CDT Roundup: 19 Deals, 11 Firms, 147 Lawyers, $16B

For evidence of Kirkland & Ellis’ continued dominance of all matters M&A and capital markets, look no further than this week’s CDT Roundup.

The law firm announced six deals involving its Texas lawyers, versus five from Hunton Andrews Kurth, three from Vinson & Elkins, two from Sidley Austin and one each from O’Melveny & Myers, Simpson Thacher, Baker Botts and Shearman & Sterling.

In fact, O’Melveny had the biggest deal of the week, counseling Encore Wire on its sale to Italy’s Prysmian for $4.1 billion with a big assist from Dallas tax partner Will Becker, a Locke Lord and Andrews Kurth veteran.

Kirkland’s deals were a mix of transactional and CapM, highlighted by EQT’s purchase of some Equinor natural gas assets for $500 million and short-line railroad Genesee & Wyoming launching a $4 billion debt offering (see both below).

The week ending April 20 saw more capital markets transactions (ten) with a higher aggregated value ($10.8B) than the nine M&A/Funding deals reporting a total value of $5.2 billion. The last time that happened was during the week ending Aug. 12, 2023.

The week before last saw 13 deals for $9 billion. This time last year we were reporting 16 transactions for $5.6 billion.

For those interested, deals reported to the CDT Roundup during the first 13 weeks of 2024 were up over those reported last year, almost across the board. Total transactions were up 8.6 percent in volume (214 this year; 197 last year), but 44.4 percent in volume ($159 billion this year, $110 billion in 2023).

M&A/Funding deals were up YOY 19.7 percent by volume (164 to 137) and 59.4 percent in value ($118 billion versus $74 billion last year). The sole exception occurred in capital markets, which were down -16.9 percent by volume (49 transactions reported this year compared to 59 last year), but up 6.2 percent in value ($41.4 billion this year compared to $39 billion in 2023).

Perhaps the most important stat is the number of lawyers we’ve named. That was up, too. Last year we named 1,861 lawyers. This year: 2,440.

Again, these are only the deals reported in this column. So, make of the above statistics what you will.

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
24-May-2025	15	$24,033	11	121	13	$23,624	2	$409
17-May-2025	16	$21,760	12	145	11	$18,615	5	$3,145
10-May-2025	24	$33,175	16	206	19	$30,765	5	$2,410
03-May-2025	11	$4,249	13	90	11	$2,226.5	2	$2,022.5
26-Apr-2025	12	$8,787	9	168	9	$6,011	3	$2,776
19-Apr-2025	11	$8,097	7	138	9	$7,985	2	$112
12-Apr-2025	13	$2,392	8	152	10	$2,065	3	$327
05-Apr-2025	19	$27,762	15	188	16	$25,473	3	$2,289
29-Mar-2025	21	$8,188	10	258	16	$4,125	5	$4,064
22-Mar-2025	19	$6,485	14	231	15	$4,128	4	$2,857
15-Mar-2025	13	$13,737	13	151	10	$9,932	4	$3,805
8-Mar-2025	7	$2,234	5	66	5	$224	2	$2,100
1-Mar-2025	11	$3,050	8	75	10	$2,550	1	$500
24-Feb-25	12	$16,397	7	149	6	$6,635	6	$9,862
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
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	23	$26,616	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

Prysmian buys McKinney-based Encore Wire for $4.1B

Deal Description: Encore Wire, a McKinney, Texas-based manufacturer of copper and aluminum electrical wires and cables, announced April 15 it agreed to be acquired by Italian cable maker Prysmian for $4.1 billion, including debt. The purchase is expected to close in the second half of 2024 if it clears regulators and a majority of Encore Wire’s shareholders. Under the agreement, Encore may solicit alternative proposals during a 35-day “go-shop” period following the date of execution of the merger agreement. O’Melveny & Myers advised Encore, including some Dallas lawyers, and Wachtell, Lipton, Rosen & Katz assisted Prysmian. For more, click here.

Encore Wire’s In-House Counsel: David R. McAtee

EQT sells assets from Equinor for $500M

Deal Description: EQT Corp. announced April 15 it entered into an agreement with Equinor USA Onshore Properties Inc. and their affiliates to sell an undivided 40 percent interest in its non-operated natural gas assets in Pennsylvania and Ohio for $500 million of cash and upstream and midstream assets. Based on recent strip pricing, EQT forecasts total 2025 free cash flow of about $75 million from the non-cash consideration.

Expected Closing: Late Q2 2024 if it clears regulators

EQT’s Financial Advisor: Jefferies and TD Securities

EQT’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Lindsey Jaquillard, Chad Smith and associates Isaac Bate and Luke Powers Strother with corporate partners David Feirstein and Cyril Jones

Group 1 Automotive buys Inchcape’s UK dealerships for $439M

Deal Description:  Group 1 Automotive Inc., a Houston-based automotive retailer with 202 dealerships in the U.S. and U.K., announced April 15 it agreed to acquire the U.K. automotive retailing business and related owned real estate from a subsidiary of Inchcape plc for about $439 million in cash, including $279 million of appraised real estate value.  In 2023, the Inchcape U.K. dealerships generated $2.7 billion in annual revenues. Group 1’s president and CEO Daryl Kenningham  said Group 1 has operated in the U.K. since 2007 and the new stores complement its geographic footprint in the East and South East of England and enable it to expand into new markets in the Central and North West regions of England and Wales. With 54 dealership locations, Inchcape’s U.K. portfolio includes Audi, BMW/MINI, Jaguar Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen and Volkswagen Commercial Vehicles. The dealerships sell more than 63,500 new and used vehicles and 24,000 corporate units annually. Year to date 2024, Group 1 has completed $1 billion of acquired revenues and with the proposed acquisition, acquired revenues are expected to be $3.7 billion. 

Expected Closing: Q3 2024 subject to the receipt of approval from the Financial Conduct Authority

Group 1’s Financial Adviser: J.P. Morgan Securities

Group 1’s Outside Counsel: Dentons UK and Middle East

Group 1’s In-House Counsel: Gillian A. Hobson

Benchmark closes $150M Anadarko acquisition from Revolution

Deal Description: On April 17, Benchmark Energy II, a majority-owned subsidiary of Acacia Research Corp., consummated the previously announced acquisitions from Revolution Resources II, Revolution II NPI Holding Co., Jones Energy, Nosley Assets, Nosley Acquisition and Nosley Midstream for $150 million in cash. Benchmark purchased certain upstream assets and related facilities in Texas and Oklahoma, including 140,000 net acres and an interest in approximately 470 operated producing wells. Acacia’s contribution to Benchmark to fund its portion of the purchase price and related fees was $59.9 million, which was funded from cash on hand. The remainder of the purchase price was funded by a combination of borrowings under the revolver and the remaining being funded through a cash contribution of $15.25 million from other investors in Benchmark, including McArron Partners. Following closing, Acacia’s interest in Benchmark is 73.5 percent.

Benchmark’s Outside Counsel: Kirkland & Ellis including Christopher Heasley and Danny Nappier (who joined Jackson Walker in March)

Revolution’s Outside Counsel: Also Kirkland including Chad Smith and Isaac Bate

Austin’s Allen Control Systems raises $12M

Deal Description: Allen Control Systems, an Austin-based defense technology company, announced April 18 it raised $12 million in seed capital led by Craft Ventures with participation from Forum Ventures and Rally Ventures. ACS is developing technology it claims is capable of neutralizing large numbers of lethal drones at a much lower cost than any solution available. ACS was founded by CEO Steven Simoni, CTO Luke Allen and COO Mike Wior. Simoni and Allen are former U.S. Navy nuclear engineers who met in the service. After the Navy, Simoni and Allen founded Bbot, a software and robotics restaurant technology startup, where they met Wior, CEO and co-founder of Omnivore, a restaurant POS transaction system. Simoni and Allen’s company was acquired by DoorDash in 2022 and Wior’s company was acquired by Olo in the same year.

Allen’s Outside Counsel: Goodwin

Craft’s Outside Counsel: Cooley

PITT Cooking America purchases PCS Holding

Deal Description: Hunton Andrews Kurth said April 18 it advised gas burner distributor PITT Cooking America on its purchase of Switzerland-based PCS Holding BV, a producer of residential and commercial cooking equipment. Terms weren’t disclosed for the deal, which closed April 15. PITT Cooking America is the exclusive U.S. and Canadian distributor for The Netherlands-based PITT Cooking, which was founded in 2009 and is a leader in handmade and design-led integrated cooktops.

From HAK: Partner Lee Davis in Houston led the deal team, which included Ed Colbert in Washington, D.C., Corinne Davis, Jeff Dodd and Kaylan Dunn in Houston, Will Freeman in Dallas, Kevin Hahm, Erik Kane and Michelle Lewis in D.C., Alexander McGeoch in Dallas, Paige Pruett in Richmond, Va., and Bennett Sooy in D.C.

Bernhard’s DOE services platform buys SMSI

Deal Description: Bernhard Capital Partners , a services and infrastructure-focused private equity management firm, announced April 16 its dedicated Department of Energy services platform acquired Strategic Management Solutions, a provider of management and technical consulting services for federal and large industrial clients focused on nuclear programs and projects. Terms weren’t disclosed. Founded in 1999 and based in Albuquerque, N.M., SMSI provides program management and project services to the DOE, National Nuclear Security Administration, National Laboratories and industrial clients that operate within the Nuclear Security Enterprise. Its business lines include procurement and supply chain, nuclear material and hazard operations, decontamination and demolition and project delivery and integration services. SMSI employs 400 professionals in four offices and DOE and NNSA sites. SMSI is the DOE and NNSA services platform’s third acquisition. Bernhard established the platform in 2022 through the acquisitions of Boston Government Services and Sterling Engineering & Consulting Group.

Bernhard’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Bill Benitez and Alec Manzer and associates Oscar Leija and Tyler Ambrose; tax partner Mark Dundon; government contracts partner Boyd Greene; and debt finance partners Lucas Spivey and Jordan Roberts and associate James Kelly.

Brandlovrs attracts $6.6M investment led by Kaszek

Deal Description: Simpson Thacher said April 18 it represented Brandlovrs Inc. in connection with an $6.6 million equity investment round led by Kaszek Ventures with additional participation from current shareholders, including Canary Ventures. Brandlovrs is a technology platform created in Brazil that empowers brands to activate and nurture relationships with creators at scale, driving social buzz, growing revenue and tracking return on investment in real-time. The platform also helps creators generate more income, in a more predictable way, and from a wider choice of partners.

From Simpson: The team included partner Paulo Cardoso and associates Luiz Noronha and Doug Ogata in São Paulo (corporate); and partner Andrew Purcell in New York and associate Andrew Mandelbaum in Houston (tax)

Hain Celestial completes sale of Thinsters cookie brand to J&J Snack Foods

Deal Description: The Hain Celestial Group, a health and wellness company whose purpose is to inspire healthier living through better-for-you brands, announced April 9 that it completed the sale of its Thinsters cookie business to J&J Snack Foods. Terms weren’t disclosed, but it was all cash and closed on April 8. Hain Celestial said the proceeds will be used to pay down debt. The Thinsters divestiture contributes to its “focus pillar” as it further refines Hain’s portfolio of better-for-you brands across five growth categories: snacks, baby & kids food, beverages, meal preparation and personal care. The company will continue to identify opportunities to progress its efforts through operating model optimization and aligning its footprint in five core geographies, including the U.S., Canada, UK, Ireland and Western Europe.

Hain Celestial’s Outside Counsel: Hunton Andrews Kurth with a team led by Demitrianna Grekos in Miami and Steven Haas in Richmond, Va., but including Will Freeman and Caitlin Scipioni in Dallas 

Counsel to J&J: Dentons

CAPITAL MARKETS/FINANCINGS

Brookfield’s Genesee & Wyoming launches $4B debt offering

Deal Description: Kirkland & Ellis said April 19 it represented Genesee & Wyoming Inc., a short-line railroad holding company and a portfolio company of Brookfield Asset Management and GIC Private Ltd., in connection with the launch and closing of a multi-facility debt offering. The financing includes a $2.725 billion term loan B credit facility, a $600 million revolving credit facility, a $700 million high-yield notes offering and is expected to include a £100 million U.K. credit facility. The U.S. credit facilities and high-yield notes offering closed on April 10. The U.K. credit facility is expected to close in May.

From Kirkland: The team led by debt finance partners Roald Nashi, Linda Zang, Sean McClay and James Boswell; capital markets partners Matt Pacey, Bryan Flannery and Ieuan List; and corporate partners Brittany Sakowitz and Toby Parkinson; and included debt finance partners James McGivern and Shana Hamilton and associates Charles Martin, Alexandra Holden, Christopher Hargett, Miriam Domer and Dan Dyring; and capital markets associates Maya Pierce, Samantha Siegler and Curtis French.

Transocean offers $1.8B in senior notes

Deal Description:  Transocean Ltd. announced April 11 that wholly-owned unit Transocean Inc. priced an upsized offering of $1.8 billion in senior notes due 2029 and senior notes due 2031. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. and certain of its subsidiaries. The 2029 notes will bear interest at the rate of 8.25% per year and will be callable after May 15, 2026. The 2031 notes will bear interest at the rate of 8.50% per year and will be callable after May 15, 2027. The offering was expected to close on or about April 18. The company expects to receive net proceeds of $1.774 billion from the offering, after deducting the initial purchasers’ discount and estimated offering costs. It intends to use a portion of the net proceeds to repay or repurchase indebtedness, including in connection with the funding of the purchase for cash any and all of its 11.50% senior notes due 2027 and 7.25% senior notes due 2025 or the redemption of any tender notes not purchased in the tender offer. The company intends to use the remaining net proceeds for the redemption of certain of its other priority guaranteed notes.

Transocean’s Outside Counsel: Baker Botts including, from corporate: Jim Marshall, Garrett Hughey, Michael Mazidi, Chelsea Johnson and Blake Vick; and on finance: Luke Weedon, Alex Kamel and Madeline McCune

Counsel to Citigroup Global Markets Inc. as Initial Purchasers’ Rep: Vinson & Elkins with a team led by partners Mike Telle and David Stone and counsel Joanna Enns with assistance from senior associate Markeya Brown and associate Patience Li. Also advising were partner Wendy Salinas and associate Tyler Underwood

Vistra prices $1.5B in senior notes

Deal Description: Vistra Corp. announced April 9 the pricing of $500 million in senior secured notes due 2034 in a private offering and $1 billion in senior unsecured notes due 2032 in a concurrent private offering. The secured notes will bear interest at the rate of 6 percent per year and the unsecured notes will bear interest at 6.875 percent. The notes will be fully and unconditionally guaranteed by certain of the issuer’s current and future subsidiaries that also guarantee its credit agreement by and among the Issuer Vistra Intermediate Co. amd the guarantors Citibank as successor to Credit Suisse and Deutsche Bank. The company intends to use the proceeds from the offerings for general corporate purposes, including to refinance outstanding indebtedness (including the upcoming 2024 debt maturities) and to pay fees and expenses related to the offerings. The offerings closed on April 12. Vistra is an integrated retail electricity and power generation company based in Irving, Texas.

Vistra’s Outside Counsel: Sidley Austin including Bill Howell, Jocelyne Kelly, J.D. Swancoat, Molly Byman, Kelly Dybala, Alexander Waddell and Tara Lancaster in Dallas, Rachel Kleinberg in Palo Alto, Alvin Wang in New York, Marian Fielding in Dallas, Carla Teodoro in New York, Tracey Nicastro in Chicago and Blair Belsky in Houston

Sunoco prices $1.5B private offering of senior notes

Deal Description: Sunoco announced April 16 that it priced a private offering of 7 percent senior notes due 2029 worth $750 million and 7.25 percent senior notes due 2032 worth $750 million. The sale of the notes is expected to settle on April 30. Sunoco intends to use the net proceeds from the offering to repay outstanding indebtedness of NuStar Energy in connection with a pending merger between Sunoco and NuStar, fund the redemption of NuStar’s preferred units in connection with the NuStar Merger and pay offering fees and expenses. The offering is not contingent on the completion of the NuStar merger.

Sunoco’s Outside Counsel: Vinson & Elkins with a corporate team led by partners Ramey Layne, Jackson O’Maley and David Stone with assistance from senior associate Markeya Brown and associates Walt Baker, Patience Li and Rachel Campbell. Also advising were partners Wendy Salinas and Ryan Carney and associate Tyler Underwood (tax); partner Caitlin Turner, senior associate Frank George and associate Sara Johnson (finance); counsel Rajesh Patel and associate Haley Titcomb (technology/IP); partner Damien Lyster and associate Ryan Hoeffner (energy regulatory); partner Matt Dobbins and associate Simon Willis (environmental/natural resources); and counsel Missy Spohn (executive compensation/benefits).

Hunton represents Duke Energy on $798M senior notes offering

Deal Description: Hunton Andrews Kurth said April 12 it advised Duke Energy Corp. in connection with a SEC-registered offering of €750 million euro-denominated 3.75% senior notes due 2031. The underwriters included BNP Paribas, MUFG Securities, Banco Santander and Barclays. Duke is a diversified energy company headquartered in Charlotte, N.C., with regulated and unregulated utility operations. It serves the southeast and Midwest regions of the U.S.

From HAK: The team included Peter K. O’Brien, Brendan P. Harney, Reuben H. Pearlman and Monika M. Dziewa. Robert McNamara, Will Freeman and Caitlin A. Scipioni provided tax advice

Underwriters’ Outside Counsel: Sidley Austin led by Bart Sheehan and Kenny Terrero and including Miles Curry and Katherine Walsh. Nick Brown and Ryan Kelly advised on tax matters.

Engie Energia Chile offers $500M in green notes

Deal Description: Shearman & Sterling said April 17 it represented ENGIE Energía Chile SA, a Chilean power company and subsidiary of the ENGIE group, in connection with an offering of $500 million of its 6.375% green senior notes due 2034 and a concurrent abbreviated cash tender offer for any of its 4.500% Notes due 2025. J.P. Morgan Securities, Santander US Capital Markets and Scotia Capital (USA) Inc. acted as coordinators, bookrunners and structuring agents for the offering and as dealer managers for the abbreviated cash tender offer. EECL used the net proceeds from the offering to fund the abbreviated cash tender offer and intends to use the remainder for general corporate purposes. EECL intends to allocate an amount equal to the net proceeds from the offering to finance and refinance one or more new or existing eligible green projects as part of ENGIE’s green financing framework.

From Shearman: The team was led by capital markets partner Alejandro Gordano (New York) alongside associates Marina Mendes Correa (São Paulo) and Hunter Steitle (New York). Other Shearman lawyers involved in the transaction were tax partner Larry Crouch (Menlo Park) and associates Daniel Kachmar (New York) and Michael Buiteweg (Dallas).

Hunton counsels CoBank on $300M fixed-rate reset preferred stock offering

Deal Description: Hunton Andrews Kurth said April 11 it advised CoBank ACB on its offering of 300,000 shares of fixed-rate reset Series L non-cumulative perpetual preferred stock. The deal was valued at $300 million. The underwriters included Morgan Stanley and J.P. Morgan. CoBank is a cooperative bank serving industries across rural America providing loans, leases and other financial services.

From HAK: The team was led by Peter K. O’Brien, Steven C. Friend and Patrick C. Jamieson in New York but included Robert McNamara, Wil Freeman and Caitlin A. Scipioni in Texas

Counsel to Underwriters: Sullivan & Cromwell

Delek Logistics prices offering of $200M in senior notes

Deal Description: Delek Logistics Partners announced April 12 that it, along with Delek Logistics Finance Corp., a unit of Delek Logistics, priced an offering of $200 million of additional 8.625% senior notes due 2029 at an offering price equal to 101.250% of their face value, plus accrued interest from March 13, 2024. The additional notes will be issued under the same indenture as the $650 million of 8.625% senior notes due 2029 by the issuers on March 13 and will form a part of the same series of notes as the existing notes. The offering was expected to close on April 17. Delek Logistics intends to use the net proceeds to repay a portion of the outstanding borrowings under its revolving credit facility.

Delek’s Outside Counsel: Kirkland & Ellis with a team was led by capital markets partners Michael Rigdon and Ieuan List and associates Robbie Dillard and Samiya Javed and debt finance partners Rachael Lichman and Chad Davis and associates Keegan Bobholz and Alex Bledsoe, with assistance from tax partners David Wheat and Mark Dundon and associates Nicole Martin and Julia Ye.

Benchmark secures $150M revolver

Deal Description: Kirkland & Ellis said April 18 it represented Benchmark Energy, a subsidiary of Acacia Research Corp. and McArron Partners, in securing a new $150 million secured revolving credit facility from Frost Bank along with a syndicate of other Texas-based regional banks.  The new credit facility refinances existing indebtedness, supports ongoing working capital needs and helped Benchmark to complete a significant acquisition of certain upstream assets and related facilities within the Western Anadarko Basin.  The transactions position Benchmark for further plays within a diversified production base in Texas and Oklahoma. 

From Kirkland: The team was led by debt finance partner Sean McClay and associate Jaynie Doe; and corporate partners John Kaercher and Chris Heasley

CTO Realty Growth offers additional shares of 6.375% preferred stock worth $33.3M

Deal Description: Hunton Andrews Kurth said April 18 it advised book-running manager Raymond James & Associates Inc. on CTO Realty Growth Inc.’s $33.3 million public offering of additional shares of its 6.375% Series A cumulative redeemable preferred stock with a $25 per share liquidation preference. In a press release April 3, CTO said it intends to use the net proceeds for general corporate and working capital purposes, which may include property acquisitions, commercial loan and investment opportunities and repayment of debt, including amounts outstanding under its credit agreement. CTO is a publicly traded real estate investment trust that owns and operates a portfolio of retail-based properties located primarily in higher growth markets in the U.S. CTO also externally manages and owns an interest in Alpine Income Property Trust Inc., a publicly traded net lease REIT.

From HAK: The team was led by James Davidson in Houston and included Davis Neitzschman in Houston, Zach Roop in Richmond, Va., Casey Shaw and Kaitlyn Thorson in Houston, Patrick Tricker and Mark Wickersham in Richmond, Va., and Alexa Williams in Houston 

Counsel to CTO: Vinson & Elkins

OTHER MATTERS

Dallas-based private equity firm Citation Capital is seeking to raise about $850 million for its debut fund, according to a Bloomberg report April 15 citing sources. The firm, led by former BDT Capital executive Tiffany Hagge and Credit Suisse alum Lydie Hudson, is discussing it with prospective investors. Citation declined comment. The firm has already taken majority stake in New Jersey healthy snacks maker Cibo Vita. Nelson Mullins was Cibo Vita’s legal advisor while Gibson Dunn was Citation’s (partner Jeffrey Chapman in Dallas). Citation joins other female-led buyout firms started recently, Bloomberg said.

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Norton Rose Fulbright said April 15 it recently advised JX Nippon Oil & Gas Exploration Corp. on its agreement with Sumitomo Corporation of Americas to manage investment in a sustainable aviation fuel production project at the Port of Columbia in Caldwell Parish, Louisiana. The cross-border deal team was led by Shamim Razavi in Sydney and Luke Edney in Austin and also included Hilary Lefko (Washington, D.C.), Ryan Waggoner (New York), Ammad Waheed and Erin Mitchell (Houston) and Bill Lo (Sydney). The project, referred to as Louisiana Green Fuels, converts woody biomass waste into SAF and renewable Naphtha as a byproduct. The project is coupled with an onsite carbon capture and storage facility, which addresses its carbon emissions. The methods allow for the SAF produced by the project to be carbon negative, the equivalent of removing nearly 300,000 passenger cars from the road every year. With a production capacity of 32 million gallons per year, the project will contribute to the reduction of greenhouse gas emissions globally. The project is scheduled to begin commercial operation in 2029. JX is an energy exploration and production company and is the only Japanese company that has commercialized the carbon capture, utilization and storage project. JX is operating the Petra Nova CCUS project in Texas, which captures 1.4 million metric tons of carbon dioxide per year.

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Kimmeridge Energy Management Co. announced April 16 it withdrew its proposal to combine Kimmeridge Texas Gas with SilverBow Resources, a transaction that would have created the largest public Eagle Ford gas pure-play with an estimated enterprise value of approximately $3.6 billion. Instead, the two sides are heading toward a proxy fight at SilverBow’s annual meeting scheduled for May 21.