CDT Roundup: 20 Deals, 13 Firms, 253 Lawyers, $8.2B

Last week Haynes Boone released the results of its semi-annual oil and gas borrowing base redetermination survey, which reflected a sense of caution in the energy industry.

Many respondents — which included oil and gas producers, financial institutions, oilfield services companies, private equity firms and professional service providers — expected producers’ borrowing capacity to remain relatively flat.

The survey’s findings — taken through September — were surprising because oil and natural gas prices have reached highs not seen since 2014 (in the case of oil) and 2008 (in the case of natural gas).

“Our latest survey indicates that producers should not expect significant increases in their reserved-based lending credit availability,” said partner Kraig Grahmann, co-head of Haynes Boone’s energy transactions practice group. “Indeed, a meaningful percentage of survey respondents are predicting that borrowing bases will stay flat or even decrease slightly.”

By contrast, the firm’s spring 2022 survey, released in April, reflected greater optimism, with a majority of industry respondents expecting double digit percentage increases in borrowing bases of 20 percent or more. Very few respondents at the time expected borrowing bases to decrease.

Might recession fears be figuring into their responses? No mention of that in the survey materials. But Haynes Boone pointed out that capital sources showing the biggest increase in the fall survey versus the spring were monetization transactions and debt from alternative capital providers, a trend that isn’t usually seen during a stronger price environment.

There were 20 transactions worth a total of $8.2 billion reported during the week ending Oct. 22 — 13 M&A deals worth $5.4 billion and seven capital markets transaction valued at $2.8 billion. That almost measures up to the 21 deals for $10 billion at this time last year, but it’s far better than last week’s nine deals for $3 billion.

Kirkland & Ellis partner Rob Goodin worked on two transactions, both in renewables (see below), including Sonnedix on its acquisition of Chilean power producer Arco for undisclosed terms, and Doral Renewables’ agreement to sell up to $500 million of convertible notes to Apollo and Israel’s Migdal Insurance to help fund projects.

Vinson & Elkins partner Scott Rubinsky also worked on two deals: He advised, with John Grand, on Jonah Energy’s inaugural securitized financing transaction worth $750 million (backed by a portion of the company’s producing assets); and Tomball-based RiceBran Technologies on its offering to institutional investors to purchase of $1.5 million worth of its common stock.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
23-Nov-24	15	$4,553	15	145	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

BP to buy RNG Producer Archaea in $4.1B deal

Deal Description: Houston-based Archaea Energy Inc. announced Oct. 17 that it agreed to be acquired by BP for $4.1 billion. Kirkland & Ellis and Jones Day worked on the deal. For details, click here.

Trinity Hunt closes $618M Continuation Fund to support Improving, Argano Purchases

Deal Description: Dallas-based Trinity Hunt Partners, a growth-oriented private equity firm, announced Oct. 21 the closing of its first Continuation Fund, raising capital to support the acquisitions of Argano and Improving, two technology services companies, from Trinity Hunt Partners V. The Continuation Fund closed on $618 million in commitments, which includes a pool of capital for follow-on investments to support the continued growth of the companies. The funding was led by StepStone Group and Schroders Capital with additional commitments from new and existing investors. During its ownership period in Improving and Argano, Trinity Hunt has worked to expand each business by focusing on organic growth, add-on acquisitions and investments in people and culture. With additional capital support, Trinity Hunt will continue to seek to execute on this growth strategy.

Trinity Hunt’s Financial Advisor: Credit Suisse

Trinity Hunt’s Outside Counsel: Kirkland & Ellis led by by investment funds partners Matt Nadworny, Ian Jelsma and Damian Jacobs, with support from corporate partners Thomas Laughlin and Jack Shirley; and tax partner Stephen Butler; and included investment funds associates Randy Coffey and Steven Torgesen; corporate associate Hyrum Clarke; and tax partners Adam Nguyen and Ryan Phelps. 

StepStone’s Counsel: Debevoise & Plimpton

Schroders’ Counsel: Proskauer

Notes: Since January 2019, Kirkland said it has advised 700 unique sponsors on the formation of 945 funds with capital commitments of $1.15 trillion, including many multi-billion dollar fund managers as well as middle and lower-middle-market firms, some of which are raising their first institutional fund.

Par Pacific acquires ExxonMobil’s Billings refinery for $310M

Deal Description: Houston-based Par Pacific Holdings Inc. announced Oct. 20 that it signed a definitive agreement to acquire the 63,000 barrel-per-day Billings refinery and associated marketing and logistics assets from ExxonMobil Corp. and two of its units for $310 million plus hydrocarbon and other inventory valued at closing. Par Pacific expects to fund the deal with cash on hand and availability under existing credit facilities based on liquidity of $495 million on Sept. 30. Hydrocarbon inventory will be financed by a new working capital facility. The transaction is expected to be immediately accretive to adjusted net income and free cash flow per share. The refinery processes low-cost Western Canadian and regional Rocky Mountain crude oil grades but Par Pacific is evaluating renewable fuels opportunities. The deal includes a 65 percent interest in an adjacent cogeneration facility, an expansive marketing and logistics network and long-term ExxonMobil-branded fuels marketing arrangement to supply 300 retail locations.

Expected Closing: Q2 2023

Par’s In-House Counsel: Jeff Hollis, general counsel and secretary in Houston

Par’s Outside Counsel: Porter Hedges led the overall deal, including James Cowen and Brian Rose with assistance from Geoff Schultz, Adam Nalley, Ben Rajabi, Derek Forinash, Lauren Hunt and Megan Luh. 

Bracewell worked on the environmental and regulatory aspects led by partner Tim Wilkins and included Mark K. Lewis (partner), Troy Harder (partner), Daniel J. Pope (associate) and Kathryn F. Penry (associate).

Summit Midstream adds $305M bolt-on acquisitions in DJ Basin

Deal Description: Summit Midstream Partners announced Oct. 17 that its unit Summit Midstream Holdings agreed with Outrigger Energy II to buy Outrigger DJ Midstream and with Sterling Investment Holdings to acquire Sterling Energy Investments, Grasslands Energy Marketing and Centennial Water Pipelines, which own natural gas gathering and processing systems, a crude oil gathering system, freshwater rights and a subsurface freshwater delivery system in the DJ Basin. The price was $305 million in cash. The Outrigger and Sterling assets are in Colorado and Nebraska. With the deals, Summit Midstream’s 2023 adjusted EBITDA is expected to reach at least $300 million from $205 million to $220 million estimated in 2022. 

Expected Closing: Q4 2022 if deals clear regulators

Sterling’s Financial Advisor: TPH&Co., the energy unit of Perella Weinberg Partners

Sterling’s Outside Counsel: Vinson & Elkins led by partner Matt Falcone and senior associate Yong Eoh, with assistance from associates Matt Fiorillo and Patrick Reintjes. Also advising were partner Sean Becker and counsel Martin Luff (employment/labor); partner Shane Tucker (executive compensation/benefits); partner Brett Santoli, senior associate Maya Bobbitt and associate Joe Kmak (finance); partner David Peck and senior associate Peter Rogers (tax); partner Matt Dobbins and associate Alexis Boyd (environmental); partner Darren Tucker and senior associate Ryan Will (HSR); partner Sarah Mitchell and associate Alex Turner (insurance); counsel Scot Dixon (real estate); partner Damien Lyster and senior associate Mike Malenfant (energy regulatory); counsel Rajesh Patel and associate Marcus Martinez (technology transaction/IP); and partner Jeff Johnston (litigation).

Outrigger’s Financial Advisor: Evercore

Outrigger’s Outside Counsel: Vinson & Elkins led by partner Creighton Smith and associate Stuart Lawson, with assistance from counsel Danny McEntee. Also advising were partner David Peck, senior associate Brian Russell and associate Adam Bateman (tax); partner Darin Schultz and senior associate Alex Cross (finance); partner Matt Dobbins and associate Alexis Boyd (environmental); partner Sarah Mitchell and associate Alex Turner (insurance); partner Sean Becker (employment/labor); partner Shane Tucker and associate Matt Green (executive compensation/benefits); counsel Rajesh Patel (technology transactions/IP); partner Randy Jurgensmeyer (real estate); partner Hill Wellford, counsel David Smith and Elizabeth McIntyre, senior associates Ryan Will and Brian Howard and associate Rami Rashmawi (litigation); partner Damien Lyster and associate Reagan Lutter (energy regulatory).

Summit’s Financial Advisors: RBC Capital Markets (Outrigger) and TD Securities (Sterling)

Summit’s Outside Counsel: Locke Lord. On Outrigger: The team led by Jennie Simmons and Bill Swanstrom (both of Houston) with assistance by Lauren Richter, Ben Cowan, Laura L. Ferguson, David Harrell, Jerry Higdon, Eric Larson, Sara Longtain, Terry Radney, Rachael Beavers, Lani Blake, Andrew Nelson and Shannon Schroeder (all of Houston), Van Jolas, Bradley Weber and Angela Stockbridge (all of Dallas), A­ndrew Capalbo (Providence) and Thomas Knight (Washington D.C.).

On Sterling: The team was led by Simmons and Swanstrom with assistance by Richter, Ferguson, Harrell, Larson, Longtain, Radney, Blake, Jolas, Stockbridge and Capalbo (Providence).

GM inks $69M deal with Queensland Pacific Metals for Australian nickel

Deal Description: General Motors Co. announced it secured a new source of cost-competitive nickel and cobalt for Ultium battery cells after making a strategic investment in Queensland Pacific Metals of Australia. The nickel laterite ore is expected to be processed using a new and proprietary process that helps reduce waste with no requirement of a tailings dam. As part of the agreement, GM is expected to invest up to $69 million in Queensland Pacific Metals for the development of its proposed Townsville Energy Chemicals Hub Project in Northern Australia. The nickel and cobalt from Queensland Pacific Metals will help power a portfolio of trucks, SUVs, vans and luxury vehicles from GM, including the Chevrolet Silverado EV, GMC Hummer EV Pickup and SUV, Cadillac Lyric, Chevrolet Blazer EV and Chevrolet Equinox EV.   

GM’s Outside Counsel: Kirkland & Ellis led from Houston by corporate M&A partners Anthony Speier and Patrick Corrigan and associates Ryan Anderson and William Zakhary; technology & IP transactions partner Matthew Darch; and antitrust partner Carla Hine

RadioMedix attracts $40M led by Portland Investment Counsel

Deal Description: Gunderson Dettmer said Oct. 7 it represented biotechnology client RadioMedix, in the announcement of its $40 million equity financing led by Portland Investment Counsel Inc. RadioMedix is a clinical-stage biotech focused on targeted radiopharmaceuticals for diagnosis, monitoring and therapy of cancer. The new capital will be used to advance its targeted alpha therapy platform and diagnostic radiopharmaceuticals for rare and aggressive cancers.

From Gunderson: Led by partner Wes Watts and including Alex Devine in Austin

Anuvu sells Wireless Maritime Services to CCP Capital Strategies

Deal Description: Anuvu, a provider of high-speed connectivity and entertainment solutions for worldwide mobility markets, announced Oct. 17 it completed the sale of its stake in Wireless Maritime Services to CCP Capital Strategies, a private equity investment firm. Terms weren’t disclosed. WMS provides maritime cellular networks at sea. WMS’ management team will continue to lead the business, which will now operate as an independent platform. The company was formed in 2005 and is headquartered in Miramar, Florida. CCP has offices in Greenwich, Conn., and Atlanta.

Anuvu’s Outside Counsel: Weil including private equity partner Brian Gingold and associate Marina Safonova in New York and banking and finance partner Courtney S. Marcus in Dallas

Wafra acquires controlling interest in Mission Clean Energy

Deal Description: Wafra Inc., a global alternative asset manager, announced Oct. 18 the acquisition of a controlling interest in Mission Clean Energy, a utility scale renewable asset developer. Terms weren’t disclosed. Alongside Wafra, Aggregate Power Infrastructure, a clean infrastructure investor, will be investing in Mission. Mission has aggregated a 3 gigawatt project development pipeline with a diverse geographical presence across North America and a focus on solar and battery storage projects, the press release said. Wafra’s investment will be used to accelerate the expansion and delivery of these pipeline assets. Mission was founded in 2022 to respond to the growing demand for renewable energy assets. The leadership team is led by Max Bakker, co-founder and CEO. Wafra is an investment firm with $32 billion of assets under management across real assets, real estate and financial services.

Wafra/API’s Outside Counsel: Latham & Watkins led by Houston/New York partner Ravi Purohit and Washington, D.C., partner Ethan Schultz and Austin associates Cody Conwell and Cecilia Turchetti. Advice was provided on benefits and compensation matters by Houston counsel Krisa Benskin and Houston associate Dane Rebkowec; on tax matters by New York partner Eli Katz and Chicago partner Rene de Vera; and on real estate matters by San Diego partner Robert Frances and San Diego associate Will Swanson. 

Mission’s Outside Counsel: Farella Braun + Martel

Sonnedix buys solar & wind platform in Chile

Deal Description: Sonnedix, an international renewable energy producer, announced Oct. 19 it completed the acquisition of Arco, one of the largest independent renewable power producers in Chile. Terms weren’t disclosed. Arroyo Investors established Arco to pursue investment opportunities in the Chilean renewable generation markets. With this deal, Sonnedix enters the wind generation space in Chile, where it has been present as a solar IPP since 2015. The company adds 290 megawatts of renewable energy projects to its portfolio, reaching more than 1 gigawatt of total capacity in Chile and 7.4 gigawatts globally.

Arroyo’s Outside Counsel: Kirkland & Ellis led by corporate partners Rob Goodin in Houston and Austin, Rhett Van Syoc in Houston and New York and Camille Walker in Houston; tax partners Stephen Butler, Jon Nelsen and Ryan Phelps; and corporate associates Peter Hyams and Brett Mele

Stewart acquires reverse mortgage provider FNC Title Services

Deal Description: Locke Lord said Oct. 19 that it advised Stewart Information Services Corp., a global real estate services company, on its acquisition of the non-California operations of FNC Title Services, a reverse mortgage specialist title agency. Terms on the deal, which was announced Oct. 4, were not disclosed. Stewart’s acquisition of FNC’s California operations is expected to be completed following receipt of regulatory approval.

From Locke Lord: The team was led by Christopher Martin and Jason McCloskey (both of Houston) with assistance from Mark Backofen and Van Jolas (both of Dallas) and Andrew Nelson, Jeremy Petersen, Ed Razim, Buddy Sanders and Mechelle Smith (all of Houston).

Sunny Sky Products to buy GoodWest Industries

Deal Description: The Jordan Co.-backed Sunny Sky Products, a Houston-based producer of dispensed beverage solutions offering hot, cold, frozen and beverage enhancer products for the convenience store and foodservice channels, announced Oct. 13 that it agreed to acquire GoodWest Industries, a manufacturer and supplier of low-acid aseptic beverage solutions, primarily shelf-stable and bag-in-box coffee creamers, cold brews and iced coffees. The seller was Palladium Equity Partners. Terms weren’t disclosed. Following the acquisition, GoodWest will operate as a wholly owned unit of Sunny Sky. The GoodWest leadership will report directly to W. Ashley Edens, president and CEO of Sunny Sky. GoodWest will also keep its headquarters in Douglassville, Pa. The combined entities will benefit from commercial synergies via expanding relationships with new and existing customers and channels. GoodWest was founded in 1994.

Expected Closing: By year-end 2022

Sunny Sky’s Outside Counsel: Kirkland & Ellis led by corporate partners Colin Zelicof and Andrew Arons and debt finance partners Jason Kanner and Andrea Weintraub

GoodWest’s Outside Counsel: Greenberg Traurig

GoodWest’s Financial Advisor: Lincoln International

Excess Energy exchanges upstream assets for Dorchester Minerals stock

Deal Description: Alston & Bird said Oct. 21 it represented Excess Energy on its contribution and exchange agreement with Dallas-based Dorchester Minerals in which Excess Energy contributed certain of its interests in oil and gas properties to DMLP in exchange for 816,719 common units in DMLP. The value was not provided. The closing date was Sept. 30.

From Alston & Bird: Partner Mitchell Griffith in Dallas and counsel Gaye Lentz in Fort Worth assisted by associate Maddie Wolf in Dallas

CAPITAL MARKETS/FINANCINGS

Diamondback Energy prices $1.1B offering of senior notes

Deal Description: Midland-based Diamondback Energy Inc. announced Oct. 17 that it priced an offering of $1.1 billion of 6.250 percent senior notes that will mature on March 15, 2033. The price to the public is 99.572 percent of the principal amount. Diamondback intends to use the net proceeds to fund, in full, the redemption of all of Rattler Midstream’s outstanding 5.625 percent senior notes due 2025 and for general corporate purposes, including paying a portion of the cash consideration for the pending acquisition of certain oil and natural gas assets from FireBird Energy.

Expected Closing: Oct. 28

Book-Running Managers: BofA Securities Inc., Barclays Capital Inc. and Scotia Capital (USA) Inc.

Diamondback’s Outside Counsel: Akin Gump led by corporate partner John Goodgame and including partner Alan Laves, senior counsel Irina Maistrenko, counsel Katie Dinett, associates Morgan Francy, Kimia Jalalipour and Mary Kate Thompson (corporate), and partners Alison Chen, Julia Pashin and associate Aaron Vera (tax).

Banks’ Outside Counsel: Latham & Watkins led by Austin partners David Miller and Michael Chambers with Austin associate Connor Adams and Houston associate Nat Bass. Advice was provided on tax matters by Houston partner Jim Cole with Houston associate Dylan White; and on environmental matters by Los Angeles/Houston counsel Josh Marnitz, with Washington, D.C. associate Jacqueline Yap.

Jonah Energy completes $750M securitized financing

Deal Description: Jonah Energy announced Oct. 20 that it closed its inaugural securitized financing transaction, an offering by an affiliate of $750 million fully amortizing notes backed by a portion of Jonah’s producing assets. Jonah plans to use the proceeds to repay all outstanding borrowings under its existing credit facility and for general corporate purposes. Guggenheim Securities was structuring advisor, book-running manager and placement agent. Jonah’s assets and operations are within the Greater Green River Basin in Sublette County, WY, and consist of 2,400 producing wells and over 130,000 net acres located in the Jonah Field and surrounding area. Jonah’s location in the upper Green River Basin combined with strong Western gas market fundamentals have historically driven high realized prices, the release said.

Jonah’s Outside Counsel: Vinson & Elkins led by partners John Grand and Scott Rubinsky and senior associate Joanna Enns with assistance from associates Alex Turner, Nate Richards, Anne Jensen, John Sasso, and Bennett Robinson. The finance team was led by partners David Wicklund, Tzvi Werzberger, Niels Jensen and James Longhofer and senior associate Caitlin Snelson with assistance from counsel Noelle Alix and Stephen Tarry, senior associates Carter Olson and Demi Hueth and associates David Albano, Michelle West, Layla Wehbe, Will Biesel and Garrett Tidsworth. Also advising were partners Wendy Salinas and David Peck and senior associate Lauren Meyers (tax); partners Matt Dobbins and Maggie Peloso and associate Ryan Vanderlip (environmental); partners Damien Lyster and John Decker and associate Ryan Hoeffner (energy regulatory); senior associate Miguel Colebrook (corporate); partners David D’Alessandro and Brian Bloom and associates Maddison Riddick and Keira Kuntz (executive compensation and benefits); partners Fry Wernick, Dave Johnson, Matt Stammel and Hill Wellford, counsel Elizabeth McIntyre, senior associate Brian Howard and associates Pete Thomas and Emalee LaFuze (litigation); partner Sean Becker (employment/labor); counsel Scot Dixon (real estate); and partner Steve Abramowitz and associate Lucian Wang (restructuring).

Doral Renewables secures up to $500M of commitments from Apollo, Migdal 

Deal Description: Doral Renewables, a U.S. renewable energy and storage developer, announced Oct. 18 that it entered into an agreement to sell up to $500 million of convertible notes to funds managed by Apollo affiliates and Migdal Insurance, an Israeli insurance and pension company. The notes are convertible to common equity interests in Doral at a pre-money valuation of $1.5 billion. Doral intends to use the proceeds to fund investments in renewable energy and storage projects. In connection with the investment, Apollo partner Corinne Still will join the company’s board. The investment follows Doral’s announcement in June of Bank of America Corp.’s commitment to provide $175 million of tax equity to support its flagship Mammoth North project in Indiana. If the project passes certain milestones, diligence, underwriting and corporate approvals, Bank of America is willing to work together with the company toward potential additional tax equity raises to support the final two phases. In addition, Bank of America supported Doral with the issuance of $75 million of standby letters of credit through a back-to-back arrangement with a correspondent banking partner. The late-stage projects that Doral intends to commercialize by 2024 include the three phases of the Mammoth Solar project and additional projects in PJM and SERC. The remaining 8 gigawatts of Doral’s portfolio is made up of solar and solar-plus-storage projects across various markets.

Doral’s Financial Advisor/Placement Agent: Guggenheim Securities

Doral’s Capital Markets Advisor: BofA Securities

Doral’s Outside Counsel: Kirkland & Ellis led by debt finance partner Rob Eberhardt in New York; corporate partner Rob Goodin in Houston and Austin; and tax partner Mike Masri in New York; with assistance from debt finance associate Vinicius Beraldo in New York, corporate associates Fern Langa in Houston and Brett Mele in Austin; and tax partner Sophia Han in New York.

Apollo’s Outside Counsel: Allen & Overy

Spring Valley Acquisition II completes $230M IPO

Deal Description: Spring Valley Acquisition Corp. II, a blank check company, announced Oct. 17 the closing of its initial public offering of 23 million units at a price of $10 per unit, which includes the exercise in full by the underwriters of their overallotment option to purchase an additional 3 million units. Proceeds were $230 million before deducting underwriting discounts and commissions and other offering expenses. The units began trading on the Nasdaq Stock Market under the ticker symbol “SVIIU” on Oct. 13. While the company may pursue an initial business combination target in any business or industry, Spring Valley Acquisition II plans to target companies in the sustainability industry, including renewable energy, resource optimization, environmental services and grid infrastructure, complementing the backgrounds of its management team. The company is led by chairman and CEO Chris Sorrells and CFO Rob Kaplan. Its primary sponsor is an affiliate of Pearl Energy Investment Management, which typically targets opportunities requiring $25 million to $150 million of equity capital.

Book-Running Managers: Citigroup Global Markets Inc. and Guggenheim Securities

Banks’ Outside Counsel: Shearman & Sterling including partner Bill Nelson and counsel John Menke

Spring Valley Acquisition II’s Outside Counsel: Kirkland & Ellis

Summit Midstream obtains investor commitment to purchase $85M in notes

Deal Description: Summit Midstream Partners announced Oct. 17 it obtained commitment letters from certain investors to purchase $85 million in 8.5 percent senior secured second lien notes due 2026 at an issue price of not less than 99.26 percent. The proceeds will be used to help fund the Outrigger and Sterling asset purchases (see above).

Summit’s Outside Counsel on Private Placement: Baker Botts including Houston corporate partners Josh Davidson, Clint Rancher and Clint Culpepper, senior associate Garrett Hughey and associates Austin Lee and Regan Vicknair; and tax partner Mike Bresson and senior associate Jared Meier

EnTrust provides $85M convertible notes facility to flyExclusive

Deal Description: Vinson & Elkins said Oct. 17 it advised EnTrust Global, as initial noteholder, in connection with the $85 million convertible notes facility provided to flyExclusive, a provider of private jet charters, concurrently with EG Acquisition Corp., a special purpose acquisition company sponsored by EnTrust and GMF Capital, entering into a definitive business combination agreement with flyExclusive. Under the terms of the agreement, flyExclusive and EG Acquisition Corp. will combine into a new company that is expected to be listed on the New York Stock Exchange and will adopt flyExclusive as the corporate operating brand.

From V&E: The team was led by partners Ron Nardini, Mike Bielby and Sarah Morgan. Other key team members included associates Natalie Harrison and Jalee Blackwell (finance); senior associate Stancell Haigwood and associates Nick Gonzalez, Jessica Rosenwasser and Alice Zhang (corporate); and associate Mel Byun (tax).

RiceBran closes $1.5M registered direct offering

Deal Description: Tomball-based RiceBran Technologies, a developer and maker of ingredients derived from rice and other small and ancient grains for human food and nutraceutical, pet care and equine feed, announced Oct. 20 the closing of the previously announced registered direct offering to institutional investors for the purchase and sale of 1 million shares of its common stock at $1.50 per share in a registered direct offering. The company also agreed to issue to the investors warrants to purchase up to 2 million shares of common stock with an exercise price of $1.60 per share. The warrants are exercisable six months after issuance and have a term of two-and-a-half years from the initial exercise date. H.C. Wainwright & Co. was placement agent for the offering. The gross proceeds were $1.5 million before deducting the placement agent’s fees and other offering expenses. The company intends to use the net proceeds for general corporate purposes, which may include funding capital expenditures and working capital and repaying debt.

RiceBran’s Outside Counsel: Vinson & Elkins led by partner Scott Rubinsky with assistance from senior associate Stancell Haigwood and associates Nina Bhatia, Emily Kercheville and Warner Scott.