Haynes and Boone released back-to-back surveys over the last two weeks: its Borrowing Base Redeterminations Survey and its Oil & Gas ESG Tracker with EnerCom.
The former reflects optimism, with most of respondents expecting percentage increases in borrowing bases of 20 percent or more with very few respondents expecting decreases. The latter reveals the growing adoption of environmental, social and governance policies — and widespread public disclosures of those policies.
Other key findings from the borrowing base survey include respondents reporting lower hedging percentages than in previous surveys; and the increasing use of both public and private equity capital and bank debt, but cash flow from operations continuing to reign supreme as a capital source.
Kraig Grahmann, head of Haynes and Boone’s energy finance practice group, said with oil and gas prices at a 10-year high, the outlook for the industry has grown “even sunnier” than in the firm’s last survey in the fall of 2021, “when respondents likewise predicted improved reserved-based lending credit availability.”
In response to a new survey question, industry stakeholders ranked the most important impediments to increasing oil and gas production. The biggest one: lack of reinvestment in the industry over the last couple of years.
With regard to pricing information provided by top energy banks, the average base case for oil and gas in spring 2022 is higher than last fall’s, which suggests greater drilling activity this summer among U.S. producers, according to Buddy Clark, co-chair of the firm’s energy practice group.
“Still, the question remains whether commodity price increases and greater credit availability will be enough to satisfy producers’ needs in light of the increased cost of drilling,” he said.
Other trends identified in the latest ESG tracker include: Most producers are disclosing Scope 1 and Scope 2 greenhouse gas emissions in sustainability reports and on company websites but not in SEC filings; and just over a third of sample producers have disclosed quantitative GHG emission reduction targets, allowing stakeholders and investors to track progress.
Also of note: Two more producers have announced “net zero” emissions targets since the summer 2021 tracker but fewer than 25 percent of all sample producers have established “net zero” goals. Haynes and Boone wouldn’t disclose the producers’ names (we asked).
The ESG tracker also found that many producers have formed ESG committees and are disclosing certain social and governance achievements such as board-level diversity statistics, investments in the community and worker safety statistics; and SEC registrants continue to increase disclosures around climate-related risks and climate change, with most producers including risk factors in regulatory filings on several key issues facing the industry.
Haynes and Boone corporate partner Stephen Grant said he continues to see producers implement corporate governance policies, adapt business strategies and increase disclosure around ESG related initiatives, including greenhouse gas emissions reporting, in response to anticipated regulatory requirements, market sentiment and investor focus.
“To cite one data point, 97 percent of the producers sampled have disclosed their ESG policies, up from 70 percent in our first tracker published in March 2021,” he noted.
For the week ending April 30, there were 16 transactions reported with an aggregate value of $2.3 billion. That included a dozen M&A deals worth $895.5 million and four capital markets transactions worth $1.4 billion. That compares favorably with 10 deals worth $2.2 billion the previous week and not so favorably with 21 deals for $7.2 billion 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)
(Deal Values in Millions)
| Week Ending | Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | CapM Value $M |
|---|---|---|---|---|---|---|---|---|
| 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
SPAC 10X Capital combines with Prime Blockchain for $500M
Deal Description: Prime Blockchain, a Canada-based infrastructure provider for blockchain technology, and 10X Capital Venture Acquisition Corp. II, a special purpose acquisition company, agreed April 1 to combine in a deal with an enterprise value of $1.25 billion, including debt. Former Goldman Sachs investment banker Gaurav Budhrani, whose past clients include Coinbase and IonQ, will be CEO and the combined company is expected to list its stock on the NASDAQ. 10X Capital provides $200 million in trust from its IPO last August and both 10X and PrimeBlock secured a $300 million committed equity financing facility from CF Principal Investments, an affiliate of Cantor Fitzgerald & Co. PrimeBlock generated $24.4 million in revenue in the fourth quarter. The company has 110 megawatts of installed data center capacity across 12 facilities in North America, with a focus on North Carolina, Tennessee and Kentucky, and an ability to deploy its facilities in under eight weeks. The company was founded by Web 3 entrepreneurs Chandler Song and Ryan Fang, who have been involved in crypto projects including Ankr.
Expected Closing: Second half of 2022 if it clears regulators and PrimeBlock’s and 10X Capital’s stockholders
10X’s Outside Counsel: Latham & Watkins led by partner Ryan Maierson in Houston co-led by David Stewart in London
10X’s Capital Markets Advisor: Cantor Fitzgerald & Co.
10X’s Financial Advisors: Cohen & Co. Capital Markets, a division of J.V.B. Financial Group, and Canaccord Genuity
CF Principal Investments’ Outside Counsel: King & Spalding
PrimeBlock’s Outside Counsel: White & Case and Reed Smith
Cohen & Co.’s Outside Counsel: DLA Piper
HighPeak buys Howard County properties from Hannathon, Others for $373.3M
Deal Description: HighPeak Energy Inc. announced April 27 that it agreed to acquire the Howard County assets of Hannathon Petroleum and other non-operated working interest owners for $373.3 million. The price includes $255 million in cash and around 3.78 million shares of HighPeak’s common stock recently worth $118.3 million. HighPeak already owns non-operated working interest in about 60 percent of the acquired gross acreage position. The cash portion of the consideration is expected to be funded with cash on hand and borrowings under HighPeak’s revolving credit facility. The buyer expects to receive consents from its bank group to substantially increase the aggregate elected commitments and borrowing base on its revolving credit facility. This is HighPeak’s second strategic acquisition this year.
Expected Closing: Q3 2022
HighPeak’s Financial Advisor: Credit Suisse Securities
Hannathon’s Financial Advisor: Jefferies
HighPeak’s Outside Counsel: Akin Gump Strauss Hauer & Feld including Wesley Williams, Cole Bredthauer, Eduardo Canales, Dominic Riella, Julia Pashin, David Quigley (in D.C.), Andrew Oelz (in L.A.) and Frankie Shulkin; and Vinson & Elkins led by partner Sarah Morgan with assistance from senior associate Jackson O’Maley and associate Ximena Kuri.
Hannathon’s Outside Counsel: Shearman & Sterling including partners Sarah McLean, Nathan Meredith, Emily Leitch and Todd Lowther; also Erin Kaufman, Sarah George, John Craven and Sydney Kane
Arcosa sell storage tanks business to Black Diamond Capital for $275M
Deal Description: Arcosa, a provider of infrastructure-related products and solutions, announced April 26 it agreed to sell its storage tanks business to Black Diamond Capital Management for $275 million in cash. Established in 1933 and marketed under the Arcosa Tank and TATSA brands, the business is a manufacturer of steel pressure tanks for the storage and transportation of propane, ammonia and other gases supplying the residential, commercial, energy, and agricultural markets with operations in the U.S. and Mexico. Revenues were about $200 million in 2021. Arcosa has been working to improve the margins at the unit, which was unprofitable in 2018. The company will continue to maintain a manufacturing platform in Mexico to make other products. Arcosa CEO Antonio Carrillo said the sale was part of the company’s plan to reduce the complexity of its portfolio and focus on growth in markets where it could achieve a competitive advantage. Proceeds will be invested in its construction products platform.
Expected Closing: Q2 2022 if the sale clears regulators
Arcosa’s Financial Advisor: Evercore (Danny Levy in New York)
Arcosa’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Robert Little and including associates Joseph Orien, Nicholas Linke, Jordan Rex, Sarah Sperling and Josh Stout; partner Michael Cannon on tax, partner Krista Hanvey on benefits; partner Daniel Angel and associate Jacqueline Malzone on IP; and partner Joshua Lipton and counsel Andrew Cline on antitrust; also Creel, García-Cuéllar, Aiza y Enriquez
Archaea Energy to acquire NextGen Power Holdings for $215M
Deal Description: Archaea Energy Inc., a renewable natural gas company, announced April 28 that its wholly owned unit, Archaea Infrastructure, agreed with Riverview Investment Holdings to purchase NextGen Power Holdings for $215 million in cash. Riverview is an affiliate of Castleton Commodities International. The transaction is expected to close by July 1. Archaea expects to finance the deal via one or more capital markets transactions or private financing transactions. The assets include 14 operating landfill gas-to-electric plants. The acquisition includes gas rights for the sites, which have existing long-term agreements in place. The asset base is located on landfills with growth potential and permitted waste acceptance for over 40 years on average across sites. Archaea expects to build renewable natural gas facilities on most of these sites, materially expanding the earnings power of the asset base.
Archaea’s Outside Counsel: Vinson & Elkins led by partner Matt Falcone and senior associate Nettie Downs with help from associates Charlie Fitzpatrick, Nina Ramachandran and Dean Dixon. Also assisting were partner Sarah Mitchell and associate Victoria Bahrami-Negad (insurance); senior associate Stephanie Coco and associates Zach Parker and Hunter Albritton (energy transactions/projects); partner John Decker, senior associate Andrew DeVore and associates Reagan Lutter and Steve Weinberger (energy regulatory); partner Matt Dobbins and associate Kelly Rondinelli (environmental); partner Lina Dimachkieh, counsel Allyson Seger and Mary Alexander and associate Jeff Slusher (tax); partner Sean Becker, counsel Alex Bluebond and associate Annie Blanc (labor/employment); partner Prentiss Cutshaw, senior associate Ken Adler and associate Katherine Skipper (real estate); counsel Rajesh Patel and associate Marcus Martinez (technology transactions/IP); partner Julia Petty and associate Matt Green (executive compensation/benefits); partner Darren Tucker and senior associate Ryan Will (HSR); senior associates Carter Olson and Alex Kamel (finance); and partner Palmina Fava, counsel Elizabeth Krabill McIntyre and senior associate Brian Howard (litigation).
Gladieux Energy sells to Sunoco for $190M
Deal Description: Hunton Andrews Kurth announced April 11 it represented Gladieux Energy in connection with its sale to Sunoco for $190 million. The transaction signed on February 4 and closed on March 31.
The HAK Team: Led by partners Richard Kronthal in New York and Phil Haines in Houston, with assistance from 22 other Texas lawyers including Houston partners Tammy Brennig, Allison Mantor, Scott Nelson, Joseph Rovira, Conor Shary and Rob Taylor, along with Houston associates Madison Amons, Hannah Bradley, Corinne Davis, Kathleen Dill, Mike Hoffman, Emma Ivory-Ganja, Erin Jennings, Sami Khan, Jeff Lam, Jordan Latham, Crawford LeBouef, Alex Miron, Tim Strother and Alexa Williams. The team also included Austin partners Anthony Eppert and Lisa Shelton.
Sunoco’s Outside Counsel: Faegre Drinker Biddle & Reath
Five Points sells TPT Solutions to Race Winning Brands
Deal Description: MiddleGround Capital, an operations-focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, announced April 21 the acquisition of Five Points Capital-backed TPT Solutions by its platform Race Winning Brands. Terms were not disclosed, but the deal value is estimated to be between $100 million and $250 million. TPT markets under three brands: TransGo, RevMax and Transmission Specialties. The transaction marks MiddleGround’s second add-on acquisition by RWB since the firm acquired the platform in December 2021. Earlier this month, RWB purchased PAC Racing from Peterson American Corp., adding performance springs to its portfolio. TPT provides transmission-focused automotive aftermarket performance products for light truck, automotive and SUV/CUV vehicles. The combination will create a bigger performance automotive and powersports aftermarket platform with diversified exposure across vehicle applications.
Outside Counsel for TPT Solutions/Five Points: McGuireWoods led by Dallas partner Kash Sethi with support from Dallas associate Erin Ball
Race Winning Brands’ Outside Counsel: Katten Muchin Rosenman
Anuvia snares $65.5M from Piva Capital, Riverstone
Deal Description: Anuvia announced April 25 it secured $65.5 million in Series D funding from Piva Capital and Riverstone Holdings. Anuvia will use the financing to increase production capacity at its U.S.-based eco-friendly manufacturing facility and expand commercialization of its line of field-ready bio-based fertilizers for large-scale agriculture. Also joining the round were Morgan Stanley Investment Management and LK Advisers Ltd. (Mittal family office) along with existing investor Pontifax Global Food and Agriculture Technology Fund. Cynthia Kueppers of Riverstone and Mark Gudiksen at Piva Capital will join Anuvia’s board. The funding announcement comes at a time when the U.S. Department of Agriculture has pledged $250 million to support “innovative American-made fertilizers,” underscoring the need to reduce dependence on traditional fertilizers sourced internationally. Recently Anuvia completed the expansion of its facility in Plant City, Florida, which has the capacity to expand to 1.2 million tons per year, enough to service 20 million acres of agricultural crops.
Riverstone’s Outside Counsel: Vinson & Elkins led by partners Michael Gibson in Austin and Dan Komarek in New York with assistance from associate Alan Albrecht, also in Austin. Other key team members included counsel Rajesh Patel and associate Ricky Legg in Houston and partner Margaret Peloso in Washington, D.C., and New York.
Diversified acquires East Texas assets for $50M
Deal Description: Diversified Energy Co. plc announced April 26 the acquisition of East Texas upstream assets and related facilities from a private seller for $50 million. The acquisition builds on Diversified’s 2021 entry into the Central Region and expands its progress to replicate the company’s business model with high margin, low-decline production that is near to its existing assets. Under the previously announced strategic participation agreement, funds managed by Oaktree Capital Management will make a non-operated working interest investment in the acquisition and Oaktree will promote Diversified with 5 percent of its interest in the acquisition. Accordingly, Diversified will obtain a 52.5% working interest in the deal for contributing 50 percent, or $50 million, of the purchase price.
Diversified’s Financial Advisor: Stifel
Diversified’s Outside Counsel: Shearman & Sterling led by Houston partner Jeremy Kennedy with assistance from associate Will Johnson, also in Houston
Oaktree’s Outside Counsel: Gibson Dunn including Michael Piazza, Adam Whitehouse and Chris Atmar
Flash acquires NYC-based Ticketech
Deal Description: Flash, a provider of cloud parking software, announced April 27 it acquired New York City-based Ticketech for undisclosed terms. The acquisition expands the network of customers running FLASH’s mobility hub operating system and connects New York City’s $22 billion dollar parking market to the emerging mobility marketplace. Founded in the 1970s, Ticketech enables 700 parking locations and processes 20 million transactions per year for local parking operators, regional and national enterprise operators and real estate owners. It has a digital platform and automated vehicle recognition system while also maintaining integrations and partnerships with accounting systems, payment providers, demand aggregators and other stakeholders.
Flash’s Outside Counsel: Vinson & Elkins led by partner Michael Gibson in Austin with assistance from senior associate JP Lopez and associate Christina Wu; also advising were senior associate Chase Cero and associate Alex Moosariparambil (finance); counsel Allyson Seger and associate Fariha Jawed (tax); counsel Rajesh Patel and associate Alexa Chally (technology transactions/IP); partner Shane Tucker and associate Keira Kuntz (executive compensation/benefits); and partner Sean Becker and associate Peter Goetschel (employment/labor).
Notes: V&E’s Gibson also advised Flash in connection with a $250 million strategic investment led by Vista Equity Partners in March and its acquisition of of Parkonect in June when he was a senior associate with partner Paul Tobias (who retired from the firm in August).
Morrow Sodali attracts majority investment from TPG Growth
Deal Description: Morrow Sodali, the shareholder engagement and governance advisory firm, announced April 26 that TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, acquired a majority stake in the company. Terms were not disclosed. The partnership with TPG will advance Morrow Sodali’s mission of providing clients worldwide with strategic advice and comprehensive support, enabling them to maximize value and expertly manage stakeholder relations. TPG’s investment coincides with Morrow Sodali’s 50th anniversary. The firm recently secured the top position on the 2021 M&A league tables released by Mergermarket and The Deal.
TPG Growth’s Outside Counsel: Weil led by partner Christopher Machera in New York but including private equity associate Patrick Hosch and tax associate Griffin Baker, both in Dallas
LSB Industries inks partnership with with Lapis Energy to capture, sequester carbon
Deal Description: Oklahoma City-based LSB Industries Inc. announced April 28 that it agreed with Lapis Energy to develop a project to capture and permanently sequester carbon dioxide at LSB’s El Dorado, Arkansas, facility. Lapis, backed by Dallas-based Cresta Fund Management, will make 100% of the capital investment required for the project development. The project will begin immediately with expected completion by 2025 once it’s approved for a Class VI permit. This is the first carbon capture and sequestration project announced in the state and the third such project from ammonia production in the U.S. Lapis, founded in 2020, is a Dallas-based vertically integrated energy infrastructure development firm focused entirely on decarbonization through CCS. Once operational, the project at the El Dorado site will initially capture and permanently sequester 450,000 metric tons of CO2 per year in underground saline aquifers, equivalent to permanently removing 109,000 passenger cars from the road or 11 percent of the cars registered in Arkansas. The CO2 generated from the facility’s ammonia production is expected to qualify for federal tax credits.
LSB’s Outside Counsel: Vinson & Elkins led by partner Danielle Patterson in Houston and associate Zach Parker in Austin. Also advising were partner Matt Dobbins in Houston and associate Kelly Rondinelli in D.C. (environmental); partner David Cole in Houston and associate Ben Livni in L.A. (tax); and counsel Rajesh Patel in Houston and associate Marcus Martinez in Austin (technology transactions/IP)
Clearlake, TA to acquire Kofax from Thoma Bravo
Deal Description: Kofax, a provider of automation software to facilitate digital workflow, announced April 26 it agreed to be acquired by Clearlake Capital Group and TA Associates from Thoma Bravo, a software investment firm. Financial terms were not disclosed. Upon closing of the transaction, Clearlake and TA will become majority shareholders in Kofax. Founded in 1985, Kofax is one of the largest suppliers in the process automation market, supporting 25,000 customers across industries worldwide.
Expected Closing: Q3 2022
Financial Advisors to TA and Clearlake: J.P. Morgan, Jefferies, Arma Partners and Credit Suisse
Financial Advisor to Thoma Bravo: Lazard
Funding Providers: J.P. Morgan led a new syndicated financing in support of the acquisition with Credit Suisse, UBS, Jefferies, Blackstone, PSP Partners, Security Benefit and Brinley acting as joint arrangers
TA and Clearlake’s Outside Counsel: Kirkland & Ellis and Sidley Austin, including partners Mehdi Khodadad in Century City and Scott Parel in Dallas
Thoma Bravo’s Outside Counsel: Kirkland
CAPITAL MARKETS/FINANCINGS
Waste Management prices $1B in senior notes
Deal Description: Waste Management announced April 28 that it priced a public offering of $1 billion of its 4.15% senior notes due April 15, 2032. The notes will be fully and unconditionally guaranteed by the company’s wholly owned unit, Waste Management Holdings Inc. The notes have been assigned ratings of A- by Standard & Poor’s, BBB+ by Fitch and Baa1 by Moody’s. The company intends to use the net proceeds to redeem its $500 million of 2.90% Senior Notes due 2022 and for general corporate purposes. Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, BNP Paribas Securities Corp. and SMBC Nikko Securities America, Inc. are acting as joint book-running managers of the offering. Truist Securities, Inc., U.S. Bancorp Investments, Inc., Academy Securities, Inc., Cabrera Capital Markets, LLC, CastleOak Securities, L.P., CAVU Securities, LLC, MFR Securities, Inc. and Stern Brothers & Co. are co-managers.
Expected Closing: May 12
Underwriters’ Outside Counsel: Gibson Dunn led by partner Hillary Holmes and including associates William Bald, Malakeh Hijazi and Abby Joens-Witherow
Waste Management’s Outside Counsel: Baker Botts including, from corporate: Clint Rancher (partner, Houston), Lakshmi Ramanathan (special counsel, Houston), Robert Cowan (associate, Houston) and Thomas Blackwell (associate, Houston); on finance: Andrew Thomison (partner, Houston); on environmental: Aileen Hooks (senior counsel, Austin) and Katie Windle (associate, Austin); on labor and employment: Jennifer Trulock (partner, Dallas); on employee benefits: Robin Melman (partner, New York) and Gabriela Alvarez (associate, Houston); and on tax: Michael Bresson (partner, Houston) and Chuck Campbell (special counsel, Houston)
Hess Midstream raises $301M in secondary offering
Deal Description: Hess Midstream Partners raised $301 million on April 30 in a secondary equity offering on the NYSE. The sale consisted of 8.9 million shares of Class A common stock.
Hess Midstream’s Outside Counsel: Latham & Watkins led by partner Thomas Brandt and co-led by partners Bill Finnegan and David Miller
Aimfinity Investment Corp. I announces $70M IPO
Deal Description: Aimfinity Investment Corp. I announced April 25 that it priced its initial public offering of 7 million units at $10.00 per unit. The units were expected to be listed on The NASDAQ Global Market and trade under the symbol “AIMAU” beginning on April 26. Each unit issued in the IPO consists of one Class A ordinary share, one Class 1 redeemable warrant and one-half of one Class 2 redeemable warrant, with each whole warrant exercisable to purchase one whole share of Class A ordinary share at a price of $11.50 per share. The offering was expected to close on April 28. US Tiger Securities Inc. and EF Hutton, division of Benchmark Investments, are the joint book-running managers. The company has granted the underwriters a 45-day option to purchase up to 1.05 million more units at the IPO price to cover any over-allotments. While the company won’t be limited to a particular industry or geographic region in its identification and acquisition of a target company, it will not complete its initial business combination with a target that is headquartered in China, including Hong Kong and Macau, or conducts a majority of its business in China, including Hong Kong and Macau.
US Tiger Securities’ Outside Counsel: Winston & Strawn led by Houston partner Mike Blankenship and including Houston associates Robbie Oakes, Luisa Patoni, Alexandra Santana and Ben Smolij
Bastrop Bancshares raises $30M in private debt offering
Deal Description: Hunton Andrews Kurth announced April 28 it counseled underwriter Performance Trust Capital Partners on Bastrop Bancshares Inc.’s private debt offering of worth $30 million. The deal was completed on March 18. They were 10-year fixed-to-floating rate subordinated notes structured such that it qualified as Tier 2 capital at the holding company. The notes will initially bear interest at 4.00% per year through March 18, 2027, and thereafter pay a quarterly floating rate equal to three-month average SOFR (secured overnight financing rate) plus 225 basis points. The bank plans to use the net proceeds for potential future strategic opportunities and general corporate purposes, including investments in its wholly-owned unit, the First National Bank of Bastrop, as regulatory
capital.
The HAK Team: Led by partner Peter Weinstock in Dallas
Bastrop’s Outside Counsel: Fenimore Kay Harrison led by partner Geoffrey Kay in Austin
Addendum:
Kirkland & Ellis advised TPG on its $7.3 billion final close of TPG Rise Climate, the climate investing strategy of its global impact investment platform TPG Rise, reaching its hard cap. The Kirkland team was led by investment funds partners Erica Berthou in New York and Susan Eisenberg in Houston.