CDT Roundup: 23 Deals, 18 Firms, 135 Lawyers, $3.7B

With news of another bank bailout this week, oil and gas dealmakers may well be wondering where they will be able to find their next credit facility.

Come to think of it, that’s probably not much of a stretch: dealmakers are always wondering where their next batch of cash will be coming from. It’s what they do: no money, no deal.

That’s particularly true in the oil patch, which has been buffeted of late by institutional caution, lower than expected demand, finicky capital markets and perhaps its own historical reputation for the occasional lapse in fiscal discipline.

But we don’t have to guess what the oil and gas dealmakers are thinking these days. Since 2015, Haynes Boone Houston energy partner Buddy Clark and his colleagues have been conducting semi-annual surveys on energy lending expectations, and the results of their spring 2023 studies were released just last week.

“The Haynes Boone Borrowing Base Redetermination Survey” revealed a pessimistic turn since the fall of 2022. In a polling heavily weighted toward O&G lenders (42%) and O&G borrowers (36%), three quarters of the respondents (75%) said they expect decreases in the borrowing base from 10 percent to as much as 30 percent. Moreover, more respondents anticipate higher hedging percentages for future production over the next 12 months — further evidence of their near-term pessimism.

Perhaps more interesting was a breakdown of the sources of capital producers are expecting to tap over those same 12 months. There were 329 total responses (respondents were allowed to choose more than one expected source) and some of the numbers were slightly surprising.

Only a handful of the producers (7%) said they expected to source cash from capital markets (2% in equity, 5% in debt). That’s a drop from the fall 2022 survey for both (from 6% for equity capital and from 9% for debt capital).

More producers said they would fund their capital needs from cash flow (24%) than from bank debt (20%). And more were inclined to depend on equity capital from private family offices (12%) than from private equity firms (11%).

The survey also suggests that lenders are lukewarm, at best, to asset-backed securitizations, a few of which have found their way into oil and gas deals of late. While most (42%) viewed ABS vehicles neither favorably nor unfavorably, even more (48%) viewed them as unfavorable. The same percentage who viewed ABS transactions as favorable at all (12%) viewed them as “very unfavorable.”

Driving the pessimism, in part, is lower than expected spring base case pricing, which is down about 35% from what was being predicted in the fall of 2022, as reflected in the “Haynes Boone Energy Bank Price Deck Survey.”

Clark himself says pessimism in the energy industry can be viewed as the same uncertainty as any other industry. The survey was taken during a string of events: the Silicon Valley Bank failure, the determination by OPEC+ to temporarily reduce production, etc. And, not unlike the commercial real estate industry, the energy industry is still assessing its current inventories in view of future investment.

“The survey is not a perfect picture of future energy pricing, but it’s a good indication what producers and lenders are worried about,” Clark says.

The week ending April 29 saw 17 M&A/funding deals for nearly $2 billion and six CapM transactions for $1.7 billion. We’ll do the math for you: That’s 23 transactions at a combined value of $3.7 billion. It’s hard to complain when it compares so favorably, at least on a transaction basis, with last week’s 16 deals for $5.6 billion and 16 for $2.3 billion for the same week last year.

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

FireBird Energy II attracts $500M from Quantum

Deal Description: FireBird Energy II announced April 21 the company secured equity commitments of more than $500 million anchored by funds managed by Quantum Energy Partners. The founders and employees of FireBird II, along with other strategic partners, are making significant equity commitments to the company alongside Quantum. Headquartered in Fort Worth, FireBird II will invest in oil and gas properties in the Permian Basin with a primary focus on the Midland Basin. FireBird II was formed following the recent successful sale of FireBird Energy to Diamondback Energy Inc. in November 2022 for about $1.6 billion.

FireBird Energy II’s Outside Counsel: Akin led by corporate and finance partners Wesley Williams and Cole Bredthauer and including tax partner Julia Pashin, corporate and finance counsel Eduardo Canales and Mary Lovely and associates Dominic Riella and Bryce Couch.

Quantum’s Outside Counsel: Vinson & Elkins led by partner Robert Hughes with assistance from associates Charlie Fitzpatrick and Drew Clements. Also advising was partner John Lynch, senior associate Curt Wimberly and associate Ryan Dolmanet (tax).

Picard Medical proposes $480M merger with SPAC Altitude

Deal Description: Picard Medical Inc., the parent of mechanical heart replacement provider SynCardia Systems, announced April 24 that it entered into a definitive combination agreement with Altitude Acquisition Corp., a publicly traded special purpose acquisition company, that will result in Picard becoming a publicly listed company. Upon closing of the transaction, Altitude will be renamed Picard Medical Holdings Inc. and is expected to remain listed on Nasdaq. The proposed transaction puts Picard at an enterprise value of $480 million, assuming no redemptions by Altitude shareholders, and calls for the combined company to have at least $38 million in net cash at the time of closing. Existing Picard equity holders will roll all of their shares into the combined public company. Proceeds are expected to accelerate SynCardia’s international expansion, support its pursuit of FDA approval for long-term indications and advance research and development of next generation products. SynCardia manufactures, sells and markets the world’s first and only FDA approved and commercially available Total Artificial Heart to replace the full functions of a failing or failed human heart caused by end-stage, biventricular heart failure. SynCardia’s products are approved for use in many countries, including the U.S. and Canada. SynCardia is working with regulatory authorities to have its CE mark reinstated under EU MDR for most European Union countries. SynCardia has completed more than 2,000 implants at 140 hospitals, prolonging the lives of patients facing terminal outcomes with few alternative treatment options available. SynCardia projects substantial growth in 2023, with sales expected to accelerate due to planned upgrades and new products, enhanced sales and marketing activities, international expansion and pursuit of FDA approval of its existing TAH to a long-term indication. SynCardia is expected to break even by 2024.

Expected Closing: Q3 or Q4 2023 if it clears Altitude and Picard stockholders

Altitude’s Outside Counsel: White & Case led by partners Elliott Smith and Bryan Luchs in New York and Emilio Grandio in Houston

Picard’s Outside Counsel: Winston & Strawn led by partner Mike Blankenship and including, from Texas, partners Chris Ferazzi and Dean Hinderliter and associates Jonathan Bodle, Collin Groebe, Andrew Homann, John Niedzwiecki, Robbie Oakes and Aaron Walker

OpSec to go public via $426M merger with SPAC Investcorp Europe

Deal Description: OpSec Group, a provider of brand protection solutions and intellectual property management, and Investcorp Europe Acquisition Corp I, a special purpose acquisition company, announced April 26 that they agreed to merge that would result in OpSec becoming a public company under the same name. OpSec is a portfolio company managed by Investcorp Technology Partners, affiliate of Investcorp Europe’s sponsor. After the merger, a fund managed by a member within Investcorp Europe’s parent, Investcorp Holdings BSC, will continue to hold a controlling economic and voting interest. The pro forma enterprise value of the combination is about $426 million. The transaction is supported by a $50 million backstop by the sponsor of Investcorp Europe, with up to $199 million in gross transaction proceeds available subject to redemptions by Investcorp Europe shareholders. Any incremental proceeds to be held on balance sheet, with investors rolling 96 percent of their pro forma ownership. OpSec helps enterprises optimize, monetize and protect the value of their identities, ideas and assets through technology-enabled services, products and solutions. Around 5,000 brands use OpSec, including media and technology, sports and apparel and consumer and industrial products as well as governments and financial institutions. On April 18, OpSec acquired Zacco, an intellectual property management and protection company based in Copenhagen, Denmark. Including Zacco, pro-forma fiscal 2023 revenue is expected to be around $218 million and EBITDA margins have expanded since fiscal 2021.

Expected Closing: H2 2023 if the deal clears Investcorp Europe shareholders and regulators

Investcorp Europe’s Capital Markets Advisor: Citigroup Global Markets Inc.

Investcorp Europe’s Financial/Capital Markets Advisor: Credit Suisse Securities

Investcorp Europe’s Outside Counsel: Shearman & Sterling led by partners Bill Nelson, Emily Leitch and Alain Dermarkar and including Sara Prendergast, Emily Greenwood, Emily Kelly, Samantha Favela, Michael Walraven and Tim Doyle

OpSec’s Outside Counsel: Proskauer Rose

Citigroup/CS’ Outside Counsel: Skadden, Arps, Slate, Meagher & Flom

Ohmium closes $250M fundraise led by TPG Rise Climate

Deal Description: Ohmium International, a green hydrogen company that designs, makes and deploys proton exchange membrane electrolyzer systems, announced April 26 the close of a $250 million Series C growth equity financing. The round was led by TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform TPG Rise. It also included participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group. The funding will be used to support Ohmium’s expansion to two gigawatts in annual manufacturing capacity and the deployment of projects for its growing global customer pipeline in regions including the U.S., Europe, India and the Middle East. The investment will also provide capital to scale Ohmium’s business, including accelerating its research and development programs to reduce the cost of green hydrogen production.

Ohmium’s Placement Agents: Barclays and BofA Securities

Ohmium’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom and Spice Route Legal

TPG’s Outside Counsel: Kirkland & Ellis led by corporate partners Kristin Mendoza and Austin Uhm in New York but the team included, from Texas, capital markets partners Jennifer Wu and Bryan Flannery, tax partner William Dong and environmental transactions partners Jon Kidwell and Jim Dolphin

U.S. Energy Development buys stake in Midland Basin project for $225M

Deal Description: U.S. Energy Development Corp., an exploration and production company focused on the development of energy projects in North America, announced April 26 it acquired a 25 percent working interest in the Mascot Project, a stacked pay asset in core Midland Basin for $225 million cash and other considerations. U.S. Energy expects full development of the project to require another $130 million in capital expenditures over the next two years, bringing the total transaction value to well over $300 million. Located in Midland County, Texas, the Mascot project includes multiple producing properties, associated midstream assets and upwards of 50 undeveloped locations expected to produce about 6,500 barrels of oil per day this year. The Mascot project is majority-owned by Midland Petro D.C. Partners, a David H. Arrington-owned business, and operated by an affiliate of MPDC, Permian Deep Rock Oil Co.

U.S. Energy’s Outside Counsel: Baker Botts including corporate partners Larry Hall and Jonathan Platt, tax partner Stephen Marcus and senior associate Jordan Hahn, finance partner Shad Sumrow and global projects associate Megan Young

Unchained raises $60M led by Valor

Deal Description: Unchained, the Austin-based financial services company, announced April 18 it raised $60 million led by Valor Equity Partners. Founded in 2016, Unchained has brought in $105.5 million to date, according to CrunchBase, including a $25 million Series A round in 2021. The Series B round will go toward expanding its product offerings and client base. Unchained said Valor invested early in SpaceX and Tesla but it has demonstrated its commitment to the bitcoin ecosystem through their growth investments in BitGo, Lightning Labs and Crusoe Energy.

Notes: Egan Nelson and Vinson & Elkins counseled Unchained on its $2.9 million seed round of venture funding in 2018, including Brian Alford at Egan Nelson (who left in 2022 to found Optimal Counsel) and Wes Watts from V&E (who departed in 2021 to join Gunderson). Alford said he didn’t work on the current raise and Watts didn’t respond to emails.

Pattern Bioscience raises $28.7M in Series C financing

Deal Description: Pattern Bioscience, an Austin-based company specializing in rapid diagnosis and antibiotic susceptibility testing for bacterial infections, announced April 27 it raised $28.7 million in Series C funding. The round was led by Illumina Ventures and Omnimed Capital and including participation from the Antimicrobial Resistance Action Fund and Daleshaw. It brings the total raised to $68 million. The company intends to use the money to complete the development of its rapid phenotypic test platform for infectious diseases, perform clinical validation studies and submit the platform and its initial pneumonia test for regulatory review with the U.S. Food and Drug Administration. Nick Arab is the company’s co-founder and CEO.

Pattern’s Outside Counsel: Latham & Watkins led by partner Scott Craig in Austin

Atlas Holdings buys USF from Gores

Deal Description: Atlas Holdings and U.S. Farathane announced April 25 the signing of a definitive agreement for Atlas to acquire Auburn Hills, Mich.-based USF from the Gores Group in partnership with current USF CEO Andy Greenlee, who will remain CEO and also assume the chairman title. Terms weren’t disclosed. With 18 manufacturing facilities in the U.S., Mexico and China, USF provides injection molding, compression molding and extrusion products as well as design, tooling and engineering services. USF customers include General Motors, Ford, Stellantis, Tesla, Toyota, Honda, Rivian and other global automotive OEMs and Tier 1 suppliers. Gores bought USF in 2015 for more than $100 million, according to Plastics News.

Expected Closing: Q2 if the deal clears regulators

USF’s Financial Advisors: Goldman Sachs & Co. and Deutsche Bank Securities Inc.

Atlas’ Financial Advisor: Houlihan Lokey 

Atlas’ Outside Counsel: Shearman & Sterling led by D.C. partner Chris Zochowski and Dallas partner Nathan Meredith and including Bradley Noojin, Li Chen, Mehran Massih, Weina Guan, Andreas Piepers, Andrew Heather, Erin Kaufman, Sarah George and Amy Das

RelaDyne combines with Sun Coast Resources

Deal Description: RelaDyne, a lubricant distributor and provider of fuel, diesel exhaust fluid and industrial reliability services, announced April 24 it combined with Sun Coast Resources, a provider of fuel, lubricants, DEF distribution and emergency response solutions. Terms weren’t disclosed. The combination of Sun Coast and RelaDyne expands RelaDyne’s market share and geographic coverage in Texas, Louisiana, Oklahoma, New Mexico and the Carolinas. Sun Coast, established in 1985, is based in Houston.

RelaDyne’s M&A Advisors: Lazard and RBC

RelaDyne’s Outside Counsel: Sidley Austin (M&A) and Ropes (finance)

Sun Coast Resources’ Financial Advisor: Barclays

Sun Coast Resources’ Outside Counsel: King & Spalding including Jonathan Newton, Heath Trisdale, Christopher Baeza, Andrew Ketner and Brian Meiners 

TotalEnergies’ Cray Valley sells three product lines to Pacific Avenue Capital

Deal Description: On April 11 TotalEnergies announced it accepted an offer from Pacific Avenue Capital Partners for the acquisition of three product lines developed by Cray Valley, its resin production and sales affiliate, including Wingtack, PolyBD and Dymalink. The transaction includes four production sites in the U.S., the Cray Valley Italy affiliate and the portfolio of customers. The transaction will allow Cray Valley to focus on its global specialty C4 and pure-monomer resin businesses, which will continue to be developed by TotalEnergies. Production of the Ricon, Krasol and Cleartack resins will continue at Carling (in France), in accordance with the commitments made when the site was restructured in 2013, Grand Junction (the U.S.) and Kralupy (the Czech Republic).  

Total Energies’ Outside Counsel: Jones Day led by partners Jeff Schlegel and David Stringer in Houston

Progress Equity recaps Hanson Lab

Deal Description: Progress Equity Partners announced April 19 its recent recapitalization of Hanson Lab Solutions. Terms weren’t disclosed. Progress Equity partnered with NewSpring Mezzanine, First Capital Partners and Enterprise Bank & Trust to complete the transaction. Founded in 1977 and based in Camarillo, Calif., Hanson Lab claims to be the largest direct, vertically-integrated manufacturer and supplier of laboratory casework, fume hoods and related accessories to R&D laboratory owners and users in the western U.S., including biotech, pharmaceutical and life science companies. With offices in Denver and Dallas, Progress Equity is a private investment firm that acquires majority control of operating companies typically from founder-entrepreneurs.

Progress Equity’s Outside Counsel: O’Melveny led by partners Jack Jacobsen and Will Becker, counsel Cody Dreibelbis and associates Sahil Nooruddin, Sean Horan and Eleanor Gilbert

Granite purchases quarry, barge loading facility on Vancouver Island

Deal Description: Publicly traded construction and building materials company Granite announced April 23 that it completed the acquisition of Coast Mountain Resources (2020) Ltd., a construction aggregate producer based in British Columbia, Canada, on Malahat First Nation land. Terms weren’t disclosed. The seller was Hall & Tenney Holdings Ltd. Coast Mountain Resources operates the Bamberton Quarry on Vancouver Island, which is located on the deep water of the Saanich Inlet. Watsonville, Calif.-based Granite said it has been a customer of the quarry due to its high-quality aggregate and strategic proximity to its home markets.

Granite’s Outside Counsel: Shearman & Sterling led by partner Alain Dermarkar with assistance from Kyle Park, Sara Prendergast, Emily Kelly and Samantha Favela

Zinnia acquires KKR-backed Policygenius

Deal Description: Zinnia, a life and annuity insurance technology and digital services company, announced April 25 it is acquiring Policygenius, a digital insurance marketplace. Terms weren’t disclosed. KKR was a lead investor in Policygenius and will remain a shareholder in the combined company. Zinnia said the acquisition lays the foundation for the industry’s first front-to-back architecture to power the insurance value chain and better serve carriers, advisors and policyholders. The transaction expands Zinnia’s reach into digital distribution solutions, creating new opportunities to service carriers and distribution partners. Zinnia and Policygenius will offer products and services spanning life and annuities, disability and property and casualty insurance. Policygenius’ platform simplifies the process for consumers to buy insurance. Zinnia and Policygenius have more than 60 carrier clients, 350 distributors and partners and 2 million-plus policyholders.

Zinnia’s Outside Counsel: Sidley Austin, led by New York insurance partner Michael Devins, Chicago insurance senior managing associate John Grothaus, Dallas global finance partner Banks Bruce and Chicago tax partner Peter Edgerton; and WilmerHale

Policygenius’ Outside Counsel: Latham & Watkins including New York partner Peyton Worley and Chicago partner Daniel Breslin

Veloce closes initial round of funding with Ecliptic, Itochu

Deal Description: Veloce Energy announced April 6 it closed its initial round of Series A venture capital investment from Itochu, a hundred billion-dollar Japanese conglomerate, and Ecliptic Capital, an Austin-based venture firm. Terms weren’t disclosed. Veloce said the two are investing in the company to propel its technology to the next level and build out its products. The announcement comes as electric vehicle charging station developers and service providers work to secure grant funding and tax credits from multiple sources, including the National Electric Vehicle Infrastructure, the Inflation Reduction Act and many state programs. Veloce’s FastGrid can be installed behind the meter, without the need for major utility upgrades and with minimal digging and disruption. Veloce’s manufacturing strategy was built on the technical, domestic content and system sizing requirements by the various funding programs, making the company’s products eligible for many incentives. Ecliptic was founded in 2018 by Mike W. Erwin, Whurley and Adam Lipman.

Ecliptic’s Outside Counsel: Gunderson Dettmer led by partner Wes Watts and including associate Ben Cukerbaum in Austin

CPV buys operating wind portfolio from Patriot Renewables

Deal Description: Competitive Power Ventures announced April 6 that it closed on the acquisition of four operating wind farms in Maine from Patriot Renewables and other project owners. Terms weren’t disclosed. The acquisition adds 81.5 megawatts to CPV’s existing renewable portfolio and will contribute to its mission to provide environmentally responsible power as the region and the country accelerate efforts to lower the carbon footprint of the electric sector.  The deal was announced earlier this year and has recently received regulatory approval. The acquired projects are Canton Mountain Wind (22.8 megawatts), Saddleback Ridge Wind (34.2 MW), Spruce Mountain Wind (20 MW) and Beaver Ridge Wind (4.5 MW).  The projects supply renewable energy to multiple municipal utilities across New England. The acquisition raises CPV’s operating and in construction wind and solar portfolio to 8 projects totaling over 630 megawatts and more than 3,000 megawatts of wind, solar and storage projects in active development across key markets in the U.S.    

Competitive Power’s Outside Counsel: Bracewell led in part by partners Danielle M. Varnell in Washington, D.C., and Jeris D. Brunette in New York but including partner Thomas M. Tomlinson, counsel Jennifer N. Dill and associates Kenni E. Callahan, Sarah O. Lytal and Alyssa McCain in Houston

Clearview invests in Capitol Services

Deal Description: Stamford, Conn.-based Clearview Capital Fund IV and Clearview Capital Fund V announced April 27 a new investment in Capitol Services in partnership with its founders and management. Terms weren’t disclosed. The transaction closed on April 14. Founded in 1978, Capitol Services is a tech-enabled provider of outsourced legal and compliance services, including registered agent, corporate and lien search and filing and other services, primarily to law firms and corporate clients. Serving clients across all 50 states, the company is based in Austin with more client service centers in California, Delaware, Florida, Louisiana, Nevada and New York. The transaction provided an opportunity for the company’s founders, John Robinson and Cheryl Roberts, to retire and transition leadership to the senior management team, led by Kevin Roberts and Jody Roberts, who
have managed the day-to-day operations for nearly a decade. The founders will continue to maintain a minority stake in the business and remain in advisory roles. Capitol Services represents the 11th platform investment in Fund IV, a $550 million committed fund raised in 2018, and the first in Fund V, an $850 million committed fund raised in 2022.

Thompson Safety attracts investment from Berkshire

Deal Description: Thompson Safety, a Houston provider of onsite first aid, fire, and life safety services, announced April 25 that it received a strategic growth investment from Boston-based Berkshire Partners. Terms of the transaction were not disclosed. The company said the investment enables it to expand into new markets, accelerate organic growth plans, execute on acquisitions, further enhance its technology and strengthen its central support infrastructure. In April, Thompson Safety announced the strategic acquisitions of Demand Safety and Protect It first aid. The company is planning expansion into more complex fire services, including suppression systems, sprinklers and alarms.

Berkshire’s Financial Advisors: Raymond James and G2 Capital Advisors

CAPITAL MARKETS/FINANCINGS

Six Flags prices $800M senior notes offering

Deal Description: Arlington, Texas-based Six Flags Entertainment Corp., which claims to be the world’s largest regional theme park company and the largest operator of water parks in North America, announced April 26 that it priced $800 million in 7.250 percent senior notes due 2031 at an offering price of 99.248 percent of the principal amount.

Expected Closing: May 3

Initial Purchasers’ Outside Counsel: Latham & Watkins led by Austin partners Michael Chambers and Samuel Rettew with associates Connor Adams, Cooper Shear, and Mason Taylor. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz with associate Jacqueline Zhang

Six Flags’ Outside Counsel: Skadden led by M&A partner Shilpi Gupta in Chicago and capital markets partner Michael Zeidel in New York

HAK aids purchasers on Oncor’s private placement of $400M in senior notes 

Deal Description: Hunton Andrews Kurth said April 28 it advised the purchasers in connection with Oncor Electric Delivery Co.’s private placement of $400 million in senior notes. It included $200 million in 5.50 percent senior secured notes, series C, due May 1, 2026; $100 million in 5.34 percent senior secured notes, series D, due May 1, 2031; and $100 million in 5.45 percent senior secured notes, series E, due May 1, 2036. The deal closed Mwrch 29 and April 26. Oncor operates the largest transmission and distribution system in Texas, delivering electricity to more than 3.9 million homes and businesses and operating more than 141,000 miles of transmission and distribution lines. 

From HAK: The team was led by partners Michael Fitzpatrick, Patrick Jamieson and Adam O’Brian in New York but included Dallas associate Jake Stribling

Oncor’s Outside Counsel: Baker & McKenzie including partner Aaron A. Scow and associate Harrison Morris in Dallas as well as tax partners Kai Kramer and Ross Staine in Houston

Sunnova closes securitization of leases/power purchase agreements for $323.5M

Deal Description: Sunnova Energy International Inc., a U.S. residential solar and energy storage service provider, closed its securitization of leases and power purchase agreements by a unit of about $323.5 million of asset-backed notes in two tranches on April 26. The securitizations included $300 million in A-rated 5.40 percent notes and $23.5 million in subordinated BBB rated 7.35 percent notes. The notes are backed by a portfolio of more than 29,000 solar rooftop systems distributed across 17 states, Guam, Puerto Rico and the Northern Mariana Islands. The notes are secured by, and payable from the cash flow generated by, the membership interests in units of the issuing entity and proceeds from the sale of renewable energy credits. Each such subsidiary owns a managing member interest in a project company, four of which are tax equity partnerships. Sunnova used the proceeds from the sale for a partial prepayment of existing financing arrangements and intends to use the remaining net proceeds for general corporate purposes.

Sunnova’s Outside Counsel: Baker Botts including, from Texas, Travis Wofford, Natasha Khan, Daniel Jung, Thomas Blackwell, Chelsea Johnson, Chandler Block and Luis Pacheco Garcia on corporate/finance matters; Michael Bresson and Chuck Campbell on tax issues; and Gail Stewart and Gabriela Alvarez on ERISA.

HAK advises lenders on Xpel’s $125M financing

Deal Description: Hunton Andrews Kurth said April 28 it counseled Wells Fargo Bank on $125 million in financing for San Antonio-based XPEL Inc., a publicly traded company which sells, distributes and installs after-market automotive products, mainly surface and paint protection, headlight protection and automotive and architectural window films. The deal closed April 6.

From HAK: The deal was led by Dallas partner Callie Bradford and Houston associate Emma Sajdak and included Dallas partner L. Scott Austin

XPEL’s Outside Counsel: Jackson Walker including Steve Jacobs, Jimmy McDonough, Art Cavazos and Gigi Girling

Divert issues $63M green notes offering

Deal Description: Divert Dev Co I, a wholly owned unit of Divert Inc., announced April 26 it issued through the California Public Finance Authority $63 million in solid waste disposal taxable revenue bonds to finance a portion of the costs of designing, developing, constructing and equipping a waste management facility in Turlock, Calif. The borrower will be the indirect owner of the source separated organic waste-to-biogas processing facility, which is expected to process 101,000 tons per year of solid wasted food once it reaches commercial operations in the summer of 2024. The facility, to be operated by Divert Inc., will receive payments for processing a range of wasted food volumes supplied under a 20-year feedstock supply agreement; upgrade the produced biogas into RNG meeting specifications for injection into the distribution system for the local natural gas utility under an interconnect agreement; and receive payments for sales of RNG from a 10-year RNG offtake agreement and from any additional sales of RNG and its associated environmental attributes at the spot market.

Divert Dev’s Outside Counsel: Latham & Watkins led by Washington, D.C., partner Paul Hunt and Los Angeles counsel Anna Rienhardt but including Houston partner Justin Stolte and Houston partner Jim Cole on tax

Stronghold Digital Mining Closes $10M private placement

Deal Description: Publicly traded Stronghold Digital Mining Inc. announced April 21 it closed the previously announced securities purchase agreements with an institutional investor and its chairman and CEO Greg Beard. The company sold 9 million shares of Class A common stock and share equivalents to the institutional investor and 1 million shares of Class A common stock to Beard at $1 per share equivalent. Stronghold also issued to the purchasers warrants to buy 10 million shares of Class A Common Stock with an initial exercise price of $1.10 per share. The warrants aren’t exercisable until six months after issuance. The exercise price for the more than 5.6 million warrants previously issued to the purchasers on Sept. 19, 2022, will be adjusted from $1.75 to $1.01 per share. The non-brokered placement closed on April 21 and the gross proceeds were $10 million before deducting offering expenses. Stronghold also agreed to acquire 5,000 new, latest-generation MicroBT Whatsminer M50 miners for $15.50 per terahash per second, including shipping. Beard said the company isn’t issuing equity to pay creditors but issuing equity to invest in growing its business, finding a compelling opportunity to purchase Bitcoin miners that will be highly accretive for the company and its shareholders.

Stronghold’s Outside Counsel: Vinson & Elkins team led by partners Daniel LeBey in Richmond, Va., and Shelley Barber in New York and senior associate Lucy Liu in Dallas with assistance from associates Glen Taylor in Richmond and Bennett Robinson in Dallas