CDT Roundup: 16 Deals, 15 Firms, 157 Lawyers, $29.9B

On Jan. 26, the Biden administration announced what they referred to as a “temporary pause on pending decisions of Liquefied Natural Gas exports.”

What they were pausing was one of the most visible and successful policy bridges between the fossil fuel energy industry and administration commitments to climate change. Before the pause LNG was widely viewed as a plentiful and clean replacement for coal-fired heating and electricity — a “win-win” in the bumpy road to energy transition. But like most issues involving the role of fossil fuels and climate change, nothing is simple, and passions run high.

The importance of LNG exports in Texas and other Gulf Coast states — not to mention the energy M&A market — has grown dramatically since 2016, when the first U.S. LNG exports began. In February 2022, with the Russian invasion of Ukraine and Europe’s subsequent withdrawal of dependence on Russian natural gas, its role became pivotal to U.S. energy and climate policies — not to mention Texas energy producers.

How pivotal? During the first half of 2022, according to the U.S. Energy Information Administration, the U.S. became the world’s leader in LNG exports, with 64 percent of those exports directed at the European markets — and the preponderance of those exports coming from Gulf Coast LNG facilities fed from producers in the Permian and Haynesville Basins.

Since then, the theoretical blend of climate-friendly energy security and money has been playing out in Texas M&A markets in the form of consolidations and lucrative investment exits in all phases of energy development — whether Permian upstream production, consolidation of midstream pipelines and even in large-scale carbon capture and storage deals.

• In a deal announced in July 2022, for instance, Momentum Midstream, known as M6, acquired Midcoast Energy for $1.3 billion and Align Midstream for an undisclosed amount. The deals were part of their announced intention to create a new project designed to deliver gas produced from the Haynesville Shale to the Gulf Coast LNG facilities.
• In January 2022, Enbridge announced a 20-year agreement to deliver 720 million cubic feet per day of natural gas to the Texas LNG Brownsville facility, as part of an expansion of the Valley Crossing Pipeline.
• In November 2022, ConocoPhillips acquired a 30 percent interest in the Phase 1 of the LNG facility in Port Arthur, along with a long-term agreement to manage the feed-gas supply for their liquefaction facility.
• In February 2023, I Squared Capital acquired a controlling interest in the Whistler Pipeline, which connects the Permian Basin with the various Gulf Coast LNG terminals and processing facilities.
• And in July 2023, ExxonMobil married carbon capture and LNG delivery with its $4.9 billion purchase of Denbury Energy and its 1,300 miles of CO₂ pipeline, then followed it up in October with its eye-popping $64.5 billion acquisition of Pioneer Natural Resources.

But as we’ve noted nothing in the space between fossil-based energy and climate change is simple. Several recent scientific studies have alleged that the ameliorative tradeoff between LNG and coal is chimeric, at best. Those studies have been widely trumpeted within the administration by climate change advocates concerned with unfettered policy support for any kind of fossil fuel.

Moreover, there is growing concern among communities bordering massive LNG facilities that localized pollutants are affecting businesses dependent on commercial fishing and coastal oyster beds.

Of immediate concern, and what seems to have provoked the pause, is a project known as Plaquemines involving 18 new mid-scale liquefaction trains at the Calcasieu Pass LNG facility in Louisiana. Owned by Virginia-based Venture Global LNG, the project expansion is receiving vigorous protest from residents and local fishermen. Moreover, Venture Global, founded in 2013, has been under fire from players like BP and Shell in an ongoing dispute over product they say is owed by Venture Global under prior off-take agreements, but has been diverted to higher-paying European markets.

While the pause, as specified by the White House, is directed at existing export agreements, it’s the effect on expansion that’s of most concern. And some industry experts, like maverick energy analyst Art Berman, argue that it should be.

Berman argues that the supplies of shale gas, the source for existing Gulf Coast LNG facilities are already in decline, and that they may not be able to ultimately support the long-term investments of time and money required — even for the permitted facilities undisturbed by the pause.

“There’s a good chance that the Biden Administration’s announcement to pause LNG export approvals was politically motivated as it tries to make a climate statement ahead of the 2024 U.S. elections,” Berman noted last week. “There is an equal probability that opposing viewpoints are similarly designed to produce negative press for Biden and his party.”

“In the final analysis, the pause announcement and subsequent debate are irrelevant.”

But any pause is likely to have a ripple effect on the Texas M&A market. Neither buyers nor sellers like uncertainty. That may be the one thing that is certain.

During the week ending February 17, there were 15 Texas-related transactions reported valued at a total of $29.9 billion — thanks to the $26 billion Diamondback/Endeavor merger. That eclipses the $10.6 billion aggregate value for 25 deals the week prior, as well as the 14 transactions for $5.7 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)

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	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

Diamondback, Endeavor Energy merge in $26B transaction

Deal Description: Midland oil and gas explorers and producers Diamondback Energy Inc. and Endeavor Energy Resources announced Feb. 12 that they agreed to merge in a transaction valued at $26 billion, including Endeavor’s net debt, creating a premier Permian independent operator.The deal is expected to close in the fourth quarter. It is the fifth billion-dollar energy transaction, and the largest so far this year in a list that includes BlackRock/Global Infrastructure Partners ($12 billion) and Chesapeake/Southwestern ($7.4 billion), according to the Texas Lawbook‘s Corporate Deal Tracker. For more, click here.

Eversource sells stakes in two offshore wind projects to GIP for $1.1B

Deal Description: Eversource Energy announced Feb. 13 it agreed to sell a 50 percent ownership share in the 132-megawatt South Fork Wind and 704-megawatt Revolution Wind projects to Global Infrastructure Partners for $1.1 billion in cash. Eversource will keep certain cost sharing obligations for the construction of Revolution Wind up to around $240 million. Commercial operation of Revolution Wind is expected in 2025. South Fork Wind is expected to enter service before the transaction closes. Eversource plans to use the proceeds to repay parent debt. Ørsted’s 50 percent ownership interests aren’t affected by the announcement. Eversource announced Jan. 24 it agreed to sell its 50 percent interest in the 924-megawatt Sunrise Wind project to Ørsted, and in May 2023, Eversource said it would sell its 50 percent interest in 175,000 of developable but uncommitted offshore acres to Ørsted for $625 million. That transaction closed on Sept. 7.

Expected Closing: mid-2024

Eversource’s Financial Advisor: Goldman Sachs

Eversource’s Outside Counsel: Ropes & Gray led by M&A partners Thomas Fraser and Marko Zatylny in Boston

GIP’s Outside Counsel: Vinson & Elkins with a team led by partners Matt Falcone, Kaam Sahely and Eamon Nolan.

Carnelian closes fifth fund at $975M

Deal Description: Houston-based Carnelian Energy Capital Management announced Feb. 5 the single closing of its oversubscribed fifth fund, Carnelian Energy Capital V, at the fund’s hard cap of $975 million in limited partner capital commitments. Carnelian was founded in 2015 to manage private equity funds focused on the North American energy sector. Carnelian has raised $4 billion of capital commitments since inception and has formed partnerships with 32 portfolio companies. Carnelian was co-founded nine years ago by partner Tomas Ackerman, formerly with Dallas-based NGP.

Carnelian’s Inhouse Counsel: Its general counsel is Matt Savage, formerly an associate in the Houston office of Gibson, Dunn & Crutcher 

Carnelian’s Outside Counsel: Kirkland & Ellis with a team led by investment funds partners Laura Stake and Matthew Nadworny and tax partner Steve Butler; and including investment funds associates Susan Czaikowski, Megan Bourassa and Jordan Redler.

CORE Industrial Partners closes two new funds totaling $887M

Deal Description: Private equity firm CORE Industrial Partners announced Feb. 14 the closing of $887 million in capital commitments between its $685 million flagship fund, CORE Industrial Partners Fund III, and $202 million in its new offering, CORE Industrial Services Fund I, with both funds exceeding their targets. In the past five years, CORE has raised more than $1.58 billion of total limited partner commitments dedicated to investing in the industrial sector. Fund III will continue CORE’s strategy of acquiring manufacturing and industrial technology businesses that it believes can benefit from its investment and operating experience to accelerate growth and create long-term value for investors, business owners and management teams. CORE’s newest fund strategy, Industrial Services Fund I, brings a more concentrated focus to the highly fragmented industrial services sector that it believes is experiencing strong growth due to reshoring and proliferation of advanced technologies with the adoption of Industry 4.0 applications in North America. Investors in the CORE funds include endowments, foundations, insurance companies, public and corporate pensions, global asset managers, investment advisers and family offices across North America and Europe. CORE has offices in Chicago, Austin and Cleveland.

CORE’s Outside Counsel: Kirkland & Ellis with a team led by investment funds partners Jeff Kaplan, David Stults and Patrick Valenti and associates Anna Metzger, Sean Linehan and Alice Palkovitz; tax partners Dan Meehan and Christopher Odell; regulatory investment funds partners Josh Westerholm, Reed Schuster (in Austin) and Vanessa Walters; and ERISA investment funds partner Christine Matott.

CORE’s Placement Agent: Harris Williams Private Capital Advisory

ContextLogic sells Wish to Qoo10 for $173M

Deal Description: Publicly traded ContextLogic Inc., which does business as  Wish, announced Feb. 12 that its board unanimously approved an agreement to sell substantially all of its operating assets and liabilities of its Wish ecommerce platform to Qoo10, an ecommerce platform operating localized online marketplaces in Asia, for $173 million in cash. The purchase price represents around $6.50 per share, an 44 percent premium over ContextLogic’s closing stock price on Feb. 9. After closing, ContextLogic will have limited operating expenses and a balance sheet that will be debt-free, with net cash proceeds from the asset sale, about $2.7 billion of net operating loss (NOLs) carryforwards and certain retained assets. The board intends to use the proceeds from the transaction to help monetize its NOLs. The board also intends to explore the opportunity for a financial sponsor to help ContextLogic realize the value of its tax assets. If the ContextLogic doesn’t identify opportunities allowing it to effectively monetize the value of its NOLs to the benefit of shareholders, it intends to promptly return all capital to shareholders.

Expected Closing: Q2 2024 if it clears ContextLogic’s shareholders

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

ContextLogic’s Outside Counsel: Sidley Austin including M&A partners Mark Metts (Houston), Sharon Flanagan and Sally Wagner Partin (San Francisco) and Feifei Bian (Century City)

Qoo10’s Financial Advisor: Jefferies

Qoo10’s Outside Counsel: Shearman & Sterling including Alain Dermarkar, Bobby Cardone, Kyungwon (Won) Lee, Theodora V. Volsky, Efren Lemus, Samantha Favela, Larry Crouch, John Cannon, JB Betker, K.J. Salameh, Matthew Brown, Michael Buiteweg and Eric Dunbar

Insight participates in funding two deals worth $79M

Deal Description: Willkie Farr & Gallagher said last week it represented Insight Partners on two fundings. The first, announced Feb. 12, involved LeoLabs, the company which claims to have the largest commercial catalog of objects in low Earth orbit, which raised an additional $29 million in financing. New investors include GP Bullhound, 1941 and Dolby Family Ventures, joining Insight as an existing investor, among others. The funding enables LeoLabs to scale up its insight delivery by further investing in advanced end-user applications and partner integrations. The second, announced Feb. 8, involved Unlearn, an AI company creating digital twins of clinical trial participants that enable smaller, faster studies, which raised a $50 million in Series C funding. Altimeter Capital led the round joined by returning investor Insight, among others. The funding was secured to propel Unlearn’s mission to advance AI to eliminate trial and error in medicine by investing in people, data, engineering capabilities and longer-term R&D initiatives.

From Willkie: The team on both deals was led by partner Matthew Haddad in New York and associate Joe Laurel in Houston

Austin’s Merit Medicine attracts $2M in seed funding

Deal Description: Austin-based Merit Medicine, a health tech startup that helps self-funded employers monitor provided healthcare costs, announced Feb. 15 the close of a $2M seed round led by hometown investors LiveOak Ventures. Founded in 2022 by Ali Panjwani, Merit’s healthcare risk management platform uses a vast array of datapoints to guide employers through increasingly novel and potentially expensive drugs and treatments that can potentially reduce broader-based benefits for employees. Also based in Austin, LiveOak Ventures is a generally small cap life-cycle investor for a variety of health and technology ventures that have included AmplifAI, DISCO, Eventus, Homeward, OJO Labs, Osano, SchooLinks and Take Command Health. Lawyers for the parties were not disclosed.

CTC attracts investment from Endeavour, Greenbelt Capital

Deal Description: Endeavour Capital and Greenbelt Capital Partners announced Feb. 12 the close of an investment in CTC Global Corp. Terms weren’t disclosed. Based in Irvine, Calif., CTC specializes in engineering and manufacturing advanced conductor cores for high-voltage transmission cables. The company’s conductors have been installed in more than 1,250 projects across 60 countries by 250 utilities. CEO J.D. Sitton will continue to lead the business through its next phase of growth. More than $21 trillion will be invested into the global energy grid between 2020 and 2050, according to Bloomberg New Energy Finance.

Greenbelt’s Outside Counsel: Kirkland & Ellis led by corporate partners Jhett Nelson, Shubi Arora and Zahra Usmani with assistance from corporate associates Michael Goodrich, William Kelly and Pi Praveen; tax partners Vin Thorn and Liam Murphy and associate Christian Ekins; international trade and national security partners Luci Hague and Mario Mancuso and associate Brandon Ricaurte; and executive compensation partners Stephen Jacobson and Jabir Yusoff and associate Dillon Jones. 

Doggett Automotive buys dealerships from Group 1

Deal Description: Doggett Automotive Group, a family-owned business in Beaumont, announced Feb. 7 it acquired five dealerships known as the Mike Smith Auto Complex in Beaumont from a large Houston publicly traded automotive conglomerate. Terms weren’t disclosed. The deals closed Feb. 5. The seller was Houston-based Group 1 Automotive Inc., which announced Feb. 12 the disposal of 10 franchises and a collision center in Beaumont in the first quarter of 2024. The acquisition includes the brands Mercedes-Benz, Honda, Chrysler, Dodge, Jeep, Ram, VW and Nissan. The expansion not only bolsters Doggett’s automotive presence but also underscores the company’s commitment to providing a range of automotive options to its customers. In 2018, Doggett ventured into the automotive sector with its inaugural automotive acquisition of Lone Star Ford in Houston from Sonic Automotive. Doggett continued its expansion in 2023 with the acquisition of Kinsel Auto in Beaumont, including Kinsel Ford, Toyota, Mazda and Lincoln dealerships.

Group I’s In-House Counsel: Chief legal officer Gillian Hobson

Group I’s Outside Counsel: Nolen PLLC led by Brian Nolen

Group 1 Automotive buys RRR Automotive

Deal Description: Group 1 Automotive Inc., an international Fortune 300 automotive retailer with 198 dealerships in the U.S. and U.K., announced Feb. 12 the expansion of its U.S. portfolio in the greater Baltimore/Washington, D.C., market, the sixth largest metropolitan area in the U.S. The acquisition includes Toyota, Honda, Hyundai and Kia new vehicle dealerships, one Toyota Certified pre-owned center and three collision centers.  The group includes the two highest volume Honda dealerships in the state of Maryland.  The dealerships are expected to generate more than $500 million in annual revenues. Consistent with its strategy to focus on larger, higher performing dealerships, the company said it also disposed of 10 franchises and a collision center in Beaumont during the first quarter of 2024 (see above item).

Group I’s In-House Counsel: Chief legal officer Gillian Hobson

Group I’s Outside Counsel: Nolen PLLC led by Brian Nolen

Salesloft acquires Drift

Deal Description: Salesloft, a Vista Equity-backed provider of an AI-powered revenue orchestration platform, announced Feb. 13 the acquisition of Drift, the buyer experience and conversational AI company. The combination of Salesloft and Drift will allow companies to orchestrate a personalized, omnichannel buyer journey powered by AI, providing an optimal buying experience that drives higher quality pipeline and revenue outcomes. The combined company will have nearly 6,000 global customers and employees based in Atlanta, Boston, Tampa, San Francisco, London, Warsaw, Capetown, South Africa and Guadalajara, Mexico.

Salesloft’s/Vista’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Marc Browning and Rodin Hai-Jew and associates Michael White, Joe Caputo and Alanna Potter; debt finance partners Sonali Jindal and Austin Glassman; and tax partner Heidi Yuen and David Kung.

Reliance Steel buys American Alloy Steel

Deal Description: Reliance Steel & Aluminum Co. announced Feb. 14 that it entered into a definitive agreement to acquire all of the outstanding equity interests and related real estate assets of American Alloy Steel Inc., a distributor of carbon and alloy steel plate and round bar, including pressure vessel quality material. Terms weren’t disclosed. Founded in 1971 by Art Moore and headquartered in Houston, American Alloy operates five service centers in the U.S. and a plate fabrication business. American Alloy also has a joint venture in Canada. American Alloy sells to customers throughout the U.S., Canada and Mexico as well as certain international markets, supporting military, infrastructure, power generation, utility, refining, petrochemical, mining, shipbuilding and marine applications. The addition of American Alloy will increase Reliance’s processing capabilities in the areas of burning, cutting, rolling and beveling. Last year, American Alloy generated $310 million in net sales. The current American Alloy team, including management, is expected to remain in place post-closing.

Expected Closing: Within the next 60 days if it clears regulators

American Alloy’s Financial Advisor: Montrose Advisors

American Alloy’s Outside Counsel: BoyarMiller

American Alloy’s Consulting Services Provider: Frankfort Lipp Capital Advisors

Notes: American Alloy is one of BoyarMiller’s longest standing clients, having been with the firm since it was started in 1990 (partner Gary Miller was in his mid-30’s when he first began representing the company).

CAPITAL MARKETS/FINANCINGS

CNX Resources prices $400M in senior notes

Deal Description: CNX Resources Corp. announced the pricing of $400 million of its 7.250% senior notes due 2032. The offering was expected to close on Feb. 23. The notes will be guaranteed by all of CNX’s wholly owned restricted subsidiaries that guarantee its revolving credit facility. CNX intends to use the net proceeds to purchase its outstanding 7.250% senior notes due 2027, fund the redemption of any 2027 notes that remain outstanding after the completion of the tender offer and repay borrowings under its revolving credit facility, with any remaining proceeds used for general corporate purposes.

CNX’s Outside Counsel: Latham & Watkins with a corporate deal team led by Austin partner David Miller and Houston partner Monica White with Austin associate Connor Adams and Houston associates Brian Bruzzo and Dalyn Dessaure. Advice was also provided on tax matters by Houston partners Tim Fenn and Jim Cole with associate Molly Elkins; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz with associate Brandon Kerns.

Initial Purchasers’ Outside Counsel: Vinson & Elkins led by partners Thomas Zentner and David Stone and counsel Raleigh Wolfe with assistance from associates Nate Richards, Patrick Reintjes and Shelby Shearer. Also advising were partner Wendy Salinas and associates Jeff Slusher and Patrick Darby (tax); partner Casey Hopkins and associate Nathan Campbell (environmental); partner Guy Gribov and associate David Albano (finance); partner David D’Alessandro and counsel Heather Johnson (executive compensation/benefits); and counsel Alex Bluebond and associate Ashley Plunk (employment/labor).

Sunnova Energy securitizes $226M in residential solar systems

Deal Description: Sunnova Energy International Inc., a U.S. residential solar and energy storage service provider, closed Feb. 13 its securitization of leases and power purchase agreements by a wholly owned subsidiary of $226.0 million in asset-backed notes in three tranches. The three-tranche securitization includes $194.5 million in A- (sf) rated 5.65% notes, $16.5 million in BBB (sf) rated 7.00% notes and $15.0 million in BB- (sf) rated 9.00% notes. The notes are backed by a portfolio of 21,500 solar rooftop systems distributed across 18 states, Guam and Puerto Rico. The notes are secured by, and payable from the cash flow generated by, the membership interests in wholly owned, direct subsidiaries of the issuing entity and proceeds from the sale of renewable energy credits. Each such subsidiary owns a managing member interest in a project company, three of which are tax equity partnerships. Sunnova used the proceeds from the sale for, among other things, a partial prepayment of certain existing financing arrangements and intends to use the remaining net proceeds for general corporate purposes.

Sunnova’s Outside Counsel: Baker Botts including: Corporate/Finance: Travis Wofford (Partner, Houston); Natasha Khan (Partner, Houston); Frank Schoen (Partner, New York); Jonathan Goldstein (Partner, New York); Eileen Boyce (Partner, Houston); Lyman Paden (Senior Counsel, Houston); Lauren Randle (Senior Associate, Houston); Daniel Jung (Associate, Houston); Ushma Mehta (Associate, Palo Alto); Thomas Blackwell (Associate, Houston); Chandler Block (Associate, Houston); Sarah Dyer (Associate, Houston); Eleana Kartali (Foreign Associate; Washington, DC); Alyssa McCain (Associate, Houston); Johnathan Walker (Associate, Houston); Cade Luedde (Associate, Houston); Blake Vick (Associate, Houston); Tax: Michael Bresson (Partner, Houston); Chuck Campbell (Special Counsel, Houston); Michael Kovacich (Associate, Houston); ERISA: Robin Melman (Partner, New York); Gabriela Alvarez (Senior Associate, Houston); Renewable Energy Regulatory: Emil Barth (Partner, Washington); and Advisory: Danny David (Partner, Houston)

Other Parties: ATLAS SP Securities, a unit of Apollo Global Securities, was sole structuring agent and sole bookrunner; Wilmington Trust was transaction transition manager and indenture trustee; and U.S. Bank National Association was custodian for the asset-backed notes private placement.

Groupon closes rights offering, capital raise of $80M

Deal Description: Winston & Strawn said Feb. 14 it represented Groupon Inc. on its $80 million fully backstopped rights offering for shares of the company’s common stock. More than 7.07 million shares of common stock were purchased at $11.30 per share. The rights offering, which was oversubscribed, began on Nov. 21 and closed in late January. The proceeds will be used for general corporate purposes, which may include debt repayment. Kroll Issuer Services (US) was the subscription and information agent.

From Winston & Strawn: The team was co-led by Steve Gavin, Dane Drobny and Keerthika Subramanian in Chicago and included Dominique Fry (Chicago), John Niedzwiecki (Houston) and Emily Versweyveld, Gregory Garcia and Mollie Goldfarb (Chicago)

Nutex prices $10M direct offering of common stock, warrants

Deal Description: Publicly traded Nutex Health Inc. announced Jan. 23 that it entered into a securities purchase agreement with a single unnamed healthcare-focused institutional investor that agreed to purchase 66.6 million shares of common stock and warrants to purchase up to an aggregate of 66.6 million shares of common stock at a purchase price of 15 cents per share and accompanying warrant in a registered direct offering. The warrants have an exercise price of 15 cents per share, are exercisable immediately and will expire five years after the date of issuance. The gross proceeds to Nutex are estimated to be $10 million before deducting the placement agent fees and other offering expenses. The offering was expected to close by Jan. 25. Headquartered in Houston and founded in 2011, Nutex is a healthcare management and operations company.

Placement Agent: Maxim Group

Nutex’s Outside Counsel: Locke Lord with a team led by Gislar Donnenberg. Additional assistance was provided by Jon Daly (Houston), Stanley Keller (Boston), Joseph Chung (New York) and Shaylen Jessop (Houston).