It’s no secret that the Texas oil and gas industry has taken a beating in the pandemic, with weak demand and prolonged low commodity prices translating to sluggish activity, investment, and employment.
In addition, the focus of the new Biden administration on clean energy sources spells out uncertainty for the long-term future of the state’s hydrocarbon economy.
But nearer term, there have been some good signs for the Texas oil and gas industry.
Last week, two closely watched U.S. rig counts (Enverus and Baker Hughes) each logged double-digit gains after climbing steadily for the past few weeks.
On top of that, the West Texas Intermediate (WTI) oil price benchmark is trending higher than at the beginning of the year and hovering near $60.
So, all the oil patch’s troubles are over, right? Not so fast.
Keep in mind that the rig count is only an indicator of future production, and it tends to rise when commodity prices are better. But right now, most publicly traded exploration and production companies are drilling to maintain, not grow, production this year in light of market uncertainty.
“Looking ahead, we’d expect to see some further modest gains in horizontal activity over the near-term, but at this point we aren’t expecting recent oil price momentum to have a meaningful upward impact on the trajectory of rig adds from here,” Tudor Pickering Holt said in a note on Feb. 8. The investment bank did say, however, that it was “watching closely” to see if the current higher prices encourage private producers to drill more.
In its own analysis, Evercore ISI said it has already seen private companies responding to rising commodity prices by adding more rigs in the field, though customers have not yet added enough to hold production flat.
“There has been some debate around what the public companies will do,” Evercore said. “Some think they will hold the line on capital discipline and not change their pace of activity. Others think that they will have to add to their activity levels in the second half of the year to meet production goals. Overall, we believe the lack of investment will lead to higher commodity prices and better returns across the energy value chain.”
The U.S. government also does not expect to see any huge increases in production anytime soon. The Energy Information Administration said Feb. 8 that it expects oil production in the nation to drop by 89,000 barrels per day this month over January, with the Eagle Ford shale of South Texas shedding 19,000 and the Permian basin of West Texas and New Mexico losing 13,000.
The indicators may be telling us to prepare for some stability, but only time will tell if there will be a material change in the market in the coming months.
The first week of February saw 18 deals worth $9.75 billion, with 14 M&A and PE funding transactions worth $5.2 billion and four capital markets deals worth $4.5 billion. That meant billing by 153 lawyers at 13 different firms.
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)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 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 |
That compares almost exactly to the 18 deals worth $9.5 billion the week prior and the 18 deals worth $6 billion the same week last year.
M&A/PE FUNDING
V&E represents Riverstone in $800 million raise
Residential solar payment platform Loanpal has raised more than $800 million in its first external investment round, with the likes of Brookfield Asset Management, Riverstone and other investors splashing on the company.
The round, which closed in 2020, was led by NEA and WestCap Group, according to a Jan. 27 announcement.
Vinson & Elkins advised Riverstone on the investment with a team led from New York that included partner David Peck, associate Miron Klimkowski, and senior associate Robert Stelton-Swan, all of Dallas.
As part of the transaction, NEA managing general partner Scott Sandell and WestCap managing partner Laurence Tosi have joined the Loanpal board of directors.
“We are solving big world problems with industry-leading technology that makes it easier for everyone to live a more sustainable lifestyle,” said Loanpal chief executive Hayes Barnard. “Everything on our platform is available as a convenient ‘buy now, pay later’ solution to help homeowners swiftly install smart home upgrades. The mission is to scale an easier deployment of carbon reducing products that benefit the planet, while empowering more Americans to work in mission-driven jobs.”
The company says it has provided about $5.8 billion of capital for solar and other home efficiency products since 2018, empowering more than 175,000 families to upgrade their homes with modern, sustainable technologies. The platform is accessed by more than 12,000 sales professionals and supports more than 20,000 clean energy jobs across the U.S., according to a release.
“We believe this is just the beginning of a world-changing movement to empower homeowners through access to sustainable energy solutions,” Tosi said. “The Loanpal culture and mission reflects a passion for protecting our planet, enabling installers and helping homeowners easily adopt renewable energy technologies.”
Latham Aids Fertitta empire going public in $1.4B SPAC deal
Houston hospitality mogul Tilman Fertitta plans to take his empire public through a $1.4 billion merger with a special purpose acquisition company (SPAC), according to a Feb. 1 announcement.
Fertitta Entertainment, which owns Golden Nugget/Landry’s, is set to merge with the SPAC, FAST Acquisition, in a deal that values the combined company at $6.6 billion.
Latham & Watkins is representing Fertitta Entertainment in the transaction with an M&A deal team led by Houston partners Ryan Maierson and Nick Dhesi, with Houston associates Thomas Verity, Bryan Ryan, Denny Lee, Lexi Santa Ana, Danielle Kinchen, Ben Marek and Ricardo Alvarado.
Advice was also provided on tax matters by New York partners Lisa Watts and David Raab and Los Angeles counsel William Kessler, with Houston associate Jared Grimley.
Winston & Strawn and White & Case are advising FAST. The Winston team is led from New York and Chicago, but it includes Dallas partner Chip Gage.
A White & Case spokesperson told the Texas Lawbook that all the firm’s lawyers involved in the deal are based in New York.
Boston-based law firm Goodwin Procter and Skadden, Arps, Slate, Meagher & Flom are representing Jefferies, which is lead placement agent on the $1.2 billion private investment in public equity to fund the deal. Jefferies is also financial and capital markets advisor to Fertitta Entertainment.
In addition to the PIPE financing, FAST will fund the acquisition with $200 million in cash held in trust.
The combined company plans to use the proceeds from the deal to accelerate growth, fund general corporate purposes and reduce existing debt.
The merger will include Fertitta Enertainment’s holdings in Golden Nugget and Landry’s, umbrella brands that operate a number of restaurant chains, hotels and casinos. According to the announcement, Fertitta Entertainment operates more than 500 outlets including more than 400 dining establishments throughoutt the world, including Bubba Gump Shrimp, Rainforest Cafe and Morton’s The Steakhouse.
The deal excludes assets the billionaire owns privately, including the Houston Rockets NBA franchise.
The deal marks the third SPAC deal involving Fertitta in a matter of weeks. Last week, Fertitta’s Landcadia III SPAC announced it would merge with Cincinnatti-based hardware and home improvement supplies distributor Hillman in an $875 million deal.
The Hillman deal was announced about 20 days after another Fertitta-controlled SPAC, Landcadia II, closed its acquisition of Fertitta’s own online casino Golden Nugget Online Gaming for $745 million.
In a statement, Fertitta said the company was exploring going public as early as 2019, but Covid-19 delayed those plans.
“After taking the Company private in 2010, we accomplished a lot,” he said in a statement. “However, in today’s opportunistic world, I determined that in order to maximize the opportunities in the gaming, entertainment and hospitality sectors, it was preferable to take my company public … FAST provided us with the perfect merger vehicle to allow us to take control of an already existing public company. FAST’s capital along with the equity investment from institutional shareholders will strengthen our balance sheet and allow us to pursue our acquisition strategy.”
Kirkland advises international PE consortium on $510 million DuPont buy
An international consortium of private equity firms has reached an agreement to purchase the Clean Technologies business of chemical giant DuPont for $510 million in cash.
The consortium, made up of BroadPeak Global, Asia Green Fund and Saudi Arabian Industrial Investments (also known as Dussur), said Feb. 1 that Tensile Capital Management would provide preferred equity financing.
Kirkland & Ellis represented the consortium in the transaction with an international team led from Houston by partners Bill Benitez and Erik Shoemaker with associates Mark Kunzman and Ryan McNamara. Investment funds partner Matt Nadworny and associate Samara Sanderson, both also of Houston, also worked on the deal.
Shearman & Sterling and Squire Patton Boggs provided legal counsel to Dussur.
Centerview Partners served as financial advisor to DuPont, and Ballard Spahr acted as legal counsel.
Credit Suisse provided committed debt financing for the transaction.
Deutsche Bank Securities acted as sole M&A advisor to the consortium.
The deal is expected to close in the second quarter of the year.
“The international makeup of the group will act as a strong complement to the global operations of this leading platform, and we are eager to work together with our fellow consortium members to drive the business forward,” said BroadPeak managing partner Stephen Toy.
Houston-based EV battery developer Microvast to go public via SPAC deal
Houston-based electric vehicle battery developer Microvast is set to be listed on the NASDAQ exchange following an $822 million merger with special-purpose acquisition company (SPAC) Tuscan Holdings.
The transaction announced Feb. 1 values the combined company at $3 billion.
Shearman & Sterling is advising MicroVast with a team led by partners Alain Dermarkar of Dallas and Paul Strecker of London and Hong Kong. The team included Dallas partner Robert Cardone and associates Kyle Park, Michael Andrews, John Kurtz and Tim Doyle.
Greenberg Traurig is acting as legal advisor to Tuscan, with Graubard Miller acting as special SPAC counsel.
Barclays and Houlihan Lokey are acting as financial advisors to Microvast.
Morgan Stanley & Co. is acting as financial advisor to Tuscan, while EarlyBirdCapital is acting as capital markets advisor and InterPrivate Capital is acting as strategic advisor.
The deal purchase will be funded with a $540 million public investment in private equity (PIPE) financing in addition to $282 million in cash held in trust by Tuscan.
Morgan Stanley is acting as sole placement agent for the PIPE financing. Davis Polk & Wardwell is acting as legal advisor to Morgan Stanley.
The deal is supported by strategic partner Oshkosh Corporation as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate Investment Partners.
MicroVast designs batteries that are meant to be low-cost for commercial EVs, and it says it already has units integrated into nearly 30,000 vehicles running in 160 cities in 19 countries. The company has a large intellectual property portfolio that includes more than 550 patents.
But the company believes there is more room to grow.
“Given its unique focus on battery solutions for commercial EVs, Microvast believes it is poised to capitalize on a large and rapidly growing global commercial vehicle market comprising over $1 trillion in annual sales, more than 10 million vehicles, and a commercial EV total addressable market of $30 billion,” according to a release.
V&E, Thompson & Knight advise on Chinese player’s Permian acquisition
Chinese-backed Surge Energy has agreed to purchase a substantial chunk of Permian basin oil and gas producer Grenadier Energy Partners II for $420 million, according to a Jan. 31 announcement.
The assets to be sold include around 18,010 net leasehold acres producing some 9000 barrels of oil equivalent per day in Howard County in West Texas. According to its website, Grenadier had about 20,000 acres there in July 2020. Surge will also acquire about 120 high-quality, economic future drilling locations.
Vinson & Elkins advised Grenadier on the deal with a corporate team led from Houston by partner Bryan Loocke, with senior associate Cesar Leyva and associates Tukeni Obasi, Richard McNulty, Brian Broussard and Helen Xiang.
Also advising were partner Todd Way and associate David Gilbert, both of Dallas, who handled tax matters. From Houston, partner Matt Dobbins advised on environmental issues while partner Sean Becker took up labor and employment. Dallas partner Brian Bloom advised on executive compensation and benefits.
Thompson & Knight provided legal counsel to Surge with a team led by energy industry group co-chair Hunter White, who is based in Houston.
The team included Houston partner Richard Hemingway with Dallas associates Aaron Powell and Skyler Sikes, who advised on oil and gas.
In addition, Austin partner Ashley Phillips counseled on environmental issues, while Houston partner Roger Aksamit provided advice on tax. Meanwhile, Dallas partners Elizabeth Schartz and Tony Campiti advised on employment and labor.
On the finance side, Jefferies advised Grenadier and Citi advised Surge.
Surge Energy was formed in early 2015 as a US subsidiary of Shandong Xinchao Energy, a publicly traded company on the Shanghai Stock Exchange. Since then, it has amassed a 93,000-acre position in the Permian.
“This acquisition is consistent with our strategy of building a long-term, sustainable oil and gas company,” Surge chief executive officer Linhua Guan said. “The combination of both production and high-quality inventory support both near-term cash flow and strong economic returns for years to come.”
Grenadier Energy II was formed in 2012 with funding commitments amounting to $340 million from EnCap and Kayne Anderson. The company, based in the Woodlands north of Houston, made its first Howard County acquisition in 2016.
Bracewell advises Evercore in $350 million California midstream deal
Energy-focused real estate investment trust CorEnergy Infrastructure has acquired California-focused crude oil pipeline owner and operator Crimson Midstream for $350 million.
According to a Feb. 4 announcement, the acquired assets include four critical infrastructure pipeline systems spanning about 1,800 miles across northern, central and southern California, and transport production to in-state refineries producing state-mandated specialized fuel blends and other products.
Bracewell advised Evercore, CorEnergy’s financial advisor on the deal with a team led by Houston partner Will Anderson.
The acquisition was funded with a combination of cash on hand, commitments to issue about $119.4 million of new common and preferred equity, the contribution of a gathering to the sellers, and $105 million in new term and revolver borrowings.
Following the deal, Dave Schulte will remain Chairman, chief executive and President of CorEnergy. John Grier, founder and board chairman of Crimson Midstream, will become chief operating officer and join the board of directors of CorEnergy.
“The acquisition of Crimson diversifies CORR’s critical infrastructure portfolio with four new pipeline networks and positions CorEnergy as an owner/operator of utility-like assets in line with expectations for our industry leading REIT qualifying platform,” Schulte said. “John and his team operate safely and reliably in a highly regulated market, and we plan to leverage their expertise to continue to grow our newly combined company. Additionally, we are exchanging CorEnergy’s single-tenant GIGS asset for long-lived critical infrastructure pipeline systems used by a diverse group of investment-grade rated customers.”
CorEnergy also agreed to internalize its REIT manager, Corridor InfraTrust Management, for $16.9 million. The internalization was negotiated and approved by a special committee of CorEnergy’s board of directors and will result in the direct employment of the manager’s existing management team and “certain other employees”, according to the announcement. Evercore was financial advisor to the independent special committee and issued a fairness opinion in connection with the internalization.
Latham, Kirkland, Gross, Gornitzky advise on Otonomo SPAC deal
Israeli vehicle data platform Otonomo Technologies is set to list on the NASDAQ exchange through a merger with blank-check firm Software Acquisition that values the combined company at $1.4 billion.
The $370 million deal will be funded with $172.5 million cash held in trust by Software Aquisition, a fully committed $172.5 million private investment in public equity (PIPE) financing, and about $25 million of cash currently on hand. The PIPE is led by financial heavyweights Fidelity Management & Research, BNP Paribas Asset Management Energy Transition Fund and Senvest Management, with support from strategic investors Dell Technologies Capital and Hearst Ventures.
Latham & Watkins is representing Otonomo in the transaction with a corporate deal team led by Houston partners Ryan Maierson and John Greer and London partner Joshua Kiernan, with Houston associates Ryan Lynch, Clayton Heery, Jessica Sherman and Ziyad Barghouthy. Advice is also being given on environmental matters by Houston partner Joel Mack and Los Angeles counsel Joshua Marnitz.
Kirkland & Ellis and Tel Aviv-based law firm Gornitzky are advising Software Acquisition. The Kirkland team was led from New York by Christian Nagler, with Brooks Antweil, Stuart Casillas and Erin Blake.
Gross Law Firm is also advising Otonomo in the deal, and Citi is providing financial advice.
Under the terms of the deal announced Feb. 1, Otonomo’s current shareholders will roll about 97% of their equity into the combined company and own around 72% of the issued and outstanding shares immediately following closing of the transaction.
The deal is expected to close in the second quarter of this year.
Otonomo chief executive Ben Volkow, who will head the combined company, said the deal marked an “industry-defining” moment.
“We look forward to Otonomo’s continued and increasing impact on the driving experience, unlocking new opportunities for our data consumers across multiple markets and the entire transportation ecosystem,” Volkow said.
Latham advises in $300 million go-public deal for gaming developer
Cyprus-based game developer Nexters Global has agreed to merge with blank-check firm Kismet Acquisition in a $300 million deal that will take the mobile gaming player public.
According to a Feb. 1 announcement, the deal estimates Nexters at an enterprise value of $1.9 billion.
Latham & Watkins is representing Nexters in the transaction with an M&A and capital markets deal team led by partners David Stewart of Moscow and London,, Ryan Maierson of Houston and counsel Yoseph Choi of Frankfurt, with London associates Jessica Burke and Adam Czernikiewicz.
Credit Suisse, BofA Securities and LionTree Advisors are financial and capital markets advisors to Kismet Acquisition.
The deal will be funded by about $250 million held in trust by Kismet Acquisition One as well as an additional $50 million investment by Kismet Acquisition’s sponsor, Kismet Capital Group.
Current Nexters shareholders will receive a cash payment of up to $150 million and will roll about 92% of their holdings into the combined company while agreeing to a 12 month lock-up. Meanwhile, Nexters founders and management will receive 20 million earn-out shares over three years.
Nexters was founded as an independent gaming studio in 2010 by Andrey Fadeev and Boris Gertsovsky and has been based in Cyprus since 2017. The company’s landmark Hero Wars franchise is played in more than 100 countries and counts 5.4 million users.
Proceeds from the Kismet deal will allow Nexters to grow its footprint even further as it plans to launch three new titles this year and expand to “key global markets”. The company aims to become the leading consolidator in the gaming space in Russian-speaking countries, Eastern Europe, “and beyond,” according to the announcement.
“The gaming industry is in the midst of a dramatic transformation and has seen exponential growth in recent years, which only accelerated as more people turned to gaming amid the pandemic,” Kismet Acquisition chief executive Ivan Tavrin said. “Nexters’ founders and management have not only introduced one of the most popular games in the mobile gaming market, but also showed impressive growth in revenue and profitability from Day One. Gaming is a truly global market, and taking this amazing company public positions it to become a consolidation platform for other gaming franchises and studios all around the world.”
Gibson Dunn, Kirkland avise in NOG shale gas acquisition
Northern Oil and Gas, which made its name as a non-operating producer in the oily Bakken shale of North Dakota, is deepening its focus on natural gas with its acquisition of Reliance Industries’ Marcellus shale position in Pennsylvania for $250 million.
According to a Feb. 3 announcement, the deal calls for Northern to pay $175 million in cash to India-based Reliance and issue warrants that entitle the seller to 3.25 million common shares of NOG at a price of $14 each in the next seven years.
Gibson, Dunn & Crutcher advised Reliance with a team led by oil and gas partner Michael P. Darden and of counsel James Robertson, along with associates Jordan Silverman, Zain Hassan and Stefan Koller, all of Houston, and Denver associate Graham Valenta.
Houston partner Gerry Spedale, Irvine, Calif.-based partner James Moloney, and San Francisco partner Brian Lutz provided securities advice. From Houston, partner Shalla Prichard provided finance advice and partner James Chenoweth provided tax advice.
Kirkland & Ellis was legal advisor to Northern with a Texas-based team led by David Castro and Chris Heasley (both of Houston), and included William Eiland of Dallas, and Christopher Atmar, of Houston. The team also included debt finance partner Mary Kogut Brawley and capital markets partners Matt Pacey and Bryan Flannery, all of Houston.
BofA Securities is serving as lead financial advisor with Wells Fargo Securities as co-advisor.
The assets include about 64,000 net acres and are expected to produce up to 110 million cubic feet equivalent per day of natural gas in 2021. Natural gas giant EQT is operator on the assets to be acquired.
The acquisition marks another attempt by Minneapolis-based Northern to diversify its holdings following an acquisition in the Permian basin last year.
“This transaction furthers our goal of becoming a national non-operated franchise with low leverage, strong free cash flow and a path towards returning capital to shareholders. With this transaction, we expect increased opportunities to efficiently allocate capital and diversify risk, our commodity mix and geographic footprint,” said Northern chief executive Nick O’Grady.
The company plans to fund the deal with a mix of debt and equity financings.
Kirkland, WilmerHale provide counsel in CNG deal
A subsidiary of investment firm Basalt Infrastructure Partners plans to acquire Xpress Natural Gas, a compressed natural gas provider operating in the U.S. and Canada for an undisclosed sum.
The acquisition marks the third investment by the firm’s Basalt III fund. Basalt III previously acquired solar farm operator Habitat Solar and fiber network provider Full Fibre last year.
Kirkland & Ellis advised Basalt on the deal with a team led by transactional partners John Pitts and Will Mabry of Houston and Kristin Mendoza of New York, and associate Tyler Dunphy of Houston.
National Bank Financial Inc. served as exclusive financial adviser to Basalt.
RBC Capital Markets served as exclusive financial adviser to Xpress Natural Gas and WilmerHale served as its legal adviser.
Terms of the transaction were not disclosed.
“We are excited about the opportunity to work with the XNG management team to continue the Company’s growth trajectory, while maintaining focus on reliable and safe operations,” said Basalt partner David Greenblatt.
“XNG is well positioned to support end-users who benefit from the company’s leading CNG network, while reducing carbon emissions.”
Willkie advises Zenith Energy on Appalachian basin terminals acquisition
Houston-based Zenith Energy Terminals has acquired three storage terminals in Ohio, West Virginia and Pennsylvania from Guttman Realty for an undisclosed amount, according to a Feb. 2 announcement.
The newly acquired terminals are located in the US’ largest natural gas basin and have an aggregate storage capacity of 560,000 barrels.
Willkie Farr & Gallagher represented Zenith Energy with a team led by Houston partner Archie Fallon. Other Houston-based lawyers on the team included partner Robert Jacobson and associates Jason Nasra, and Yaniv Maman.
Zenith said the acquisition demonstrates its “continued commitment to strengthening its infrastructure in the Midwest and Marcellus and Utica shale regions and supporting customers with both conventional and alternative fuel storage needs,” according to the announcement..
“This acquisition further develops our existing network of terminals in key U.S. markets and enables us to promote growth in alternative fuels, addressing two of Zenith’s strategic priorities,” said Jeff Armstrong, president and chief executive officer of Zenith. “We are excited about expanding our relationship with Guttman Energy, one of our key customers. We look forward to implementing our approach to safety and environmental stewardship at our new terminals and leveraging the new storage capacity to support customers with renewable diesel, biofuel and ethanol storage needs. Further to that effort, we are thrilled to work with our new team members to provide the highest quality of service to our customers in the region.”
Bracewell advises Houston-headquartered Golden Bank on California branch acquisition
Houston-based Golden Bank has expanded its footprint in Southern California with the acquisition of First Choice Bank’s branch in Rowland Heights for an undisclosed sum, according to a Feb. 1 announcement.
Golden Bank was the first minority-owned bank in Houston and was established in 1985 to meet the banking needs of Asian communities, businesses and immigrants, according to its website.
Bracewell represented Golden Bank in the deal with a team that included partners Joshua T. McNulty and K. Brock Bailey and counsel C. Robert Baird, all of Dallas.
As part of the deal, Golden Bank has agreed to assume certain deposit liabilities, as well as cash, rights, title, and interest in the lease of the real property related to the Rowland Heights Branch as well as personal property and other fixed assets associated with the branch. No loans were sold as part of the sale.
Prior to the deal, Golden Bank already had two branch offices and two loan production offices in Southern California in addition to its six locations in Texas.
“At First Choice Bank, we periodically review our branch locations to evaluate the opportunity they present to best serve our customers,” said Robert Franko, president and chief executive of First Choice Bank.
As the Bank has several branches in the surrounding area, we entered into discussions with Golden Bank, which was looking to add another location to their Southern California presence. We believe customers at the Rowland Heights Branch will be well-served with this transaction.”
Kirkland advises Trilantic in battery storage investment
Trilantic North America will share a controlling interest along with Energy Impact Partners in battery storage specialist Powin Energy for an undisclosed amount.
The investment will allow Powin to accelerate its growth plans, “while enhancing its bankability profile and solidifying its position as a leader in the energy storage market,” , according to a Feb. 4 announcement.
Kirkland & Ellis advised Trilantic on the deal with a team led from Houston by transactional partners Jhett Nelson and Shubi Arora and associate Zach Savrick.
The Kirkland team also included transactional partner Will Mabry, associates Mya Johnson, Kate Schorken and Colton Lyons, all of Houston, and Dallas associates Abbey Zuech and Tess Dennis. Executive compensation partner Stephen Jacobson and associate Julia Lee, both of Houston, and New York associate Jabir Yusoff also worked on the deal.
Also on the team were environmental transactions partner Paul Tanaka, who splits time between Houston and San Francisco, and Houston associate Ty’Meka Reeves-Sobers.
“For many years, the key constraint to wide-scale renewable energy adoption was the lack of an economic storage solution,” said Glenn Jacobson, partner at Trilantic North America. “Powin’s differentiated manufacturing and supply chain expertise puts the company at the forefront of the significant improvements we’re seeing in the economics of battery storage.”
V&E advises Tinicum in Watlow acquisition
Family capital manager Tinicum has agreed to acquire industrial technology specialist Watlow for an undisclosed amount, according to a Feb. 5 announcement.
Watlow will retain its St. Louis, Missouri headquarters and members of the Desloge family will keep a minority interest in the business. Watlow was founded in 1922 by Louis Desloge Sr.
Vinson & Elkins advised Tinicum, which has offices in Houston, New York and San Francisco, on the deal. The team was led by partner Milam Newby and senior associate Michael Gibson, both of Austin, and Dallas senior associate Alex Robertson.
New York partner David Wicklund and Houston senior associate Caitlin Snelson advised on finance, while Houston partner Lina Dimachkieh advised on tax matters. In addition, partner Devika Kornbacher, who splits her time between Houston and New York, and senior associate Ben Cukerbaum of Austin, counseled on technology transactions and intellectual property.
Houston partner Matt Dobbins and Auston senior associate Rachel Comeskey handled environmental issues, while New York counsel Julia Petty and Austin senior associate Austin Light advised on executive compensation and benefits. Dallas counsel Sarah Mitchell handled insurance matters.
Sullivan & Cromwell advised Watlow with William Blair acting as financial advisor.
Watlow, which has more than 2000 employees and a global reach that spans 16 countries, provides thermal solutions to industries such as semiconductor manufacturing, sustainable power generation, environmental technologies and medical equipment manufacturing.
In its announcement, Watlow said it would accelerate its internal investments “to rapidly scale its business globally”. The Tinicum deal will help the company achieve that growth,
“After thorough analysis, we have determined that the best way to achieve our full potential is to partner with Tinicum, a committed long-term investor that is equally dedicated to our strategy and values and will provide us with the capital and acquisition expertise needed to achieve our vision,” said Watlow’s chairman and chief executive, Peter Desloge. “They operate with a strong heritage of good stewardship through a long-view investment perspective.”
CAPITAL MARKETS
Paul Hastings counsels NGL Energy Partners on $2.55 billion debt refinancing
Oklahoma midstreamer NGL Energy Partners has refinanced $2.55 billion in debt with an eye toward flexibility and increased liquidity.
The financings include $2.05 billion of newly issued 7.5% senior secured notes due 2026 and a new $500 million asset-based (ABL) revolving credit facility which also matures in 2026.
Paul Hastings advised NGL Energy Partners on the financings with a team led by partners Lindsay Sparks of Palo Alto, Will Burns of Houston, and Frank Lopez of New York, along with of counsel Kris Villareal of New York and associates Spencer Young Palo Alto, Angela Kim (San Diego), Stephen Perry (Houston) Maciej Zielnik (New York) and David Stanek (Chicago).
JP Morgan Chase Bank is an issuing lender, joint lead arranger, joint bookrunner and the collateral and administrative agent for the ABL Facility. Royal Bank of Canada and Barclays Bank are also joint lead arrangers, joint bookrunners and lenders for the ABL facility. The Toronto-Dominion Bank, New York Branch, and Wells Fargo Bank are issuing lenders under the ABL facility.
Simpson Thacher & Bartlett was counsel to the bank group. Intrepid Partners served as an advisor to NGL.
The company used the net proceeds of the refinancing to repay all outstanding borrowings under its existing $1.915 billion revolving credit facility and its $250 million term credit agreement.
The refinancing included a provision requiring NGL to temporarily suspend its quarterly common unit distribution until its total debt ratio falls below a certain level.
“The cash savings from this suspension should accelerate the deleveraging of the partnership’s balance sheet and increase NGL’s liquidity, thereby creating more financial flexibility for the Partnership going forward,” according to a Feb. 4 release.
“This refinancing of our credit facility meaningfully extends our debt maturities and provides a significant improvement in our liquidity,” said NGL chief executive Mike Krimbill. “This structure also gives the partnership additional flexibility once our leverage has been reduced and eliminates certain financial covenants. Our board of directors expects to evaluate a reinstatement of the common and preferred distributions in due course, taking into account a number of important factors, including our debt leverage, our liquidity, the sustainability of our cash flows, upcoming debt maturities, capital expenditures and the overall performance of our businesses.”
Gibson Dunn advises Targa Resources on $1 billion notes offering
Houston-based midstream operator Targa Resources has launched an offering of $1 billion in senior notes, proceeds of which will be used to fund a tender offer and to pay off debt.
The 2032 notes will accrue interest at a rate of 4% per annum. The offering was expected to close on Feb. 2.
Gibson, Dunn & Crutcher represented the underwriters in both the offering and the cash tender offer, which was for senior notes due 2025 that accrue interest at a rate of 5 ⅛%. The corporate team was led by Dallas partner Doug Rayburn and included Dallas associates Louis Matthews and Jonathan Sapp and Houston associates William Bald and Matthew Ross. Houston partner James Chenoweth advised on tax aspects.
The tender offer expired on Feb. 1 and resulted in $152 million aggregate principal of the 2025 Notes, more than 31% of the outstanding units, being validly tendered. The amount excluded $5.8 million aggregate principal amount of the 2025 Notes that remain subject to guaranteed delivery procedures.
Weil, V&E advise on $750 million Aethon placement
Aethon United BR, the parent of Haynesville shale producer Aethon Energy, has closed a $750 million offering of senior notes, proceeds from which will fund debt repayment.
The private placement offering of senior unsecured notes due 2026 was launched on Jan. 25 and closed Feb. 2.
Weil, Gotshal & Manges represented Aethon in the private placement with a corporate team led by Houston partner Jeff Malonson along with partner Faiza Rahman of New York.
The team was assisted by corporate associate Scott Bailey of Dallas, and associates Kristen Gould, Michael Rivkin and Erica Yoon all of New York. Also advising on environmental and regulatory matters was Washington, D.C. partner Annemargaret Connolly.
Vinson & Elkins served as the initial purchasers’ counsel in the private placement with a corporate team led by Houston partners Mark Kelly and Doug McWilliams along with partner Noel Hughes of London and New York.
The team was assisted by senior associate Jackson O’Maley and associates Anthony Sanderson, Madison Guidry and Nico Kroeker, all of Houston.
Also advising were Dallas partner Wendy Salinas and Houston associate Liz Snyder on tax matters.
Meanwhile, partner Matt Dobbins and senior associate Jennifer Cornejo, both of Houston, handled environmental issues, while counsel Ryan Hunsaker and Dallas associate Arthur Munoz advised on finance.
According to Fitch Ratings, will use the proceeds to to refinance its existing second lien notes, to term out a portion of reserve-based lending borrowings and for general corporate purposes.
V&E advises music industry-focused SPAC on IPO
The Music Acquisition Corporation, a blank-check firm helmed by Geffen Records chief executive Neil Jacobson, said Feb. 5 it had closed its initial public offering, which raised $230 million.
The New York-listed special purpose acquisition company (SPAC) is looking to purchase businesses that are either directly or indirectly connected with the music industry, “with particular emphasis on businesses where the company’s significant strategic and operational expertise and long-standing position within the music industry will be a value-additive proposition to potential target businesses,” according to a release.
Vinson & Elkins advised the SPAC with a team led from Houston by partners Ramey Layne and Alan Beck with senior associate Raleigh Wolfe and associate Jonathan Villa.
Citigroup Global Markets and Cantor Fitzgerald acted as joint bookrunning managers for the IPO.
The offering constituted 23 million units including 3 million in an over-allotment option extended to underwriters. The units were priced at $10 each.