CDT Roundup: 21 Deals, 15 Firms, 222 Lawyers, $18.7B

After a difficult borrowing season in 2020, oil and gas producers should expect a boost in credit availability.

Most oil and gas industry watchers predict companies will be able to expand the amount they can borrow by 10% to 20% and almost no one is predicting decreases, according to latest Borrowing Base Redeterminations Survey by Haynes and Boone.

That’s an improvement from the firm’s spring 2020 survey, when a sizable majority of respondents projected borrowing bases to decrease by at least 20%. Haynes and Boone’s most recent survey, in spring 2021, offered more modest optimism with most respondents predicting borrowing bases would remain the same or increase by 10%.

The firm polled executives at oil and gas producers, financial institutions, private equity firms and professional service providers in September. This is the 14th borrowing base survey since Haynes and Boone began polling in 2015.

Notably, lenders are more bullish on borrowing bases increasing than producers, with 62% of them predicting at least a 10% boost in borrowing bases versus producers anticipating no change. Nearly two-thirds of respondents expect the public equity markets, which producers largely have been shut out of since 2018, to be available in 2022.

“This is an interesting finding given that public equity markets have shunned our industry for the last 18 months,” partner Kraig Grahmann, head of Haynes and Boone’s energy finance practice group in Houston, said in a statement.

Haynes and Boone also noted that this last spring, the NYMEX Strip was around $60 per barrel; it has increased 25% as of Oct. 15. It was trading at $83.64 on Monday, up nearly 40% since spring.

As if on cue, last week saw 21 transactions worth $18.8 billion. At least nine of those 21 were energy deals, including six of the 10 capital markets transactions. As a point of further emphasis, of the 11 M&A deals worth $12.3 billion, the largest by far was a $9 billion midstream merger; and of the 10 capital markets transactions worth $6.5 billion, the largest transaction — a $3 billion credit facility — involved a major energy producer. All of that meant work for 222 lawyers involved at 15 different firms.

Last week there were 15 deals, but they were worth only $3.9 billion. Last year at this time, there were only six deals, but they were worth $18.1 billion. The word we find ourself looking for is “symmetry.”

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
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	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/Funding

Altus, EagleClaw announce all-stock combo worth $9B

Deal Description: Altus Midstream Co, announced Oct. 21 it will combine with privately-owned BCP Raptor Holdco in an all-stock transaction. BCP is the parent company of EagleClaw Midstream, which includes EagleClaw Midstream Ventures, the Caprock Midstream and Pinnacle Midstream businesses, and a 26.7% interest in the Permian Highway Pipeline. Altus will issue 50 million Class C common shares — and its unit, Altus Midstream, will issue corresponding common units — to BCP’s unitholders, principally funds affiliated with Blackstone and I Squared Capital. The deal will result in a combined ownership of 75% of the company. The ownership by Apache Midstream, a unit of Apache Corp., will be reduced to 20% from 79% and existing Altus public shareholders will own 5%. Apache will be permitted to sell up to 4 million shares until three-months post-closing provided it invests the first $75 million of proceeds in Alpine High development activity over 18 months.

Expected closing: Q1 2022

BCP Raptor’s/Eagle Claw’s In-House Counsel:  General Counsel Todd Carpenter

Apache’s In-House Counsel: General Counsel Anthony Lannie and Assistant General Counsel Patrick Whitman; also senior counsel Kyle Funderburk and Nora Dobin

BCP’s and Blackstone’s Outside Counsel: Vinson & Elkins led by partners Keith Fullenweider and Doug McWilliams, counsel Crosby Scofield and senior associate Robert Hughes, with assistance from associates David Lassetter, Alex Turner, Phillip Turpin, David Smith, Chandler Jones, Alex Lewis and Lawrence Nelson; partners John Lynch and Lina Dimachkieh, senior associate Brian Russell and associate Adam Bateman (tax); partner David Wicklund, senior associate Caitlin Snelson and associates Joe Higdon and Jeremy Gopin (finance); partner Shane Tucker, counsel Dario Mendoza and associate Mary Daniel Morgan (executive compensation/benefits); partner Matt Dobbins and associate Kelly Rondinelli (environmental); counsel Damien Lyster and associate Bree Sinclair (energy regulatory); associates John McEntire, Alicia Vesely, Zach Parker and Rob Vezina (energy transactions/projects); and partner Sean Becker (labor/employment).

iSquared’s Outside Counsel: Sidley, including partners George Vlahakos and Angela Richards, senior counsel Glenn Pinkerton, counsel Atman Shukla and associate Cedrick Seley

Altus and Apache’s Outside Counsel: Bracewell, induding Texas partners Jason Jean, Troy L. Harder, G. Alan Rafte, Will Anderson, Derek A. B. Speck, Matthew B. Grunert and Rebecca L. Baker and associates Andrew W. Monk, Colleen N. Sitton, Shannon L. Baldwin, Jay N. Larry and Patrick K. Johnson

Investment bankers: Credit Suisse Securities for Altus (Jon Lurvey, Daniel Weisenberg and Paul Wharton in New York); Goldman Sachs for Apache; and Barclays, Citi, Greenhill, Intrepid and Jefferies for BCP, Blackstone and I Squared

Notes: V&E’s Fullenweider counseled Blackstone on the $2 billion acquisition of Eagle Claw Midstream Ventures from EnCap Flatrock Midstream. Bracewell’s Rafte advised Apache when it created Altus with SPAC Kayne Anderson Acquisition Corp., a deal in which he and Lannie were named finalists for the M&A Deal of the Year Award by the Houston chapter of the Association for Corporate Counsel.

Blue Owl Capital Acquires Oak Street RE

Deal Description: Blue Owl Capital has agreed to purchase Chicago’s Oak Street Real Estate Capital for $950 million. The purchase will be funded through a combination of cash and Blue Owl common stock. Since its founding in 2009, Oak Street has built its focus on sale-leasebacks and seed capital deals.

Buyer Outside Counsel: Kirkland & Ellis advised Blue Owl with a team led from Chicago by partner Rick Campbell.

Seller Outside Counsel: Oak Street tapped the Houston offices of Willkie Farr & Gallagher for a team led by partners Michael De Voe Piazza and Jesse Myers, along with counsel Julian Golay (NY), Will Thanheiser and Christian Truman (both Houston).

Notes: Blue Owl was formed via SPAC last December when New York lender Owl Rock Capital Group and Neuberger Berman subsidiary Dyal Capital merged with blank check Altimar. Kirkland advised Owl Rock on that transaction.

FTS International sells to ProFrac for $407.5M

Deal Description: Fort Worth-based FTS International Inc. announced Oct. 22 that it has entered into a definitive agreement to be acquired by ProFrac Holdings in an all-cash transaction that values FTS at $407.5 million, including payments to outstanding warrants. FTS stockholders will receive $26.52 per share, a 0.3 discount over the closing price the day before but a 14% premium over the company’s 60-day volume-weighted average closing share price through Oct. 21. The transaction will create one of the largest completions-focused service companies in the U.S. oil and gas industry that will have improved resiliency via enhanced expertise, technology and scale.

Expected closing: Q1 2022

Buyer’s Outside Counsel: Vinson & Elkins advised ProFrac led by partners Chris Collins and Mike Telle with assistance from associates Charlie Fitzpatrick, Mary Busse and Libby Gerstner; senior associate Brett Peace (activism); associates David Bumgardner and Markeya Brown (corporate); partner Lina Dimachkieh, senior associate Brian Russell and associate Lauren Nieman (tax); partner David D’Alessandro, counsel Dario Mendoza and associate Mary Daniel Morgan (executive compensation/benefits); partner Devika Kornbacher, counsel Rajesh Patel and associate Marcus Martinez (technology transactions/IP); partner Matt Dobbins and associates Austin Pierce and Simon Willis (environmental); partner Guy Gribov, senior associate Alex Kamel and associates Joe Higdon and Jeremy Gopin (finance); partner Hill Wellford and counsel David Smith (antitrust); and partner Jason Powers (litigation).

Seller’s Outside Counsel: Davis Polk & Wardwell

Financial Advisors: Ducera Partners for FTS (Jay Sinha in New York) and Piper Sandler for ProFrac (Sanjiv Shah in Houston)

Notes: Jones Day counseled FTS on its IPO in 2018 and Winston & Strawn advised it on the $32.7 million sale of its 45% equity ownership of SinoFTS Petroleum Services Ltd. to Sinopec Oilfield Service Corp. in 2019.

SK E&S invests up to $400M in LS Power unit REV Renewables

Deal Description: South Korea-based SK E&S Co. Ltd. announced Oct. 18 it would invest up to $400 million in REV Renewables, an LS Power company focused on the development, acquisition and operation of renewables and energy storage. SK E&S’s investment will help accelerate the expansion of REV’s portfolio of renewable power and energy storage projects. SK E&S in return will receive an ownership stake in REV’s renewables and energy storage platform and will hold one seat on REV’s board of directors. SK E&S is South Korea’s largest privately-owned liquefied natural gas player and an affiliate of SK Group, one of South Korea’s top three conglomerates with $106 billion in annual revenue. New York-based LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector.

LS Power’s and REV’s Outside Counsel: Willkie Farr & Gallagher with a team led in part by Houston partner Jay Hughes

SK E&S’s outside counsel: O’Melveny led by Korean partner Daniel Kim

SK E&S’s Financial Advisor: BofA Merrill Lynch, including Jason Satsky

Notes: Willkie’s Hughes, who joined last year from McGuireWoods where he was managing partner of the Houston office, counseled LS Power when it launched REV in August.

Farrar Scientific Acquired by Trane Technologies

Deal Description: Ohio-based Farrar Scientific announced Oct. 20 that it is being acquired by Trane Technologies, a global manufacturer of climate technologies headquartered in Ireland. The transaction has a base cash value of $250 million with a potential payout of $365 million in 2025, depending on key financial targets.

Seller Outside Counsel: Foley & Lardner advised Farrar Scientific with a team led from Dallas by partner Chris Converse with partners Chris Babcock, Michael Donohue, Stephen Giles, Holden Brooks and Associate Kyndle Bennett.

Financial Advisor: Falls River Group

Notes: Farrar Scientific, headquartered in Marietta, Ohio, manufactures ultra-low temperature controls for biopharmaceutical and other life science applications (think vaccines). Farrar Scientific operations are to be absorbed into a newly created entity, Trane Technologies Life Science Solutions.

Wander Raises $7M from Redpoint

Deal Description: Austin-based Wander said Oct. 20 it raised $7 million in initial funding from Redpoint Ventures and angel investors. Wander claims its network of company-owned and -operated smart homes in inspiring locations empowers guests with the freedom to live and work wherever they want –– and control every aspect of the experience from their smartphones, even accessing the Tesla in the garage that each home comes with. Wander is initially launching with properties in Lake Tahoe, Mendocino County, Port Orford and Bandon Dunes, Oregon, with more in the coming months. 

Wander’s Outside Counsel: Wilson Sonsini, including former partner Scott Craig, who recently joined Latham & Watkins.

Notes: Wander is led by John Andrew Entwistle and Alex Bard led the investment from Redpoint.

Evolute Capital, Hunt Tech invest in eGroup

Deal Description: South Carolina-headquartered eGroup announced Oct. 13 that it had received “a substantial investment” from two Dallas investment groups. Evolute Capital and Hunt Technology Ventures partnered in the investment for an undisclosed sum. Based in Columbia, eGroup is a cloud services provider counted as “elite” in its specialization in Microsoft Azure Virtual Desktops.

Buyer Outside Counsel: Shearman & Sterling advised Evolute Capital with a team led by Dallas partner Alain Dermarkar, along with Kyle Park, Dominic Frappolli and Emily Kelly.

Seller Outside Counsel: James Kuyk at Grant & Kuyk PC

Seller Financial Advisor: CFA Investment Banking advised eGroup.

Note: Brendan Achariyakosol is founder and managing member of Evolute Capital.

Bluespring Wealth acquires Cincinnati wealth advisors

Deal Description: Bluespring Wealth Partners, a subsidiary of Kestra Holdings, announced Oct. 12 the acquisition of Ritter Daniher Financial Advisory, a Cincinnati fee-based wealth management firm. Terms were undisclosed, but Ritter Daniher maintains a portfolio of $530 million in assets.

Buyer Outside Counsel: Shearman & Sterling’s Austin-based partner Alan Bickerstaff advised Kestra, along with Zach Bench and Ashley Smith.

Note: Headquartered in Austin, Kestra Holdings is the self-described “ecosystem” of wealth management advisors that includes Grove Point Investments, Bluespring Wealth Partners, Arden Trust and several Kestra-branded companies.

Wan Bridge announces BTR JV

Deal Description: Wan Bridge, which develops and operates single- and multi-family rental communities in Texas, announced Oct. 21 that it had formed a joint venture with a “well-capitalized” but undisclosed U.S. investment institution. Described as a multi-year, multi-billion dollar deal, Wan Bridge said the capital infusion will fund the thousands of single-family units announced earlier this year in the Dallas, Houston and Austin suburbs.

Wan Bridge Outside Counsel: Wan Bridge selected Norton Rose Fulbright to advise on the transaction with a team led by Dallas partner Brett Todd, Austin partner Katie Van Dyk and St. Louis partner Luke Maher.

Notes: Top management at Wan Bridge includes its three co-founders CEO Ting Qiao, COO Danting Li and CFO Bin Wan. Its single-family residences are built to draw rents from $2,200 to $4,500 per month.

Sony Buys Austin Gamer Bluepoint Games

Deal Description: The Austin offices of Pillsbury Winthrop Shaw Pittman revealed this week its involvement in the Sept. 30 announcement by Sony Interactive Entertainment that it is acquiring Bluepoint Games. Austin-based Bluepoint specializes in remaking and remastering games for Sony’s PlayStation consoles. Sony plans to incorporate Bluepoint into its global development studios, the 16th independent studio to join the entertainment conglomerate. Terms of the deal were not disclosed.

Seller’s Outside Counsel: The Pillbury team was led by partner Steve Tyndall and counsel Ed Cavazos, both of Austin. They were supported by associates Anthony Krueger and Sandro Serra, also of Austin, along with Robert Shoemaker of Washington, D.C. Advising on compensation issues were partners Jessica Lutrin of Austin and Nora Burke of New York.

Notes: Pillsbury has relationship with Bluepoint since it was formed in 2006. The company has been responsible for such popular remakes as Demon’s Souls, Gravity Rush and Uncharted: The Nathan Drake Collection.

CAPITAL MARKETS

Williams amends, restates $3.75B credit facility

Deal Description: Tulsa-based Williams Cos. amended and restated its five-year, $3.75 billion credit facility with the ability for the company to request an increase of up to an additional $500 million in commitments. Wells Fargo Bank was administrative agent and left lead arranger. The credit facility will mature in October 2026 and may be used for refinancing the outstanding indebtedness under the existing credit facility in addition to working capital, acquisitions, capital expenditures and other general corporate purposes. Williams owns and operates midstream gathering and processing assets and interstate natural gas pipelines.

Lead Lender Outside Counsel: Bracewell, including partner Kate H. Day (Houston), senior counsel Annemarie E. Dunleavy (New York) and associate Jordan E. Crawford (Houston)

Williams’ In-House Counsel: Senior Counsel Amanda Thrash in Tulsa

Williams’ Outside Counsel: Gibson Dunn & Crutcher, including partner Janet Vance and of counsel Yair Galil in New York

Notes: Bracewell’s Day has counseled Wells Fargo on several debt financings in the oil patch for companies including Diamond Offshore Drilling and Rowan Cos.

Summit Midstream prices $700M private offering of senior notes

Deal Description: Summit Midstream Partners announced Oct. 19 that Summit Midstream Holdings and Summit Midstream Finance Corp. priced a private offering to eligible purchasers of $700 million worth of 8.50% senior secured second lien notes due 2026 at a price of 98.5% of their face value. The closing of the offering is expected by Nov. 2. The notes will mature on Oct. 15, 2026 and pay interest semi-annually and will be guaranteed, on a senior second-priority secured basis, by the partnership and each restricted subsidiary. The co-Issuers intend to use the net proceeds together with cash on hand and borrowings under the ABL Credit Agreement to repay in full all of Summit Holdings’ obligations under its revolving credit facility, fund the conditional redemption of all of the $234 million in aggregate principal amount outstanding of the co-issuers’ 5.50% senior notes due 2022, pay accrued and unpaid interest on the revolving credit facility and 2022 Notes and for general corporate purposes. 

Issuer Outside Counsel: Baker Botts, including from corporate Josh Davidson (partner, Houston), Clint Rancher (partner, Houston), Justin Hoffman (partner, Houston), Sarah Dodson (senior associate, Houston), Emmie Proctor (associate, Houston) and Malakeh Hijazi (associate, Houston); on finance Luke Weedon (partner, Dallas), Clint Culpepper (special counsel, Austin), Regan Vicknair (associate, Houston) and Richard Sitton (senior counsel, Houston); and on tax Michael Bresson (partner, Houston) and Jared Meier (senior associate, Houston)

Underwriters’ Outside Counsel: Vinson & Elkins, including from corporate Alan Beck (partner, Houston), David Stone (partner, Houston), Alex Lewis (associate, Houston), Layton Suchma (associate, Houston) and Sydney Verner (associate, Houston); from finance David Wicklund (partner, New York), Caitlin Snelson (senior associate, Houston), Cole Renicker (associate, New York) and Taylor Daily (associate, Houston); on tax James Meyer (partner, Dallas), Wendy Salinas (partner, Dallas) and Jeff Slusher (associate, Dallas); and on environmental and natural resources Larry Nettles (partner, Houston) and Austin Pierce (associate, Houston)

Notes: Baker Botts’ Davidson counseled Summit Midstream Partners on the acquisition of its general partner and common units from Energy Capital Partners and the underwriters on its IPO.

Black Mountain announces pricing upsized $240M IPO

Deal Description: Fort Worth-based Black Mountain Acquisition Corp. announced Oct. 14 the pricing of its upsized initial public offering of 24 million units at a price of $10 per unit. The units are listed on the New York Stock Exchange and trade under the ticker symbol “BMAC.U.” The offering was expected to close on Oct. 18. EarlyBirdCapital Inc. and Stephens Inc. are book-running managers and representatives of the underwriters. The company has granted the underwriters a 45-day option to purchase up to an additional 3.6 million units at the IPO price. Black Mountain is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Issuer’s Outside Counsel: Vinson & Elkins led by partners Thomas Zentner and Ramey Layne with senior associate Andrew Schulte and associates Philip Turpin, Walt Baker and Todd Hartis. Also advising were partner Ryan Carney and associate Jeff Slusher (tax); and partner David D’Alessandro and senior associate Missy Spohn (executive compensation/benefits).

Underwriters’ Outside Counsel: Graubard Miller’s David Alan Miller and Jeffrey M. Gallant in New York

Notes: Black Mountain intends to focus its search for a target business on opportunities and companies in the energy industry in North America.

Aris Water Solutions opens IPO at $213.8M

Deal Description: Houston-based Aris Water Solutions Inc. announced Oct. 21 the pricing of its initial public offering of 17.65 million shares of its Class A common stock at $13 per share. Aris Water has granted the underwriters a 30-day option to purchase up to an additional 2.647 million shares of its Class A common stock at the public offering price, less underwriting discounts and commissions. The Class A common stock was expected to begin trading on the New York Stock Exchange under the ticker symbol “ARIS” on Oct. 22 and to close on Oct. 26. Aris Water expects to receive net proceeds of $213.8 million, after deducting underwriting discounts and commissions and estimated expenses payable by Aris Water and excluding any exercise of the underwriters’ option to purchase additional shares.

Underwriters: Goldman Sachs & Co., Citigroup, J.P. Morgan Securities, Wells Fargo Securities, Barclays Capital Inc. and Evercore Group

Aris’ Outside Counsel: Gibson, Dunn & Crutcher, including partners Hillary Holmes, Andrew Fabens and Doug Rayburn and associates Robert Hopkins, William Bald and Benjamin Lefler; partner Shalla Prichard advised on financing, partner James Chenoweth and associate Collin Metcalf on tax, partner Krista Hanvey and associate Tyler Richardson on benefits, partners Thomas Kim and James Moloney and of counsels Cassandra Tillinghast and Julia Lapitskaya on governance, partner Jason Mendro on securities and associate Kyle Neema Guest on environmental

Trilantic’s Outside Counsel: Kirkland & Ellis led by capital markets partner Julian Seiguer and associate Logan Weissler; corporate partners Shubi Arora and Jhett Nelson; tax partner Mark Dundon; and executive compensation partner Rob Fowler.

Underwriters’ Outside Counsel: Latham & Watkins advised the underwriters with a team led by Austin partner David J. Miller and Houston partner Trevor Lavelle with Houston associates Om Pandya, Kate Wang, Anji Yuan, and Ziyad Barghouthy.  Tax advice also came from from Houston with partner Jim Cole and associate Emily Fawcett. Environmental advice was provided by Los Angeles counsel Josh Marnitz and on broker-dealer matters by New York counsel Gail Neely.

Notes: Aris plans to use the proceeds for distributions to existing owners and for general corporate purposes.

Worldwide Webb Acquisition Corp. prices $200M IPO

Deal Description: Worldwide Webb Acquisition Corp. announced Oct. 19 it priced its initial public offering of 20 million units at $10 per unit. The units listed on the Nasdaq Global Market and traded under the ticker symbol “WWAC.U” beginning Oct. 20. The firm is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company said its objective is to identify and accelerate a market-leading, differentiated internet company within direct-to-consumer brands, Amazon centric-online marketplaces, food tech, new media, digital health, software-as-a-service, fin tech and any adjacent industries undergoing technology-driven transformations that offer high-quality revenue streams and attractive growth opportunities.

Book Running Managers: BofA Securities and J.P. Morgan, which the company granted a 45-day option to purchase up to an additional 3 million units at the IPO to cover any over-allotments.

Issuer’s Outside Counsel: Shearman & Sterling, including partners Alain Dermarkar and Bill Nelson, counsel John Menke, partner Bobby Cardone and associates Michael Walraven and Timothy Doyle

Underwriters’ Outside Counsel: Sidley Austin, including partner George Vlahakos

Notes: The company is led by executive chairman Tony Pearce and executive vice chairman Terry Pearce, the founders of mattress brand Purple Innovation, and CEO and CFO Daniel Webb, who is a former investment banker at Bank of America and Citi.

Sunnova prices fifth solar loan securitization for $155.8M

Deal Description: Sunnova Energy International Inc., a U.S. residential solar and energy storage service provider, announced Oct. 20 the pricing of its fifth solar loan securitization and its eleventh residential solar securitization. The securitization includes $68.4 million in AA- (sf) rated 2.03% notes, $55.9 million in A- (sf) rated 2.33% notes and $31.5 million in BBB- (sf) rated 2.63% notes with an anticipated repayment date of Oct. 20, 2028 and a final maturity of Oct. 20, 2048. The notes are backed by a portfolio of 3,766 solar rooftop systems distributed across more than 21 states and territories. 

Expected closing: Oct. 26, 2021

Sunnova’s In-House Counsel: General Counsel Drew Baker

Sunnova’s Outside Counsel: Baker Botts, including from Texas: on corporate/finance partner Travis Wofford and associates Josh Espinosa, Malakeh Hijazi, Christopher Carreon and Bryson Manning; on tax partner Michael Bresson and associate Snow Xue Rui; on ERISA special counsel Krisa Benskin; and advisory counsel Danny David, who is partner and chair of the firm’s litigation department.

Notes: Baker Botts’ Wofford has counseled Sunnova on past securitizations, offerings and notes and its IPO.

Founder SPAC in $316M IPO

Deal Description: Founder SPAC, a Houston-based blank check company headed by investor Osman Ahmed, announced Oct. 19 the successful pricing of its IPO aimed at funding a future combination in emerging technologies with a focus on cloud-based digital platforms. The company filed in July for the offering and announced its pricing of $275 million Oct. 14.

Issuer Outside Counsel: Winston & Strawn advised Founder SPAC with a Texas-based team that included partners Mike Blankenship and James Brown as well as associates Louis Savage, Alexandra Santana and Ben Smolij, all of Houston, and Emily Semon in Dallas.

Bookrunner/Manager: Jefferies

Notes: Founder CEO Osman Ahmed is an investor at KCK Group, an investment firm focused on emerging technologies.

Dallas Energy SPAC Prices Its IPO

Deal Description: ESGEN Acquisition Corp., backed by Dallas-based Energy Spectrum Capital, launched a $240 million IPO and is now in search for a merger partner among North American energy companies hoping to contribute to a low-carbon future. The company traded on the Nasdaq Global Markets exchange beginning Oct. 20.

Issuer’s Outside Counsel: The company chose Kirkland & Ellis with a Texas-based team led by partners Julian Seiguer and Kevin Crews in Houston. The team also included capital markets associates Logan Weissler and Nick Wetzeler; corporate partner Jack Shirley and associate Hyrum Clarke; investment funds partners Matt Nadworny and Ian Jelsma; and tax partners Mark Dundon and Steve Butler.

Bookrunners/Managers: Citigroup and Barclays Capital Inc. are serving as the book-running managers for the offering. Ladenburg Thalman & Co. Inc. acted as co-manager.

Notes: ESGEN Acquisition is headed by Andrejka Bernatova, a veteran of such midstream infrastructure players as Salt Creek Midstream and Goodnight Midstream, but most recently was CFO and senior advisor at Enchanted Rock, a Houston-based microgrid provider.

Houston sports group closes $115M SPAC IPO

Deal Description: Houston-based blank check SportsMap Tech Acquisition Corp announced the closing of a $115 million IPO October 19. The SPAC is backed by Houston-based Gow Media, a sports media and marketing group.

SPAC Sponsor Outside Counsel: Gray Reed represented the SPAC sponsor, SportsMap, with a team led from Texas by Houston partner Nancy B. Bostic and Dallas partner David R. Earhart, along with Dallas partner Dan Kroll and associates Austin Carlson (Houston), Brian Clark (Dallas) and Lynsey Hyde (Houston).

SPAC Outside Counsel: Schiff Hardin (Washington, D.C.)

Bookrunners/Managers: Roth Capital Partners and Craig-Hallum Capital Group were joint book-running managers.

Underwriter: Maxim Group

Notes: Gow Media, chaired by David Gow, owns the ESPN radio affiliate in Houston. The blank check management group includes Gow’s son as well as Oliver Luck, a former NFL quarterback with the Houston Oilers. Luck is also the father of former NFL star Andrew Luck.

Preservation Freehold non-profit issues $538M in bonds for senior living acquisition

Deal Description: In a deal aimed at financing the acquisition of 26 senior living facilities in Texas and Oklahoma, Sanctuary LTC announced Oct. 20 the issue of four series of bonds, both taxable and non-taxable, worth an aggregate $538 million. Sanctuary LTC, a non-profit subsidiary of Preservation Freehold Co., is purchasing all but two of the facilities from WR Investments, a Texas for-profit.

Underwriters: Hilltop Securities and Truist Securities

Underwriter’s Counsel: Bracewell advised the underwriters with a Texas-based team led by partners Jonathan Leatherberry and Brock Bailey, both of Dallas. The team also included partner Jason Cohen in Houston as well as counsel Ian Brown and associates Christie Latimer and Shelby Harden, all of Dallas

Note: The deal has morphed from a pre-pandemic plan that included 28 skilled nursing facilities with a $690 million price tag. The facilities will continue to be managed by Stonegate Senior Living.