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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 19 Deals, 12 Firms, 248 Lawyers, $16.4B

February 27, 2024 Claire Poole

Last week, Intuitive Machines Inc.’s Odysseus spacecraft – nicknamed Odie – completed the first U.S. moon landing since 1972. Some Houston lawyers at Latham & Watkins helped the company along the way.

Founded in 2013, the Houston-based space exploration, infrastructure and services company announced this past August it had lined up a $20 million equity investment with an unnamed institutional investor, which according to SEC filings was New York-based Armistice Capital Master Fund headed by its founder Steven Boyd. Intuitive Machines said it intended to use the net proceeds for general corporate purposes and working capital needs as the company ramps activity across its programs. 

Intuitive Machines tapped Latham with a corporate deal team led by Houston partner Nick Dhesi and New York partner John Slater with associates Bryan Ryan, Brent Wagner and Justin Reinking. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley with associate Christine Mainguy.

But the key transaction was back in 2022, when Latham advised the company on its combination with Inflection Point Acquisition Corp., a special purpose acquisition company. The deal valued the merged entity at about $1 billion and brought $338 million in cash to Intuitive Machines’ balance sheet.

Dhesi also worked on that one as well as Washington, D.C., partner Rachel Sheridan with Slater and Ryan along with Houston associates Monika Kluziak, Ziyad Barghouthy, Morgen Seim and Shreya Patel and Washington, D.C. associate Thalia Garcia. Advice was provided on tax matters by Fenn, Grimley and Mainguy with associate Chelsea Muñoz-Patchen and other support providers.

“Congratulations to our friends at Intuitive Machines! We’re so proud to be a small part of your big journey,” Dhesi said last week in a LinkedIn post. “And congratulations to all the companies out there in the cosmos pushing the boundaries of human achievement and reminding us to dream big, push forward and look up.”

Dhesi has worked on some pretty big deals lately. He co-led the team counseling Houston natural gas provider CenterPoint Energy Inc. on the sale last week of its local distribution company businesses in Louisiana and Mississippi to Bernhard Capital-backed Delta Utilities for $1.2 billion (see below).

And last year, the Latham attorney worked on two sports deals: co-led advice on the Space City joint venture by baseball’s Houston Astros and basketball’s Houston Rockets and their acquisition of AT&T SportsNet Southwest from Warner Bros. Discovery; and Mark Cuban on his controlling interest in the Dallas Mavericks to Las Vegas Sands casino scion Miriam Adelson and her extended family for a reported $3.5 billion.

For the week ending Feb. 24, transaction volume stayed steady with 19 reported deals valued at $16.4 billion. That included 15 M&A/funding deals valued at $9.5 billion and 4 capital markets deals worth $6.9 billion.

By volume the week compares well with the week prior, which saw 16 transactions. Moreover, it also compares favorably by value, considering that the bulk of last week’s $29.9 billion was provided by a single transaction: Diamondback Energy’s $26 billion acquisition of Endeavor Energy Resources. As for last year at this time, there were 13 transactions reported for $5.3 billion.

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 CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Chord scoops up Enerplus for $4.2B

Deal Description: Houston-based Chord Energy Corp. announced Feb. 21 it agreed to buy Canada’s Enerplus for $4.2 billion in stock and cash. Under the deal’s terms, each Enerplus common share will be exchanged for a 0.10125 of a Chord share and $1.84 in cash, which represents 90 percent in stock and the rest cash. Based on the closing price as of Feb. 20, the implied value to each Enerplus share is $18.42, representing a 15 percent premium. The combined company would have an enterprise value of around $11 billion. The deal is expected to close by mid-year 2024 if it clears the U.S. and Canada as well as Chord and Enerplus shareholders. Chord tapped Vinson & Elkins, Wachtell, Lipton, Rosen & Katz and Goodmans as legal advisors. Enerplus used Blake, Cassels & Graydon and Latham & Watkins. For more on the story, click here.

Crow closes 10th real estate fund at $3.1B

Deal Description: Crow Holdings, a national real estate investment and development firm, announced Feb. 21 the final close of Crow Holdings Realty Partners X at $3.1 billion of commitments with more than 70 percent of prior investors re-upping their investment in the flagship value-add fund series, and with participation from new investors that includes global banks, sovereign wealth funds, insurance companies, pension plans, family offices and high-net-worth individuals. In addition to investments in the primary fund, the fund manager secured co-invest agreements totaling nearly $600 million in equity capital, resulting in the potential for $3.7 billion in investable equity for the strategy. Fund X, which is managed by Crow Holdings’ investment management company Crow Holdings Capital, marks the firm’s largest fundraise to-date and is a nearly 35 percent increase from the $2.3 billion of commitments raised for the predecessor. The fund intends to invest in real estate assets across the U.S., primarily in industrial and multifamily, as well as in specialty sector opportunities, including manufactured housing, convenience retail, self-storage, and student housing. More than a quarter of Fund X’s capital to date has been committed across 14 investments. The close of Fund X brings the total amount of capital raised across all 10 vintages of the U.S. diversified value-add real estate funds and other CHC-managed vehicles to more than $15.6 billion since 1998.

Crow’s In-House Counsel: Its GC is Kevin Bryant

Crow’s Outside Counsel: Weil co-led by U.S. private funds head Jonathon Soler and private funds partner Stephanie E. Srulowitz and included private funds partner Sarah Borden, tax partner Robert Frastai and counsel Brittany Burnham.

CenterPoint sheds natural gas assets to Bernhard Capital for $1.2B

Deal Description: Houston natural gas provider CenterPoint Energy Inc. announced Tuesday the sale of its local distribution company (LDC) businesses to Delta Utilities, a portfolio company of Baton Rouge, La.-based private equity firm Bernhard Capital Partners, for $1.2 billion. The assets include 12,000 miles of main pipeline in Louisiana and Mississippi serving around 380,000 metered customers. The transaction is expected to close toward the end of the first quarter of 2025 if it clears Hart-Scott-Rodino and state regulators.  Latham & Watkins, Phelps Dunbar and Brunini, Grantham, Grower & Hewes counseled CenterPoint and Kirkland & Ellis assisted Bernhard. For more, click here.

Sandbrook commits $460M to rPlus Energies

Deal Description: Sandbrook Capital, a private investment firm, announced Feb. 22 a platform-level partnership with rPlus Energies, a private renewable energy developer. Sandbrook will invest up to $460 million alongside continued support from Gardner Group, the founding investor in rPlus and a commercial real estate company in the Mountain West. Salt Lake City-based rPlus has a 15-gigawatt pipeline of solar, wind, battery and pumped storage hydropower projects. The parties claim the transaction represents one of the first major renewable energy platform announcements of 2024. It is Sandbrook’s first U.S. investment after its $2.1 billion raise for its inaugural climate infrastructure fund and associated co-investment vehicles. Sandbrook has offices in Stamford, Conn., and London.

rPlus’ Financial Advisor: Lazard Frères & Co.

rPlus’ Transaction Counsel: Foley & Lardner led by partners Jeffery Atkin and Jason Allen outside of Texas 

Sandbrook’s Transaction Counsel: Kirkland & Ellis with a team led by corporate partners John Pitts and Patrick Moneypenny; debt finance partners Rob Eberhardt and Kelann Stirling; and tax partner Mark Dundon. The group included corporate associates Gabrielle Sumich and Emma Balls; executive compensation partner Stephen Jacobson and associate Maddison Riddick; energy regulatory partner Brooksany Barrowes; tax partner Sophia Han; and transactional liability insurance partner Anna Geml.

Gardner’s Transaction Counsel: Parr Brown Gee & Loveless

AlTi attracts $450M from Allianz X, Constellation Wealth

Deal Description: AlTi Global Inc., a New York-based wealth manager with $68 billion in assets, announced Feb. 22 an investment of up to $450 million by Allianz X and Constellation Wealth Capital (CWC). Allianz X, an investment arm of global insurer and asset manager Allianz, will invest up to $300 million through one of its affiliates while CWC, an investment advisory firm specializing in making investments in wealth managers, will put in $150 million. Allianz X’s investment consists of $250 million through $110 million in newly issued Class A common stock, $140 million of newly created Series A convertible preferred stock, an option to invest up to an additional $50 million in Series A convertible preferred to be used for AlTi’s international expansion, warrants to purchase 5 million shares of Class A common and the right to nominate two directors to AlTi’s board so long as it holds at least 50 percent of the Class A common stock at closing. CWC’s investment includes $150 million in newly created Series C convertible preferred stock, an initial investment of $115 million expected to close by March 31 and $35 million expected to close by June 30 and warrants to purchase 2 million shares of Class A common. The transactions need to clear regulators and AlTi’s stockholders. AlTi will use the capital principally to fund its M&A pipeline and organic growth. Allianz X CEO Nazim Cetin and another Allianz representative will be appointed to AlTi’s board and CWC will have an observer seat. AlTi was created a year ago through the merger of Tiedemann Group and Alvarium Investments via Cartesian Growth Corp., a special purpose acquisition company created in 2021. The combined firm began trading on the Nasdaq on last year.  

AlTi’s Financial Advisor: Oppenheimer & Co. Inc.

AlTi’s Outside Counsel: Cadwalader, Wickersham & Taft

Allianz X’s Financial Advisor: Ardea Partners

Allianz X’s Outside Counsel: Sullivan & Cromwell including Andrew Gerlach, Lucas Carsley, Lucy Silver and Nicole Miller

CWC’s Outside Counsel: Gibson, Dunn & Crutcher led by partners Stewart McDowell and Michael Piazza and including partner Jesse Myers and associates Candice Johnson and Sarah Ediger. Partner Michael Cannon and associate Ryan Rott assisted on tax aspects and partner Attila Borsos and counsel Andrew Cline advised on antitrust aspects.

Austin’s Uhnder scores $50M in capital raise

Uhnder, an Austin-headquartered manufacturer of advanced radar sensors for automotive use, announced Feb. 21 that its Series D funding raise brought in commitments of $50 million. The round was led by ACME Capital with participation from Magna, Qualcomm Ventures, El Camino Capital, Monta Vista Capital, Sagitta Ventures and HT Capital. The company has shipped 200,000 of its single-system radar chips, which are designed to support 4-D digital analyses in real time impervious to spoofing and interference from other systems. There was no word on the lawyers involved.

CesiumAstro raises $30M

Deal Description: Austin-based CesiumAstro, which provides communication systems for satellites, UAVs, launch vehicles and other space or airborne platforms, revealed in an SEC filing Feb. 13 it raised almost $30 million in new equity funding. Investors weren’t disclosed.The new funding follows a $60 million venture round in 2022 that was co-led by Airbus Ventures and Forever Ventures. The company has raised around $120 million to date.

Sage Geosystems raises $17M

Deal Description: Houston-based Sage Geosystems announced Feb. 15 the first close of $17 million in Series A funding led by Chesapeake Energy Corp. and joined by technology investor Arch Meredith, Helium-3 Ventures and with continued support from existing investors Virya, Nabors Industries Ltd. and Ignis Energy Inc. The proceeds will fully fund the first of its kind 3MW commercial geopressured geothermal system facility, which will be built in Texas. The facility, called EarthStore, will use Sage Geosystems’ technology that harvests energy from pressurized water stored deep underground. The energy can be paired with intermittent renewable sources, including wind and solar, to provide power to the electric grid. Construction is set to begin in the second quarter and a targeted commission date in the fourth. Cindy Taffn is CEO of Sage Geosystems.

Sage’s Placement Agent: Evercore

Sage’s Outside Counsel: Wilson Sonsini Goodrich & Rosati led by partner Brian Dillavou in Austin

Chesapeake’s Outside Counsel: Haynes Boone led by partners Stephen Grant and Jeremy Kennedy in Houston

Esperanza, Andros acquire Ursa Princess from ExxonMobil, form deepwater Gulf of Mexico JV

Deal Description: Esperanza Capital Partners (ECP) and Andros Capital Partners announced Feb. 21 the execution of a definitive purchase agreement to acquire Exxon Mobil Corp.’s assets in the Ursa and Princess Fields and the formation of a joint venture focused on acquiring and developing upstream and infrastructure assets in the deepwater Gulf of Mexico. Terms weren’t disclosed. Ursa is 130 miles southeast of New Orleans and includes current production and infrastructure, including the Ursa Tension Leg Platform host facility. Ursa is operated by Shell Offshore Inc., a unit of Shell plc, a leading operator in the deepwater gulf. Upon closing, ECP (15.96%) joins other non-operated working interest partners BP Exploration & Production Inc (22.69%) and ConocoPhillips (15.96%). The privately negotiated acquisition represents ECP’s third investment in the gulf through its partnership with investment firm Cockrell Interests since 2021. Houston-based Esperanza is an energy-focused investment firm founded in 2021 by David Dunwood and William Goodwin with Cockrell targeting the acquisition of energy and infrastructure assets in the gulf. Founded in 2020, Andros is a private investment firm based in Houston with more $1 billion in equity commitments across the energy value chain.

ECP’s Outside Counsel: Gibson, Dunn & Crutcher led by Michael Piazza along with Rahul Vashi, Jesse Myers, James Hays and Chad Nichols. Other team members included James Robertson, Chris Atmar, Houston Morgan, Michael Holmes, Michael Cannon, Josiah Bethards, Patrick Perrier, Crystal Becker and Samantha Astrich.

Andros’ Outside Counsel: Vinson & Elkins led by Jim Fox, Crosby Scofield and David Lassetter with assistance from Chandler Spinks, Libby Gerstner and Kelli Westmoreland. Other team members included Bryan Loocke (energy transactions/projects); Todd Way and Dan Henderson (tax); Sean Becker (employment/labor); and David D’Alessandro and Matt Green (executive compensation/benefits).

Peak 10 closes transaction with Strawn

Deal description: Legacy Star-backed Peak 10 Energy Holdings announced Feb. 22 a transaction with Strawn Petroleum Holdings, backed by Oaktree Capital Management, which will contribute the equity of Strawn Petroleum and affiliates in exchange for the issuance of shares of Peak 10. Terms weren’t disclosed. Strawn’s assets are in the Midland Basin’s Eastern Shelf adjacent to Peak 10’s asset position in the Hermleigh field. Peak 10 said the operational synergies enhance the value of its oil and gas investment platform, which focuses on creating value by acquiring long-life oil and gas assets throughout the continental U.S. Strawn currently produces 800 barrels of oil equivalent per day, the majority of which is operated, and holds an acreage position of over 13,000 net acres. Browning Oil Company Inc., the operator of Peak 10’s Hermleigh field position, will serve as the contract operator on behalf of Peak 10.

Peak 10’s/Legacy Star’s Outside Counsel: Baker Botts including, from corporate: Clay Brett, Sarah Dodson, Caitlin Lawrence, Michael Donnellan, Talha Chaudhry and Cade Luedde; on global projects: Erin Hopkins, Kyle Doherty, Megan Young and Andrew Crayden; on tax: Jon Lobb and Jordan Hahn; on environmental: Elizabeth Singleton; and on finance: Delaram Peimani and Dermot Bree.

Strawn’s Outside Counsel: Vinson & Elkins led by Dan Komarek, Guy Gribov, Elena Sauber, Jeremy Griffin and Tara Tegeleci with assistance from John Grand, Brian Russell and Waid Barfield.

Stonepeak buys half of Dominion‘ Energy’s Virginia offshore wind project

Deal Description: Stonepeak, an alternative investment firm specializing in infrastructure and real assets, announced Feb. 22 that it reached an agreement with utility Dominion Energy to acquire half of its Coastal Virginia Offshore Wind project through the formation of an offshore wind partnership. Terms weren’t disclosed. The project is expected to be the largest offshore wind farm in the U.S. and one of the largest offshore wind farms globally upon completion. CVOW is a 2.6 gigawatt offshore wind project 27 miles off the coast of Virginia Beach, Va., capable of serving the power needs of 660,000 homes. Dominion Energy began developing CVOW in 2013 and is scheduled to begin offshore construction this spring with completion expected to be completed by year-end 2026. Stonepeak previously partnered with Dominion Energy, Stonepeak senior managing partner Rob Kupchak said. Dominion will continue to oversee day-to-day operations and construction at close. Stonepeak has $61.1 billion in assets under management. 

Expected Closing: Year-end 2024 if it clears regulators

Stonepeak’s Outside Counsel: Vinson & Elkins with Benji Barron​​​​ and Matt Falcone on the M&A side and Eamon Nolan on the debt financing

Stonepeak’s Financial Advisors: Mizuho Securities USA, through its affiliate Greenhill & Co., and Santander US Capital Markets

CenterOak sells SurfacePrep to Nautic Partners

Deal Description: CenterOak Partners, a private equity firm in Dallas, announced Feb. 23 the sale of SurfacePrep, a distributor of surface enhancement solutions, to Nautic Partners. Terms weren’t disclosed. This marks the second exit for CenterOak this year following the sale of CollisionRight in January. SurfacePrep, based in Grand Rapids, Mich., offers loose and coated abrasives, ceramic materials and related spare parts and equipment. The company’s field sales professionals support more than 15,000 manufacturing customers through 35 distribution branches and 10 process development labs and production finishing centers. its 15,000 customers operate across aerospace, medical, consumer, transportation and general industrial end markets. CenterOak managing partner Jason Sutherland said SurfacePrep tripled in size while expanding margins during CenterOak’s investment. CenterOak and its partners have managed $2.5 billion of equity capital commitments and have completed more than 150 transactions representing over $8 billion in value.

SurfacePrep’s Financial Advisor: KeyBanc

SurfacePrep’s Outside Counsel: Gibson, Dunn & Crutcher with a team led by partner Robert Little and including associates Steve Wright, Hayden McGovern and Shawn Burrows. Partner Cromwell Montgomery and associates Alisa Balderas and Stephen Berg advised on financing. Partner Michael Cannon and associate Josiah Bethards assisted on tax aspects, partner Krista Hanvey and associate Lucy Hong on benefits and partner Daniel Angel and associate Jacqueline Malzone on IP.

New Fortress sells stake in Energos Infrastructure to Apollo

Deal Description: New Fortress Energy Inc. announced Feb. 15 that it completed the sale of its 20 percent equity interest in Energos Infrastructure to funds managed by Apollo. Terms weren’t disclosed. NFE intends to use net proceeds for general corporate purposes, including repaying debt and investing in accretive downstream projects. Energos is a global maritime infrastructure company formed by NFE and Apollo Funds in August 2022 to provide LNG delivery, storage, and regasification services to utilities and energy companies under long-term charters. Energos owns and operates 13 LNG infrastructure vessels. NFE currently charters six vessels from Energos and will maintain an active relationship with it to support NFE’s global operations through vessel charters for up to 20 years. Wes Edens, Chairman and CEO of NFE, said completing the sale to Apollo allows the company to recycle proceeds into downstream projects and to reduce debt. As of year-end, Apollo had $651 billion of assets under management.

Apollo’s Outside Counsel: Vinson & Elkins with a corporate team led by Dan Komarek and Alice Zhang with assistance from Patrick Whelan, Jimmy Chalk, Connor Rabalais and Lindsay Moore. Also assisting were Ron Nardini, Jason McIntosh, Sarah Coe and Kylan Kinkade.

HGGC invests in Rimkus

Deal Description: Rimkus Consulting Group Inc. announced Feb. 22 the firm received a strategic growth investment from HGGC, a middle-market investment firm. Financial details of the deal weren’t disclosed. Existing minority investor Century Equity Partners and the Rimkus management will be rolling equity into the transaction. The new partnership will help Rimkus to broaden its service portfolio and better serve its clients. Rimkus provides engineering and technical consulting to global clients including corporations, law firms, insurance carriers, third-party administrators and government agencies. Since 2020, Rimkus has made 15 acquisitions, expanding its network to more than 1,500 employees and 110 offices globally. Following a rebrand earlier last year, Rimkus has enhanced its practice areas and invested in technology solutions and people.

Rimkus’ In-House Counsel: Its GC is Peter Poland

Rimkus’ Financial Advisor: J.P. Morgan

Century Equity’s Financial Advisor: Baird

HGGC’s Financial Advisor: Piper Sandler

Levine Leichtman acquires USA Water

Deal Description: Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, announced Feb. 22 that it acquired USA Water from Warren Equity Partners in partnership with management. Terms were not disclosed. Headquartered in Rosenberg, Texas, USA Water is a provider of operations and maintenance services for water and wastewater systems across the Southeast U.S. The company’s non-discretionary services enable municipalities and utility districts to entrust their water infrastructure maintenance, asset management and regulatory compliance needs to a professional partner of scale. USA Water will continue to be led by CEO Jeff Haley and the existing executive team, who will maintain equity ownership alongside LLCP. LLCP has invested in the technical and route-based services sectors, including Encore Fire Protection, Technical Safety Services, Trinity Consultants, In-Place Machining and Select Exterminating. 

LLCP’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Kevin Mausert, John Wilkes and Brett Nelson; debt finance partner Katie Taylor; and tax partner Polina Liberman; and included corporate associates Brandon King and Alexei Segall; debt finance associate Matthew Demopoulos (in Dallas); and tax partner Rachel Cantor.

USA Water’s Financial Advisor: Harris Williams

USA Water’s Outside Counsel: Holland & Knight led by partner Rick Bange assisted by partner Craig Harasimowicz and associates Jonathan Gerken, Alex Eblen and Ethan Case (all in Charlotte)

CAPITAL MARKETS/FINANCINGS

Lotus Tech goes public at $5.5B valuation

Deal Description: Lotus Technology Inc., a Wuhan, China-based luxury electric vehicle maker, and L Catterton Asia Acquisition Corp, a special purpose acquisition company formed by affiliates of global consumer-focused investment firm L Catterton, announced Feb. 22 the completion of their previously announced business combination. The listed company following the combination is called Lotus Technology Inc. and its American depositary shares were expected to begin trading on the Nasdaq under the ticker symbol “LOT” on Feb. 23. The listing values Lotus Tech at $5.5 billion and gives it $880 million raised by investors in the listing’s run-up. Deutsche Bank provided a private investment in public equity (PIPE) to Lotus Tech. Santander US Capital Markets is capital markets advisor to L Catterton Asia Acquisition.

Deutsche Bank/Santander’s Outside Counsel: Shearman & Sterling with a team led by capital markets partners Ilir Mujalovic, Harald Halbhuber, Kyungwon (Won) Lee and Wanda Woo, tax partner Laurence Crouch, IP Transactional partner JB Betker, private equity partner Alain Dermarkar, litigation partner Daniel Lewis, capital markets counsel John Menke, capital markets associates Rami Marginean, Ilya Mamin and Stella Sun, tax associates Austin Jones and Michael Buiteweg and IP transactional associate Austin Grossfeld.

Equitrans offers $600M in senior notes

Deal Description: Equitrans Midstream Corp. announced Feb. 21 that its wholly owned subsidiary EQM Midstream Partners priced an offering of $600 million in 6.375% senior notes due 2029. EQM intends to use the net proceeds to repay certain outstanding indebtedness and for general partnership purposes. The initial purchasers were led by Wells Fargo Securities. The offering is expected to close on Feb. 26.

Equitrans’ Outside Counsel: Latham & Watkins with a corporate team led by Houston partners Ryan Maierson and Nick Dhesi with associates Paul Robe, Sydney Verner, Brian Bruzzo and David Lee. Advice was also provided on finance matters by Houston partners Catherine Ozdogan and Matt Jones with associates Max Fin and Michael Basist; on tax matters by Houston partners Tim Fenn and Jared Grimley with associate Dominick Constantino; on benefits matters by Washington, D.C., partner Adam Kestenbaum; and on environmental matters by Houston/Los Angeles partner Josh Marnitz.

Wells Fargo’s Outside Counsel: Simpson Thacher including Brian E. Rosenzweig, Maggie Selbe and Adam Danciu (capital markets); Mike Isby (environmental); Jon Cantor and Jiha Min (tax); Andrew O’Brien (executive compensation and employee benefits); Rachelle Broida (intellectual property); Mark Skerry and Laurel Fresquez (regulatory); Alan Turner (litigation); and Andrew J. Pagliughi (Blue Sky). 

Boardwalk prices $600M offering of senior notes

Deal Description: Houston-based Boardwalk Pipeline Partners announced Feb. 8 that its wholly owned subsidiary, Boardwalk Pipelines, priced a public offering of $600 million in 5.625% senior notes due 2034. Boardwalk expected the offering to close on Feb. 15. Boardwalk intended to use the net proceeds of around $593.8 million, after deducting the underwriting discount and estimated offering expenses, to retire the outstanding $600 million in 4.95% notes due 2024 of Boardwalk at or prior to maturity. Book-running managers include Barclays, J.P. Morgan, MUFG, Truist Securities, Citigroup, Regions Securities, TD Securities and Wells Fargo Securities and BofA Securities and Goldman Sachs & Co. are co-managers.

Issuer’s Outside Counsel: Vinson & Elkins led by Ramey Layne, David Stone and Brett Peace

Underwriters’ Outside Counsel: Sidley Austin including George Vlahakos, Tanner Groce, Alan Williams, Walter Deere and Angela Richards

TotalEnergies, GIP involved in $175M capital financing with Sol/SunPower

Deal Description: White & Case said Feb. 16 it advised TotalEnergies and Global Infrastructure Partners on a $175 million capital financing transaction provided through a second lien term loan from Sol Holding, an indirect unit of TotalEnergies and GIP, to SunPower Corp., a residential solar technology and energy services company. Sol is also SunPower’s majority shareholder. In connection with the second lien term loan, SunPower agreed to issue penny warrants to Sol to purchase shares of SunPower’s common stock. White & Case also advised TotalEnergies and Global Infrastructure Partners on an amendment to SunPower’s senior secured corporate facility that will make $25 million of additional financing available to be borrowed in the future and amendments and waivers to each of SunPower’s other project-level financing facilities.

From W&C: The team was led by partners Maia Gez (public company advisory in New York), Aaron Colodny (financial restructuring and insolvency in Los Angeles), Elena Millerman (project development and finance in New York) and Laura Katherine Mann (capital markets in Houston). The team also included project development and finance partner Yan Ng and associate Mostafa Al Khonaizi (New York); and capital markets associates Alok Choksi and Melissa Curvino (New York) and Steven Amrein (Houston).

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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