennie Getsin (blue sky). Summer associates Madison Benoit and Kelsey Strott also provided assistance.

Southern Indiana Gas closes $341.45M in securitization bonds

Deal Description: SIGECO Securitization I, a wholly owned unit of Southern Indiana Gas and Electric Co., closed June 29 its registered offering and sale of $341.45 million in senior secured securitized bonds. They were issued after a financing order issued by the Indiana Utility Regulatory Commission. The bonds are backed by securitization property consisting of the right to bill and collect securitization charges from all retail consumers receiving electric service from SIGECO as of the date of the financing order and any future retail electric customers during the bonds’ term. The issuer will pay the net proceeds to SIGECO to reimburse it for qualified costs approved by the commission related to the planned retirements of coal-powered electric generation units. SIGECO, a wholly owned unit of CenterPoint Energy Inc., provides energy delivery services to electric and natural gas customers in and near Evansville, Ind., and owns and operates electric generation assets to serve its electric customers and optimizes those assets in the wholesale power market. 

Underwriters’ Representatives: Barclays Capital Inc. and Citigroup Global Markets Inc.

Underwriters‘ Outside Counsel: Hunton Andrews Kurth including Michael Fitzpatrick, Adam O’Brian, Michelle G. Chan, Matthew A. Hayes and Monika M. Dziewa. Jason Harbour assisted with bankruptcy advice, Shawn Regan and Kate Perkins counseled on constitutional law matters, Leslie A. Okinaka advised on ERISA and George Howell and Anna Page assisting on tax.

Southern Indiana Gas and Electric’s Outside Counsel: Baker Botts including corporate partners Tim Taylor, Jamie Yarbrough and Clint Rancher, senior counsel William Stutts and associate Robert Cowan, Sarah Dyer. On tax: Michael Bresson, Jared Meier and Phillip Clifton. On litigation: Aaron Streett and Mark Little.

AST SpaceMobile completes $57M equity offering

Deal Description: Simpson Thacher said July 5 it represented underwriter Barclays Capital Inc. in connection with the offering of Class A common stock of Midland, Texas-based AST SpaceMobile Inc. The issue date was June 30. The offering of 12.5 million shares of Class A common stock raised about $57 million in gross proceeds. AST granted the underwriter an option to purchase an additional 1.875 million shares of Class A common stock. AST is building what it believes is the first space-based cellular broadband network designed to be accessible by standard unmodified mobile phones.

From Simpson: The team included Roxane Reardon, John O’Connell and Jieun Lim (capital markets); Jessica Cohen and Corina Holland (IP); Ryan Stott (executive compensation and employee benefits); Michael Mann (tax); Michael Isby (environmental); and Jennie Getsin (FINRA and Blue Sky).

OTHER MATTERS

On June 1, ExxonMobil announced it signed carbon capture agreement with Nucor Corp., bringing the total CO₂ that it agreed to transport and store for third-party customers to 5 million metric tons per year. It’s the third carbon capture agreement the oil giant announced in the past seven months, following previous ones with industrial gas company Linde and agricultural fertilizer maker CF Industries. The Nucor project, expected to start up in 2026, will tie into the same CO₂ transportation and storage infrastructure as utilized by its CF Industries project and supports Louisiana’s objective of reaching net-zero CO₂ emissions by 2050. Clifford Chance partner Jonathan Castelan advised ExxonMobil Low Carbon Solutions on its latest carbon capture and storage agreement. Castelan, who recently joined Clifford Chance in its newly established Houston office, was supported by associate Sam Bentley. Both came from Latham. Castelan also advised ExxonMobil on its agreements with Linde and CF Industries while he was at Latham.