Last week, folded within a flurry of billion-dollar transactions, there was major news involving LNG export facilities along the Texas-Louisiana Gulf.
The most obvious, of course, was the $1.2 billion purchase of Tellurian by Woodside, the Australian LNG producer. The less obvious was news that Fitch Ratings has downgraded the long-term Issuer Debt Rating for the parent company of another LNG operator to what is essentially junk bond status.
The two deals, each in their own way, reflect the current state of U.S. LNG exports: one presents a murky milestone in the remarkable rise of the U.S. as a global leader in LNG exports; the other a sign that the LNG sector is harnessing a millstone carved of its own success.
The parent entity is Freeport LNG Investments (FLNGI), the company that holds a 55.25 percent interest in the facility for Freeport’s founder, Michael Smith. The rest is owned primarily by two Japanese energy firms: JERA and Japan Petroleum Exploration Company.
The problem at Freeport LNG, put bluntly by Fitch, is its “challenged liquidity and weak operational performance.”
The facility, which lies just 60 miles south of Houston, suffered a major setback in early June 2022 when an explosion shut down the entire facility for the entire second half of 2022. The incident, four months after Russia’s invasion of Ukraine, displayed the growing market influence of U.S. LNG, as natural gas pricing in all its forms spiked across the globe.
A subsequent federal investigation blamed FLNGI’s own operations. The company had trouble recovering, operating at significantly reduced capacity through the first five months of this year. And early this month came Hurricane Beryl and another shutdown, which the company expects to continue into early August.
But the real daemon behind the Fitch downgrade is debt — and the structure of that debt. FLNGI, the parent company, has no source of income but revenues from the LNG operation. And the companies that operate the wounded facility are servicing their own $12 billion in project debt. As a result, according to Fitch, 90 percent of the parent’s total debt service over the past nine quarters has come in the form of equity cures.
On the plus side, Fitch notes that Freeport LNG has long-term contracts with five major buyers that nearly cover the facility’s nameplate capacity. That’s a good thing. But in June 2022, when Freeport LNG first went down, the average U.S. export price of LNG was $14.36 mcf. In April, the latest government stat available, the price was $5.36.
Which brings us back to the Tellurian/Woodside deal. The $1.2 billion price tag (actually $900 million in cash and the assumption of $295 million in debt) is a steal. Even with a 75 percent premium added to Tellurian’s last closing price, that’s still just $1.00 per share. In exchange, Woodside receives full control of Driftwood LNG, the company’s Lake Charles, Louisiana facility that is fully permitted by the feds and designed to someday produce 27.6 metric tons of LNG per year. The Woodside acquisition all but assures that that “someday” will actually take place.
The reality is that Tellurian was also in trouble. The company was having difficulty financing the Driftwood project. When no potential partners stepped forward, Tellurian had to sell, at an apparent discount, upstream assets it had purchased in 2017 to help, in part, produce cash to pay for the project. And tucked alongside other terms of the sale was another hint as to the extent of the problem: an agreement by Woodside to provide a $230 million loan to Tellurian, assuring that work on the project would continue while the deal is being closed.
Make no mistake, the growth of the U.S. LNG export sector since 2015 is nothing short of astonishing, and its importance to Texas and Texas M&A should not be underestimated. Of 15 FERC-approved LNG export sites, 12 are in Texas and nearby Louisiana. The reverberations of those developments can be seen in the billions spent on upstream consolidations and midstream infrastructure, all vital to the flow of natural gas to the Texas and Louisiana Gulf Coasts.
But mild European winters, lower natural gas prices, environmental concerns, a surfeit of natural gas supply and languishing short-term demand has, for the moment, dampened investor exuberance in the once-giddy LNG space.
It’s a space dependent on big projects and long-term construction costs and lots and lots of money. And for those with more vision than cash, the next few years may be a bumpy ride.
It’s a good week, when deals tally more than $16 billion. It’s a better week when the value comes in the form of a plethora of billion-dollar deals. The week ending July 27 saw 19 deals valued at a total of $16.4 billion. Of those, 15 were M&A/funding transactions valued at $13.8 billion. Even better, seven of the 15 M&A deals were for $1 billion or more (and another came damn close).
The week prior, we reported 15 deals for $16 billion, but nearly $11 billion of that was a KKR/Carlyle acquisition of Discover’s student loan portfolio. This time a year ago, we reported 15 deals for $21 billion, including $18 billion in M&A and fundings. But $15 billion of the M&A tally was from only three deals.
So, let’s just declare this a very busy summer and be done with it.
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 | ||
|---|---|---|---|---|---|---|---|---|
| 21-Dec-24 | 11 | $2,798 | 11 | 90 | 8 | $2,229 | 3 | $570 |
| 14-Dec-24 | 15 | $5,323 | 12 | 186 | 12 | $3,812 | 3 | $1,511 |
| 07-Dec-24 | 16 | $4,766 | 10 | 231 | 11 | $2,321 | 5 | 2,445 |
| 30-Nov-24 | 10 | $10,291 | 9 | 103 | 4 | $8,290 | 6 | $2.001 |
| 23-Nov-24 | 15 | $4,553 | 15 | 153 | 11 | $3,379 | 4 | $1,174 |
| 16-Nov-24 | 17 | $11,488 | 11 | 245 | 13 | $10,186 | 4 | $1,303 |
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
| 30-Mar-24 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
| 23-Mar-24 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
| 16-Mar-24 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
| 9-Mar-24 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
| 2-Mar-24 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
| 24-Feb-24 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
| 17-Feb-24 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
| 10-Feb-24 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
| 3-Feb-24 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
| 27-Jan-24 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
| 20-Jan-24 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
| 13-Jan-24 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
| 6-Jan-24 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
| 30-Dec-23 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
| 23-Dec-23 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
| 16-Dec-23 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
| 9-Dec-23 | 26 | $14,633.90 | 17 | 244 | 16 | $8,095 | 10 | $6,538.90 |
| 2-Dec-23 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| 25-Nov-23 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| 18-Nov-23 | 22 | $6,568.70 | 17 | 184 | 14 | $4,709.20 | 8 | $1,859.50 |
| 11-Nov-23 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| 4-Nov-23 | 15 | $20,582.50 | 14 | 193 | 12 | $19,417.50 | 3 | $1,165 |
| 28-Oct-23 | 18 | $68,419.10 | 18 | 152 | 15 | $66,646 | 3 | $1,773.10 |
| 21-Oct-23 | 16 | $6,755.90 | 16 | 165 | 15 | $6,755.90 | 1 | $3 |
| 14-Oct-23 | 14 | $67,851.20 | 13 | 125 | 9 | $61,998.50 | 5 | $5,852.70 |
| 7-Oct-23 | 17 | $6,595.50 | 13 | 228 | 16 | $5,995.50 | 1 | $600 |
| 30-Sep-23 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| 23-Sep-23 | 23 | $6,432.70 | 17 | 230 | 16 | $1,402.80 | 7 | $5,029.90 |
| 16-Sep-23 | 25 | $23,226.70 | 23 | 353 | 16 | $17,239 | 9 | $5,987.70 |
| 9-Sep-23 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| 2-Sep-23 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| 26-Aug-23 | 17 | $12,160.25 | 13 | 202 | 15 | $6,573.25 | 2 | $5,587.00 |
| 19-Aug-23 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| 12-Aug-23 | 19 | $9,698.80 | 13 | 184 | 7 | $3,270 | 12 | $6,428.80 |
| 5-Aug-23 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| 29-Jul-23 | 15 | $21,031.60 | 13 | 196 | 11 | $18,292.00 | 4 | $2,739.60 |
| 22-Jul-23 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| 15-Jul-23 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| 8-Jul-23 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| 1-Jul-23 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| 24-Jun-23 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| 17-Jun-23 | 17 | $5,880.70 | 15 | 151 | 15 | $4,705.70 | 2 | $1,175 |
| 10-Jun-23 | 19 | $8,516.10 | 13 | 111 | 16 | $6,252.40 | 3 | $2,263.70 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.50 |
| 27-May-23 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| 20-May-23 | 11 | $22,458.10 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| 13-May-23 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| 6-May-23 | 20 | $3,297.60 | 18 | 196 | 17 | $2,985.60 | 3 | $312 |
| 29-Apr-23 | 23 | $3,691.20 | 18 | 135 | 17 | $1,969.70 | 6 | $1,721.50 |
| 22-Apr-23 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| 15-Apr-23 | 12 | $23,818.10 | 9 | 59 | 10 | $21,618.10 | 2 | $2,200 |
| 8-Apr-23 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| 1-Apr-23 | 21 | $18,676.70 | 12 | 175 | 11 | $10,926.70 | 10 | $7,750 |
| 25-Mar-23 | 15 | $8,779.50 | 10 | 141 | 5 | $2,362 | 10 | $6,416.50 |
| 18-Mar-23 | 7 | $14,048.80 | 6 | 69 | 5 | $13,345 | 2 | $703.80 |
| 11-Mar-23 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| 4-Mar-23 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| 25-Feb-23 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| 18-Feb-23 | 14 | $5,743.70 | 13 | 158 | 8 | $898.70 | 6 | $4,845 |
| 11-Feb-23 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| 4-Feb-23 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| 28-Jan-23 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| 21-Jan-23 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| 14-Jan-23 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| 7-Jan-23 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| 31-Dec-22 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| 17-Dec | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| 10-Dec-22 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| 3-Dec-22 | 26 | $12,800.90 | 11 | 172 | 20 | $4,141 | 6 | $8,659.90 |
| 26-Nov-22 | 8 | $2,266.70 | 8 | 5 | 3 | $76 | 5 | $2,190.70 |
| 19-Nov-22 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| 12-Nov-22 | 13 | $15,093.70 | 9 | 81 | 9 | $14,200 | 4 | $893.70 |
| 5-Nov-22 | 25 | 19,337.20 | 16 | 509 | 22 | $8,267.20 | 3 | $11,070 |
| 29-Oct-22 | 15 | $7,805.30 | 9 | 116 | 14 | $7,180.30 | 1 | $625 |
| 22-Oct-22 | 20 | $8,193.50 | 13 | 253 | 13 | $5,442 | 7 | $2,751.50 |
| 15-Oct-22 | 9 | $3,046.10 | 9 | 139 | 7 | $2,588.30 | 2 | $457.80 |
| 8-Oct-22 | 19 | $2,011.80 | 12 | 114 | 16 | $833.80 | 3 | $1,178 |
| 1-Oct-22 | 23 | $5,532.90 | 16 | 156 | 18 | $4,952.30 | 5 | $580.60 |
| 24-Sep-22 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| 17-Sep-22 | 21 | $8,352.30 | 12 | 320 | 15 | $4,759.60 | 6 | $3,592.70 |
| 10-Sep-22 | 15 | $19,853.50 | 10 | 126 | 13 | $19,403.60 | 2 | $450 |
| 3-Sep-22 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| 27-Aug-22 | 16 | $30,891.70 | 10 | 135 | 15 | $30,666.40 | 1 | 227.7 |
| 20-Aug-22 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| 13-Aug-22 | 18 | $8,004.70 | 11 | 242 | 11 | $2,844.70 | 7 | $5,160 |
| 6-Aug-22 | 24 | $7,948.90 | 12 | 240 | 17 | $3,577 | 7 | $4,371.90 |
| 30-Jul-22 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| 23-Jul-22 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| 16-Jul-22 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| 9-Jul-22 | 10 | $3,557.70 | 7 | 68 | 9 | $3,557.70 | 1 | 0 |
| 2-Jul-22 | 18 | $8,609.40 | 13 | 152 | 15 | $2,754.40 | 3 | $5,855 |
| 25-Jun-22 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| 18-Jun-22 | 17 | $11,890.10 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| 11-Jun-22 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| 4-Jun-22 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| 28-May-22 | 9 | $3,197.60 | 11 | 86 | 9 | $3,197.60 | 0 | 0 |
| 21-May-22 | 14 | $7,284.50 | 12 | 185 | 11 | $6,609 | 3 | $675.50 |
| 14-May-22 | 11 | $306.60 | 9 | 80 | 10 | $306.60 | 1 | $225 |
| 7-May-22 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| 30-Apr-22 | 16 | $2,296.50 | 16 | 157 | 12 | $895.50 | 4 | $1,401 |
| 23-Apr-22 | 10 | $2,241 | 11 | 58 | 8 | $1,641 | 2 | $600 |
| 16-Apr-22 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| 9-Apr-22 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| 2-Apr-22 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| 26-Mar-22 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| 19-Mar-22 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| 12-Mar-22 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| 5-Mar-22 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| 26-Feb-22 | 12 | $5,095 | 8 | 149 | 9 | $4,437.50 | 3 | $658 |
| 19-Feb-22 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| 12-Feb-22 | 12 | $2,344.70 | 10 | 73 | 8 | $641.70 | 4 | $1,703 |
| 5-Feb-22 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| 29-Jan-22 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| 22-Jan-22 | 13 | $5,143.50 | 10 | 99 | 12 | $4,842.50 | 1 | $301 |
| 15-Jan-22 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| 8-Jan-22 | 13 | $8,256.20 | 11 | 102 | 13 | $8,256.20 | 0 | 0 |
| 1-Jan-22 | 9 | $1,273.80 | 6 | 50 | 9 | $1,273.80 | 0 | 0 |
| 25-Dec-21 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| 18-Dec-21 | 26 | $7,325.20 | 15 | 193 | 18 | $3,640.20 | 8 | $3,685.20 |
| 11-Dec-21 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| 4-Dec-21 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| 27-Nov-21 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.60 |
| 20-Nov-21 | 20 | $22,792 | 15 | 157 | 12 | $18,864.50 | 8 | $3,928 |
| 13-Nov-21 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| 6-Nov-21 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| 30-Oct-21 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103.00 |
| 23-Oct-21 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.60 |
| 16-Oct-21 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| 9-Oct-21 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| 2-Oct-21 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| 25-Sep-21 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| 18-Sep-21 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| 11-Sep-21 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| 4-Sep-21 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| 28-Aug-21 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| 21-Aug-21 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| 14-Aug-21 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| 7-Aug-21 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| 31-Jul-21 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| 17-Jul-21 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| 10-Jul-21 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| 3-Jul-21 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| 26-Jun-21 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| 19-Jun-21 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| 12-Jun-21 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| 5-Jun-21 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| 29-May-21 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| 22-May-21 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| 15-May-21 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| 8-May-21 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| 1-May-21 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| 24-Apr-21 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| 17-Apr-21 | 14 | $6,270 | 8 | 102 | 11 | $40,180 | 3 | $2,260 |
| 10-Apr-21 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| 3-Apr-21 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| 27-Mar-21 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.50 |
| 20-Mar-21 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| 13-Mar-21 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| 6-Mar-21 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| 27-Feb-21 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| 20-Feb-21 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| 13-Feb-21 | 12 | $4,852.60 | 7 | 81 | 7 | 2,766 | 5 | $2,086.60 |
| 6-Feb-21 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| 30-Jan-21 | 18 | $9,449 | 9 | 182 | 15 | $8,753.80 | 3 | $695.30 |
| 23-Jan-21 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| 16-Jan-21 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.90 |
| 9-Jan-21 | 22 | $6,829 | 14 | 135 | 18 | $3,139.30 | 4 | $3,690 |
| 2-Jan-21 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| 26-Dec-20 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| 19-Dec-20 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| 12-Dec-20 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| 5-Dec-20 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| 28-Nov-20 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| 14-Nov-20 | 14 | $864.10 | 14 | 157 | 12 | $289.10 | 2 | $575 |
| 7-Nov-20 | 13 | $6,332 | 9 | 129 | 9 | $2,483.50 | 4 | $3,849 |
| 31-Oct-20 | 10 | $3,995.80 | 8 | 103 | 6 | $3,231.10 | 4 | $754.70 |
| 24-Oct-20 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| 17-Oct-20 | 8 | $351.90 | 5 | 55 | 8 | $351.90 | 0 | 0 |
| 10-Oct-20 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| 3-Oct-20 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| 26-Sep-20 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| 19-Sep-20 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| 12-Sep-20 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| 5-Sep-20 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| 29-Aug-20 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| 22-Aug-20 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| 15-Aug-20 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| 8-Aug-20 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| 1-Aug-20 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| 25-Jul-20 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| 18-Jul-20 | 6 | $1,982.50 | 5 | 50 | 4 | $1,407.50 | 2 | $575 |
| 11-Jul-20 | 11 | $565.10 | 12 | 75 | 10 | $65.10 | 1 | $500 |
| 4-Jul-20 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.30 |
| 27-Jun-20 | 8 | $6,874 | 10 | 50 | 5 | $4,972.50 | 3 | $2,081.50 |
| 20-Jun-20 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| 13-Jun-20 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| 6-Jun-20 | 11 | $3,213.70 | 8 | 65 | 7 | $470 | 4 | $2,743.70 |
| 30-May-20 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| 23-May-20 | 4 | $432.40 | 4 | 34 | 3 | $432.40 | 1 | 0 |
| 16-May-20 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| 9-May-20 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| 2-May-20 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| 25-Apr-20 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| 18-Apr-20 | 19 | $9,500 | 14 | 92 | 8 | $185.70 | 11 | $9,360 |
| 11-Apr-20 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| 4-Apr-20 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| 28-Mar-20 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| 21-Mar-20 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| 14-Mar-20 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| 7-Mar-20 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| 29-Feb-20 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| 22-Feb-20 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| 15-Feb-20 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| 8-Feb-20 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| 1-Feb-20 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| 25-Jan-20 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| 18-Jan-20 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| 11-Jan-20 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| 4-Jan-20 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| 28-Dec-19 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.40 |
| 14-Dec-19 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| 7-Dec-19 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.50 |
| 23-Nov-19 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| 16-Nov-19 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| 9-Nov-19 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| 2-Nov-19 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| 26-Oct-19 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| 19-Oct-19 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| 12-Oct-19 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| 5-Oct-19 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| 28-Sep-19 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| 21-Sep-19 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| 14-Sep-19 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| 7-Sep-19 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| 31-Aug-19 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| 24-Aug-19 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| 16-Aug-19 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| 9-Aug-19 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| 2-Aug-19 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| 27-Jul-19 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| 20-Jul-19 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| 13-Jul-19 | 10 | $775 | 7 | 46 | 8 | $542.50 | 2 | $233 |
| 6-Jul-19 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| 29-Jun-19 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| 22-Jun-19 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| 15-Jun-19 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| 8-Jun-19 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| 1-Jun-19 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| 25-May-19 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| 18-May-19 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| 11-May-19 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| 4-May-19 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| 27-Apr-19 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| 20-Apr-19 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| 13-Apr-19 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| 6-Apr-19 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| 30-Mar-19 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| 23-Mar-19 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| 16-Mar-19 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| 9-Mar-19 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| 2-Mar-19 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| 23-Feb-19 | 12 | $2,040 | 8 | 69 | 9 | $614.60 | 3 | $1,430 |
| 16-Feb-19 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| 9-Feb-19 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| 2-Feb-19 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| 26-Jan-19 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| 19-Jan-19 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| 12-Jan-19 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| 5-Jan-19 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| 22-Dec-18 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| 15-Dec-18 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| 8-Dec-18 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| 1-Dec-18 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| 28-Nov-18 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| 19-Nov-18 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| 14-Nov-18 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| 6-Nov-18 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| 29-Oct-18 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| 24-Oct-18 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| 17-Oct-18 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| 10-Oct-18 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| 2-Oct-18 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| 25-Sep-18 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| 18-Sep-18 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| 11-Sep-18 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| 7-Sep-18 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| 29-Aug-18 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| 20-Aug-18 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| 14-Aug-18 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| 7-Aug-18 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| 31-Jul-18 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| 23-Jul-18 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| 17-Jul-18 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| 9-Jul-18 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| 3-Jul-18 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| 25-Jun-18 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| 18-Jun-18 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| 11-Jun-18 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| 6-Jun-18 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| 31-May-18 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| 22-May-18 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| 15-May-18 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| 9-May-18 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| 1-May-18 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| 24-Apr-18 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| 17-Apr-18 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| 11-Apr-18 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| 3-Apr-18 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| 28-Mar-18 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| 19-Mar-18 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| 12-Mar-18 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| 6-Mar-18 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| 27-Feb-18 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| 19-Feb-18 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| 12-Feb-18 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| 5-Feb-18 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| 30-Jan-18 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| 24-Jan-18 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| 18-Jan-18 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| 9-Jan-18 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| 3-Jan-18 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| 27-Dec-17 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| 18-Dec-17 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| 11-Dec-17 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| 4-Dec-17 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| 28-Nov-17 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| 16-Nov-17 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| 8-Nov-17 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| 1-Nov-17 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| 23-Oct-17 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| 18-Oct-17 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| 10-Oct-17 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| 2-Oct-17 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| 25-Sep-17 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| 18-Sep-17 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| 12-Sep-17 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| 1-Sep-17 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| 23-Aug-17 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
M&A/FUNDINGS
Apollo gobbles up IGT Gaming, Everi Holdings in $6.3B take-private deal
Deal Description: In February, publicly traded International Game Technology announced a taxable spin-off agreement of its gaming business, IGT Gaming, which would then merge with publicly traded Everi Holdings in a $2.6 billion transaction. On Friday, Apollo Global Management announced that it is acquiring both companies — and taking Everi private — in a combined $6.3 billion all-cash deal. Under the terms of the new agreements, Everi stockholders will receive $14.25 per share in cash, representing a 56 percent premium over Everi’s closing share price on July 25. IGT will receive $4.05 billion for IGT Gaming. Once the sale of IGT Gaming is completed, IGT will become a pure play global lottery business to be traded under a new stock symbol. The deal is expected to close in the third quarter of 2025.
Financial Advisors to IGT: Macquarie Capital, Deutsche Bank and Mediobanca
Legal advisors to IGT: Sidley Austin, White & Case and Wachtell, Lipton, Rosen & Katz
The Sidley team was led from Chicago by partners Paul Choi and Scott Williams, alongside Chicago M&A partner Brent Steele and Dallas global finance partners Angela Fontana and Sean Damm.
Financial Advisors to Everi: Global Leisure Partners. Houlihan Lokey provided additional advice to Everi’s board of directors
Everi Outside Counsel: Pillsbury Winthrop Shaw Pittman
Apollo Outside Legal Counsel: Paul, Weiss, Rifkind, Wharton & Garrison
KKR commits $4.9 billion in JV with T-Mobile and acquisition of Metronet
Deal Description: KKR announced July 24 the creation of a joint venture with T-Mobile to acquire Metronet and its broadband infrastructure. The transaction is expected to close in 2025, at which time T-Mobile is expected to invest approximately $4.9 billion to acquire a 50 percent equity stake in the JV and 100 percent of Metronet’s residential fiber retail operations and customers, as well as funding of the JV. Metronet’s customer base includes more than two million customers across 17 states. Based in Evansville, Indiana, Metronet is one of the largest pure play internet providers in the nation, and as part of the transaction, the joint venture will also acquire the existing stake owned by Oak Hill Capital. Oak Hill, in turn, intends to reinvest in a minority position in Metronet. The company’s founder, John Cinelli, will also retain a minority position. A Simpson Thacher team from Houston, led by Breen Haire and Shamus Crosby advised KKR on the deal. For more, read The Lawbook’s daily coverage here.
Helmerich & Payne Buys KCA Deutag for $1.97B
Deal Description: Helmerich & Payne Inc. announced July 25 that it reached a deal to acquire KCA Deutag International Ltd. for $1.97 billion in cash. The acquisition of KCA Deutag, headquartered in Scotland, is described by H&P CEO John Lindsay as “historic and transformative” for the century-old Tulsa-based company. The deal increases H&P’s rig count in the Middle East from 12 to 88 rigs, with additional operations in South America, Europe and Africa. KCA Deutag also has asset-light offshore management contract operations in the North Sea, Angola, Azerbaijan and Canada with “super major” customers. The transaction is expected to close before year-end if it clears regulators. Kirkland & Ellis counseled H&P and A&O Shearman advised KCA Deutag. For more, see our daily coverage here.
Casey’s expands foothold in Texas, acquiring CEFCO Convenience Stores for $1.45B
Deal Description: Iowa-based Casey’s General Stores, the fifth largest convenience chain in the nation, expanded its toehold in the Texas market late Friday, July 26, with news that it is acquiring Fikes Wholesale Inc. for $1.45 billion. Headquartered in Temple, Fikes owns and operates CEFCO Convenience Stores in 198 locations throughout the South, including 148 stores in Texas. With the acquisition, Casey’s — which already owned 22 stores in North Texas — increases its nationwide footprint to nearly 2,900 stores across 20 states. BMO Capital Markets acted as financial advisor on the deal with Paul, Weiss, Rifkind, Wharton & Garrison counseling on the legal side with antitrust counsel Cleary Gottlieb Steen & Hamilton. Fikes was advised by BofA on finance with Fort Worth’s Bourland, Wall & Wenzel as legal counsel. For more on the transaction see The Lawbook’s daily coverage here.
Woodside buys Tellurian for $1.2B
Deal Description: Tellurian Inc. announced July 21 that it entered into a definitive agreement with subsidiaries of Woodside Energy Group Ltd that Woodside will acquire all the outstanding shares of Tellurian for $1 per share in an all-cash transaction worth $900 million. The implied enterprise value of the transaction, including net debt, is around $1.2 billion. The deal is expected to close in the fourth quarter if the deal clears Tellurian shareholders and regulators. Akin Gump advised Tellurian and Norton Rose Fulbright repped Woodside. Gibson Dunn assisted Lazard, financial advisor to Tellurian. For more on the deal, click here.
Clearwater Paper sells tissue business to Sofidel America for $1.06B
Deal Description: Clearwater Paper, a supplier of quality consumer tissue and bleached paperboard based in Spokane, announced July 22 its agreement to sell its tissue business to Sofidel America for $1.06 billion. The transaction is expected to close in the latter part of 2024. Sofidel America, based in Pennsylvania, is a subsidiary of Sofidel S.p.A., a major provider of tissue for European markets. Sofidel first entered the U.S. market in 2015 and now produces tissues in eight different states (including a plant in Oklahoma) for the private label sector. Sofidel S.p.A., based in Italy, is privately held and owned by the Stefani and Lazzareschi families. Pillsbury Winthrop Shaw Pittman advised Clearwater. For more on the transaction, click here.
IDEX buys Mott for $1B
Deal Description: Publicly traded industrial products maker IDEX Corp. announced Tuesday it agreed to acquire Mott Corp., a microfiltration business that designs and manufactures sintered porous metal components and solutions used in fluidic applications, for $1 billion in cash. Worker-owned Mott has 500 employees, who will join IDEX’s health and science technologies segment. The target is anticipated to generate about $200 million of revenue this year with an EBITDA margin in the low 20s. Sidley advised IDEX while Mott used Cooley. For more, click here.
Archrock acquires Apollo-backed TOPS for $983M
Deal Description: Houston-based Archrock Inc. agreed July 22 to acquire Total Operations and Production Services, a Midland provider of contract gas compression services for the Permian Basin backed by Apollo Global Management Inc., in a cash-and-stock transaction valued at $983 million. Archrock will issue approximately 6.87 million new Archrock common shares to the sellers and fund the $826 million cash portion of the consideration with equity and debt and with an approach consistent with its stated target leverage ratio range of between 3 times and 3.5 times. TOPS includes 580,000 horsepower of predominantly young electric motor drive compression assets. Brad Childers, president and CEO of Archrock, said its acquisition is an opportunity to expand and diversify its contract compression operations, increase sustainability and create value for Archrock shareholders. TOPS will continue to be led by Brian Green.
Expected Closing: By the end of 2024 if it clears regulators
Archrock’s Outside Counsel: Latham & Watkins with a Houston-based corporate deal team led by partners Ryan Maierson and Nick Dhesi, with associates Denny Lee, Anji Yuan, Jordan Armstrong, Siyao Liu and Caroline Silverstein. Advice was also provided on tax matters by Houston partner Jim Cole with associate Dominick Constantino; on employee benefits matters by Washington, D.C. partner Adam Kestenbaum and Houston counsel Krisa Benskin with associate Christina Schrantz; on antitrust matters by Washington, D.C. partner Jason Cruise with associate Ivy Ziedrich; on insurance matters by Los Angeles partner Drew Levin and San Diego/Los Angeles counsel Hannah Cary with associate Enrique Covarrubias; on finance matters by Houston partner Craig Kornreich with associates Max Fin and Joanna Zhao; on environmental matters by Los Angeles/Houston partner Joshua Marnitz with associate Brandon Kerns; on intellectual property matters by New York partner Jeffrey Tochner with associate Matthew Snyder; on labor and employment matters by Chicago counsel Laura Waller with associate Elizabeth Duncan; and on real estate matters by Chicago partner Rachel Bates with associate Ariel Redlich.
Archrock’s Financial Advisor: Evercore
TOPS’ Financial Advisor: Jefferies
TOPS’ Outside Counsel: Vinson & Elkins
Evercore’s Outside Counsel: Bracewell including partner Will Anderson and associate Andrew W. Monk
Loar buys Applied Avionics for $385M
Deal Description: Haynes Boone said July 22 it represented Applied Avionics Inc., a U.S. manufacturer of avionics interface solutions for aerospace and defense platforms, on its sale to Loar Group Inc., a wholly owned subsidiary of White Plains, N.Y.-based Loar Holdings Inc., for $385 million in cash. The deal was announced July 19. Headquartered in Fort Worth, Applied Avionics employs more than 80 people. The transaction is anticipated to close shortly after receiving regulatory approvals. Loar expects that Applied Avionics’ sales will be $40 million and adjusted EBITDA will be $21 million for the year ending Dec. 31, 2024. Loar expects to receive tax benefits of $45 million as a result of the transaction, so Loar’s effective purchase price multiple will be 16 times Applied Avionics 2024 adjusted EBITDA.
From HB: Partner Brent Beckert led the deal team with support from associates Bryan Diebels, Joshua Reisman and Janet Wyse. Others included, on tax: counsel Danielle Marr; on antitrust: Partners Jennifer Wisinski and Larry Shosid and associates Hannah Shoss and Austria Arnold; on employee benefits and executive compensation: partner Scott Thompson and associate Isabella Blanes; on labor and employment: partner Karen Denney; on intellectual property: partner Gavin George and associate Nora Titus; and on government contracts: partner Zachary Prince.
SPAC FTAC Emerald acquires Fold in $365M deal
Deal Description: Fold Inc., a bitcoin financial services company, and FTAC Emerald Acquisition Corp., a publicly traded special purpose acquisition company sponsored by Cohen Circle, announced July 24 that they agreed to combine, which will result in Fold becoming public. The transaction implies a pre-money equity valuation for Fold of $365 million. The combined company intends to remain listed on NASDAQ under a new ticker symbol announced later. By integrating bitcoin across traditional financial services, Fold acts as a point of entry for consumers and businesses to engage with and integrate bitcoin into their everyday activities by accumulating, managing and spending their bitcoin through merchant rewards, debit cards and bill pay services. Fold has processed more than $2 billion in volume and has distributed over $45 million in lifetime bitcoin rewards to customers since its 2019 inception. It is anticipated that post-transaction Fold will have more than 1,000 BTC on its balance sheet. Fold expects to use the proceeds to accelerate the growth of Fold’s operations and treasury. Existing Fold stockholders will be subject to a six-month lock-up with an earlier release if the combined company’s stock price exceeds $12 per share for 20 trading days of any consecutive 30 trading day period ending at least 90 days after closing. Fold stockholders are expected to own around 71 percent of the combined company’s outstanding shares. Will Reeves, Fold’s CEO, will lead the combination, and Bracebridge (Brace) Young Jr., president and CEO of FTAC Emerald, will serve on its board.
Expected Closing: Q4 2024 if it clears regulators and FTAC Emerald stockholders
Fold’s Financial Advisor/Lead Capital Markets Advisor: Cohen & Co. Capital Markets, a division of J.V.B. Financial Group
Fold’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Ryan Maierson with associates Daniel Harrist, Brian Bruzzo, Mary Kline and Rafael Go. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley with associate Molly Elkins; on benefits matters by Century City/Bay Area partner Julie Crisp with associate Joseph Benedetto; on regulatory matters by New York partner Arthur Long and New York counsel Pia Naib; on cryptocurrency matters by New York partner Jenny Cieplak; on intellectual property matters by New York associate Sebastian Moss; on data privacy matters by Houston/Austin counsel Robert Brown; and on capital markets matters by Houston associate Paul Robe.
FTAC Emerald’s Outside Counsel: Stevens & Lee PC
Spectris buys SciAps for $260M
Deal Description: Spectris, manufacturer of precision measuring instruments based in London, announced July 24 that it has agreed to purchase Boston-based SciAps for $260 million. SciAps manufactures handheld instruments that use X-ray Fluorescence (XRF) and Laser Induced Breakdown Spectroscopy (LIBS) to analyze compounds, minerals and elements in raw materials used in major industries. These are interests that are particularly valuable in processes that involve metal recycling, battery materials, rare earth metals, food manufacturing and agriculture. The deal includes an initial cash outlay of $200 million with a deferred payment of $60 million contingent on financial performance metrics.
Spectris Outside Counsel: Clifford Chance advised Spectris with a team led by M&A partners Benjamin Sibbett in New York and Cephas Sekhar in Houston. They are being assisted by M&A associates Katerina Papacosma, Vicki Ye, Jake Makar, William Wilcox and Shuhan Liu. Other lawyers working on the matter include: tax: partner Philip Wagman and associate Joshua Thomas; compensation: partner Howard Adler and associate David Walsh; IP issues: counsel Daryl Fairbairn; on regulatory matters: partners Megan Gordon and Renee Latour, counsel Catherine Ennis and Jacqueline Landells, and associates Brian Yin, Holly Bauer and David Harris; insurance: counsel James Grayer; real estate: counsel Victoria Manthas and associate Anthony Norris; environmental matters: partner Ty’Meka Reeves-Sobers and associate Kami McFarland. Other team members include lawyers across Clifford Chance’s New York, Washington, DC, London, Amsterdam, Dusseldorf and Beijing offices.
Saronic nets $175M in Series B raise
Deal Description: Saronic, an Austin-based designer and manufacturer of autonomous surface vehicles (ASVs) for the defense department announced July 24 that it had raised $175 million in Series B funding. The funding round was led by Andreessen Horowitz (a16z), with participation from both new and existing investors, including 8VC, Caffeinated Capital, Elad Gil, and NightDragon, among others. Saronic ASVs, developed primarily for the U.S. Navy, feature integrated autonomous capabilities that can carry diverse payloads in communication- and GPS-denied environments.
Outside Legal Counsel: Latham & Watkins advised, primarily from the Bay Area, with a team led by partners Ben Potter and Ashley Wagner; included Washington D.C. partner Kyle Jefcoat, with associates Chris Pham, Kayleigh Kuyon, and Ryleigh Chen. Advice was also provided on CFIUS matters by Washington D.C. counsel Ruchi Gill, with associate Julie Choi Shin; and on IP matters by Bay Area partner Michelle Gross, with associate Amy Tosi.
Dazz snags $50M in raise led by Greylock
Deal Description: Dazz, a Silicon Valley startup that specializes in cloud security remediation, announced July 24 that it raised $50 million in a funding round led by Greylock. Included in the new round were existing investors Cyberstarts, Insight Partners and Index Ventures. The company said its total funding to date is $110 million. The funding comes just a week after a glitchy update of CrowdStrike’s Falcon Sensor security platform caused a global outage for devices that use Microsoft Windows.
Insight’s Outside Legal Counsel: Willkie Farr & Gallagher partner Matthew Guercio in New York and associate Joe Laurel in Houston
MariaDB tender offer moves toward $37M close
Stockholders of MariaDB plc, a company that has sought to commercialize the open-source database that bears its name, have surrendered more than 80 percent of the company’s outstanding stock to Meridian Bidco, a subsidiary of K1 Investment Management, according to a Compulsory Acquisition Notice issued by K1 Friday. The K1 tender offer, posted to shareholders in May, priced each share at $.55 per share, valuing the company at $37 million. K1 said that, as of July 22, it owns 61,263,283 shares of MariaDB, or 88.7 percent of the company. The company is an Irish public limited company dual-headquartered in Redwood, California and Dublin. K1 says that under provisions of the Companies Act of Ireland, it now intends to pursue compulsory acquisition of the remaining shares under the same terms as its tender offer. MariaDB, once valued at nearly $700 million as a private company, went public in December 2022 in a de-SPAC merger with Angel Pond Holdings.
Outside Counsel for MariaDB: Baker Botts with a team led by Dallas partners Samantha Crispin and Sarah Dodson, along with special counsel Andrew Schulte in Houston, and associates Matthew Savoff in Palo Alto, Tala Esmaili in Dallas and Chelsea Johnson in Houston. Dallas partner Jason Loden counseled on compensation and benefits along with Houston senior associate Gabriela Alvarez. Partner Luke Weedon in Dallas advised on finance.
HGGC sells Marmic to KKR funds
Deal Description: HGGC, a Palo Alto-based PE firm, announced July 26 the completion of its sale of Marmic Fire & Safety to funds managed by KKR. Terms were not disclosed. Headquartered in Joplin, Missouri, specializes in the inspection and maintenance of fire protection systems like sprinklers, suppression systems, alarms and special hazard systems. The company claims more than 56,000 customers in the commercial, industrial, government, multi-family and healthcare markets.
Outside Legal Counsel: Kirkland & Ellis advised with a team led by partners Marc Browning in Palo Alto, Josh Birenbaum and Javier Oliver-Keymorth both in Austin, along with tax partner Bill Dong, who splits his time between Houston and Salt Lake City.
CAPITAL MARKETS/FINANCINGS
Whistler Pipeline issues $1.85B in senior notes
Deal Description: Whistler Pipeline LLC announced the pricing of its offering $1.85 billion in unsecured senior notes. The offering includes: $400 million of 5.400% senior notes due 2029; $500 million of 5.700% senior notes due 2031, $825 million of 5.950% senior notes due 2034, and $125 million of 6.350% senior notes due 2044. The offering is expected to close on August 5, 2024, subject to satisfaction of customary closing conditions. Whistler says it intends to use the net proceeds from the offering to redeem or repay substantially all of its outstanding indebtedness, including its 5.21% Series A senior notes due 2030, its 7.00% Series B senior notes due 2031 and the balance on its existing term loan facilities.
Whistler Outside Counsel: Latham & Watkins LLP represents Whistler in the offering with a capital markets team led by Austin partner David Miller and Houston associate Om Pandya, with associates Ziyad Barghouthy, Mary Kline and David Lee. Advice was also provided on project finance and structuring matters by New York partners Warren Lilien and Christopher Cross, and Washington, D.C. partner Carlos Ardila, with associate Ashley Pappenfus; on tax matters by Houston partners Bryant Lee and Jim Cole, with associate Dominick Constantino; on environmental matters by Washington, D.C. partner James Barrett and Orange County/Washington, D.C. counsel Nikki Buffa, with associate Casey Kirk; and on regulatory matters by Washington, D.C. partners Patrick Nevins and Tyler Brown.
SM Energy offers $1.5B in senior notes
Deal Description: Denver-based SM Energy Co. announced July 18 that it priced an upsized offering of $750 million in 6.750% senior notes due 2029 and $750 million in 7.000% senior notes due 2032. The offering of the notes was expected to close on July 25. SM Energy intends to use the net proceeds, together with cash on hand and borrowings under its credit agreement, to fund the purchase price for SM Energy’s recently announced pending acquisition of certain oil and gas properties, interests and related assets located in the Uinta Basin from certain entities affiliated with XCL Resources; redeem all of its outstanding 5.625% Notes due 2025; and pay related fees and expenses. The 2029 notes will be subject to a “special mandatory redemption” if the consummation of the XCL acquisition doesn’t occur on or before July 1, 2025, or if the company notifies the trustee of the 2029 notes that it won’t pursue the consummation of the XCL acquisition.
Initial Purchasers’ Outside Counsel: Gibson, Dunn & Crutcher with a corporate team led by partner Doug Rayburn and including of counsel Justine Robinson and associates Jonathan Sapp, Alexis Levine and Andrew Watson. Senior counsel Gregory Nelson is advising on tax aspects.
SM Energy’s Outside Counsel: Holland & Hart in Denver led by partner Lucy Stark
Summit Midstream pricing upsized offering of $575M in notes
Deal Description: Baker Botts said July 22 it advised the initial purchasers and dealer manager led by RBC Capital Markets on Summit Midstream Partners’ $575 million senior secured second lien notes offering and cash tender offer. The notes bear interest at 8.625% and are due in 2029. The partnership intends to use the net proceeds from the offering, together with cash on hand and borrowings under the partnership’s asset-based lending credit facility, to repurchase or redeem all of the partnership’s 8.500% senior secured second lien notes due 2026 and 5.75% senior notes due 2025, pay accrued and unpaid interest on the 2026 secured notes and the 2025 notes and for general partnership purposes, including to pay fees and expenses associated with the offering and the repurchase of the 2026 secured notes for cash. The offering was expected to close on or about July 26.
From Baker Botts: The team was led by Clint Culpepper, Josh Davidson, Clint Rancher and Garrett Hughey and included Dela Peimani, Morgan Copher and Madeline McCune on finance; Will Cozzens, Rob Cowan, Sarah Dyer and Amy Jiang (corporate); Jon Lobb and Chuck Campbell (tax); Jason Loden (employee benefits); and Elizabeth Singleton (environmental).
Concentra Group launches $529M IPO
Deal Description: Select Medical Holdings announced July 24 an initial public offering for its wholly-owned subsidiary, Concentra Group Holdings Parent. Concentra opened trading on the NYSE on July 25, offering 22.5 million shares at $23.50. The shares offered, however, represent only about 20 percent of the company. Select Medical says it intends to retain 80 percent of the full issue. Concentra, whose corporate offices are in the Dallas suburb of Addison, is the largest provider of occupational health and therapy services in the U.S. with 547 health centers in 41 states.
IPO Managers: J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers for the IPO. Deutsche Bank Securities, Wells Fargo Securities, Mizuho, RBC Capital Markets and Truist Securities are acting as joint book-running managers for the IPO. Capital One Securities, Fifth Third Securities and PNC Capital Markets LLC are acting as co-managers for the IPO.
Counsel for Underwriters: Latham & Watkins advised with a team primarily from New York led by partners Nathan Ajiashvili and Alison Haggerty, with associates Kaj Nielsen, Shawn Quinn, Adam Weber, and Emma Gilmore. Advice was also provided on healthcare regulatory matters by Washington, D.C. partner Jason Caron and counsel Nicole Liffrig Molife, with associates Margaret Rote and Megan Lich; on benefits matters by Washington, D.C. partner David Della Rocca; on IP matters by New York partner Jeffrey Tochner, with associates Pelin Serpin and Ece Gonulal; on data privacy matters by Bay Area partner Heather Deixler, with associate Zac Alpert; and on and tax matters by Rene de Vera.
Outside Counsel for Concentra: Dechert
OTHER MATTERS
O’Melveny said July 22 it advised Satoshi Energy, Houston-based data center developer and software provider, on two commercial agreements to co-locate flexible data center loads directly with operating wind farms in the Electric Reliability Council of Texas market. Both transactions were announced on July 16. The team was led by partners Phillip Oldham and Katie Coleman, counsel Brooke Alger and Nick Hendrix and associate John Hubbard. The projects include Project Orange Roughy, a bitcoin and artificial intelligence data center with an operating wind generation asset under a mutually beneficial structure first pioneered by Satoshi Energy on a 140 megawatt project in 2022; and Project Hammerhead, a bitcoin and artificial intelligence data center with an operating wind generation asset in the Texas Panhandle under a mutually beneficial contracting structure pioneered by Satoshi Energy in a regulated market.
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Latham & Watkins said July 23 it advised Glenfarne Energy Transition in a LNG tolling agreement that will help bring low-emission natural gas to transitioning and emerging markets. The team was led by Houston partner Chris Peponis and associate Taylor López with assistance from associate Siyao Liu. Additional advice was provided by New York partner Hamad Al-Hoshan. Texas LNG Brownsville, a four million tonnes per year liquefied natural gas export terminal to be constructed in the Port of Brownsville, Texas, and a unit of Glenfarne Energy Transition and EQT Corp. executed a definitive 20-year agreement for natural gas liquefaction services for 2 MTPA of LNG. The agreement solidifies the two heads of agreement signed by Texas LNG Brownsville and EQT earlier this year.
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Dallas finance and investment veterans, Ben Doramus and Luke Doramus, announced July 23 the launch of their own Dallas-based investment firm, D2 Asset Management, in partnership with Koch Real Estate Investments. The describes itself as a global investment firm specializing in “credit, hybrid and special situation investments.” Their launch begins with $1 billion assets under management. Ben Doramus has served as a partner/manager at H/2 Capital Partners and head of CRE principal trading at Deutsche Bank. Luke Doramus brings expertise in alternative asset investments at TowerBrook Capital Partners and LibreMax Capital. He, too, is an alumnus of Deutsche Bank. And, yes, they are brothers. The two were advised in the launch by Sidley Austin partners Brien Wassner in New York and Joseph Schwartz in Chicago.
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EQT Corp. entered into a 20-year liquefaction tolling services agreement with Texas LNG Brownsville, a subsidiary of Glenfarne Energy Transition, LLC, as operator, for 2 metric tons per annum of liquefied natural gas. King & Spalding advised EQT on the agreement with Texas LNG, which plans to develop, construct, own and operate a 4 MTPA LNG liquefaction facility and export terminal located in the Port of Brownsville. Under the LTSA, EQT will deliver gas to Texas LNG, and Texas LNG will transport such gas to the to-be-constructed LNG production facility, liquefy the gas, store the resulting LNG, and load EQT’s resulting LNG onto LNG vessels. The Houston-based King & Spalding team advising EQT included David Lang, Chris Terhune, Erin Mendez and Will Carroll.