CDT Roundup: 25 Deals, 16 Firms, 304 Lawyers, $49.2B

The U.S. presidential elections in November are fast approaching, with the candidates running neck-and-neck, as per recent polls, and nothing can quash dealmaking more than uncertainty.

According to S&P Global, U.S. M&A deal value has declined between election day and year-end in four of the previous seven election cycles when compared with the beginning of September to election day in November.

The two instances where post-election M&A deal value surpassed the campaigning period were in 1992, when Bill Clinton defeated incumbent George H. W. Bush, and 2004, when incumbent George W. Bush defeated John Kerry. Both periods experienced double-digit percentage gains in U.S. M&A deal values.

The general consensus is, if Trump wins, the stock market will boom and deal activity will go up. If Harris wins, the stock market will tank and deal activity will go down. We at the Corporate Deal Tracker realize that’s a rather simplistic view. Who knows what the election will bring?

A recent report by Morgan Stanley anticipates a robust M&A cycle this time regardless of whether a Democrat or Republican wins — driven by strong equity markets, open new issue markets, incoming rate cuts and positive industry expectations.

“A ‘D’ [Democrat] win would likely be supportive of the current strong economy, a key driver for M&A,” it notes, while a Republican win “potentially favors a more supportive regulator.” If the investment bank is right, we could have a record year.

Okay, the numbers for the week ending Aug. 17 look big: 25 deals for more than $49 billion. We can compare that with 19 deals for $11.5 billion the week prior; or to the 20 deals for $12.3 billion this time a year ago. But, for the record, it was the biggest week since October when we clocked 18 transactions valued at $68 billion, thanks to the $64.5 billion ExxonMobil acquisition of Pioneer Natural Resources.

Bolstering last week’s number was a $36 billion deal — the Mars acquisition of Kellanova. (Take a bow, Emily Lichtenheld, the Kirkland & Ellis partner in Austin who helped on the deal). But equally impressive, in their own way, were the capital markets numbers.

The 14 issues of notes and equity offerings were valued at $9.8 billion. Sure, most of the deals (10 of the 14, to be exact) were debt offerings. And three of the equity deals were secondary offerings. But together, they were the most reported by the Roundup since January 2018. For those reluctant to do the math on their fingers, that’s 68 months ago. Granted, it’s a snapshot; but something’s happening here.

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/FUNDINGS

Mars acquires packaged food maker Kellanova for $35.9B

Deal Description: Kellanova, a maker of snacks, international cereal and noodles, North American plant-based foods and frozen breakfast foods, agreed Aug. 14 to be sold to Mars Inc. for $35.9 billion. Under the agreement’s terms, Mars will acquire all outstanding equity of Kellanova for $83.50 per share in cash, including assumed net leverage. The transaction price represents a premium of 44 percent over Kellanova’s unaffected 30-trading day volume weighted average price and a premium of 33 percent over Kellanova’s unaffected 52-week high as of Aug. 2. All of Kellanova’s brands, assets and operations are included in the transaction.

Expected Closing: H1 2025 if the transaction clears Kellanova shareholders and regulators

Kellanova Board’s Financial Advisor: Lazard

Kellanova’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Eric Schiele and Allie Wein and includes corporate partner Emily Lichtenheld (Austin); capital markets partners Robert Hayward, Robert Goedert and Ashley Sinclair; antitrust & competition partners Andrea Murino, Albert Kim, Thomas Wilson and Sion Davies; executive compensation partners Scott Price (Austin and New York) and Matthew Wood; employment & labor partners R.D. Kohut and Jackson Phinney; tax partners Dean Shulman, Adam Kool and Maria Smith; technology & IP transactions partners Seth Traxler and Rory Wellever; and debt finance partner Michelle Kilkenney.

Mars’ Financial Advisor: Citi; J.P. Morgan and Citi provided Mars with financing support

Mars’ Outside Counsel: Skadden, Arps, Slate, Meagher & Flom led by M&A partners Howard Ellin, Neil Stronski and June Dipchand; Simpson Thacher & Bartlett provided advice for the debt financing

J.P. Morgan/Citi’s Outside Counsel on the financing: Cravath, Swaine & Moore

Notes: Kirkland has represented Kellogg for almost 25 years, during which time the firm has advised on multiple transformative deals. Most recently, Kirkland advised Kellogg on the separation of Kellanova and its North American cereal business WK Kellogg into two independent publicly traded companies completed in October 2023.

Lone Star Funds buys Carrier’s fire business for $3B

Deal Description: Carrier Global Corp. announced Aug. 15 that it has agreed to sell its commercial and residential fire business to Dallas-based Lone Star Funds for $3 billion. Paul, Weiss, Rifkind, Wharton & Garrison and Linklaters were outside legal counsel for Carrier. Kirkland & Ellis advised Lone Star Funds led by partner Melissa Kalka in Dallas. Rebecca Williams Smith, general counsel for Lone Star, is a former partner at Baker Botts. For more on the story, click here.

Heartland BancCorp sells to German American Bancorp for $330.2M

Deal Description: Hunton Andrews Kurth said Aug. 14 it counseled Heartland BancCorp on its sale to German American Bancorp for $330.2 million. The purchase was announced July 29. Heartland shareholders, other than the Heartland retirement plan, will receive 3.90 shares of German American common stock for each share of Heartland common stock in an all-stock, tax-free exchange. The shares held by the Heartland retirement plan will be exchanged for an equivalent cash payment. Based on the number of Heartland common shares expected to be outstanding at closing, German American would issue approximately 7.66 million shares of its common stock. With a $39.84 per share volume-weighted average price for German American common stock over the 10-day trading period ended July 26, the indicated per share value to Heartland shareholders is $155.37. As of June 30, Heartland operated 20 full-service banking offices and had $1.9 billion of assets, $1.5 billion of loans and $1.6 billion of deposits. The combined organization would have more than $8.1 billion in assets and a branch network of almost 95 rural, suburban and urban locations across Southern Indiana, Central and Northern Kentucky and Central and Southwest Ohio.

Expected Closing: Q1 2025 if it passes muster from regulators and German American and Heartland shareholders 

From HAK: The team was led by Dallas partners Peter Weinstock and Beth Whitaker and associates Marysia Laskowski and Alex Noetzel. The group also included Theanna Bezney, Anthony Eppert, Alan Marcuis, Alexander McGeoch, Eric Murdock, Tyler Richardson and Caitlin Scipioni.

German American’s Outside Counsel: Dentons

German American’s Financial Advisor: Keefe, Bruyette & Woods, Inc., part of Stifel

Heartland’s Financial Advisor: Raymond James & Associates Inc.

Blue Owl Capital leads $120M investment round in CloudPay

Deal Description: Latham & Watkins said Aug. 16 it advised Blue Owl Capital on payments unicorn CloudPay’s latest investment round of $120 million. The financing round was led by Blue Owl Capital with the participation of existing shareholders Rho Capital Partners, the Olayan Group and Hollyport Capital. The funding further strengthens CloudPay’s capital base and provides flexibility for future growth opportunities. CloudPay is an independent provider of payroll and payment solutions.

From LW: The transactional deal team was led by partners John Miller and Haim Zaltzman and counsel Benjamin Gelfand (Houston) with associates Pat Argenio, Tyler Davis, Jessica Allali and Ian Drazen. Advice was also provided on UK matters by partner Tracy Liu with associates Mark Walker and Danielle Stobie; on tax matters by partner Bora Bozkurt with associate Michael Yu; and on IP/data privacy matters by partner Michelle Gross with associate Andrew Abokhair (Austin).

HIF Global attracts $36M Equity Investment by Japan Organization for Metals and Energy Security

Deal Description: HIF Global announced a $36 million equity investment by the Japan Organization for Metals and Energy Security, a Japanese government agency, via Idemitsu Efuels America Corp. to expand HIF’s e-Fuels projects in the U.S., Australia, Chile and Uruguay. When combined with the investments by Idemitsu and existing shareholders announced in May 2024, HIF Global has been able to secure $200 million of new funding year-to-date to fund the development of its e-Fuels projects globally.

HIF Global’s Outside Counsel: Latham & Watkins with a corporate deal team led by New York partner Tony Del Pino and Houston partner Lauren Anderson with associates Ashley Nguyen and Justin Reinking. Advice was also provided on employment and benefits matters by Washington, D.C., counsel Laura Szarmach; on tax matters by Houston partner Jim Cole; on environmental matters by Los Angeles/Houston partner Joshua Marnitz; on CFIUS matters by Washington, D.C., partner Jim Barker; and on antitrust matters by Washington, D.C., partners Jason Cruise and Peter Todaro.

Notes: Latham also advised HIF on the investment by Idemitsu.

Pelican Energy Partners buys Electrical Builders

Deal Description: Locke Lord said Aug. 13 it represented Pelican Energy Partners Base Zero, a private equity fund that invests in nuclear energy services, on its acquisition of Electrical Builders, a provider of electrical and welding services to utilities, power plants, industrial, miner and data center customers and manufacturers. Terms weren’t disclosed on the deal, which was announced Aug. 9. The partnership will generate ample opportunities for growth within North America’s power sector and support the significant energy supply needs for data center facilities.

From LL: The team was led by Jennie Simmons and Ashley Lopez in Houston with additional assistance provided by Niha Ali, Tammi Niven, Eric Larson, Ed Razim, Jerry Higdon, Michelle Gutierrez-Begin, Elizabeth Casey, Grace Elliott, John Nelson and Tyler Self (all of Houston) and Paul Nason (Dallas).

Electrical Builders’ Outside Counsel: Taft Stettinius & Hollister

Tar Sands Holdings II, SPAC Integrated Rail and Resources agree to combine

Deal Description: Tar Sands Holdings II, which owns refining and real estate assets and minerals and mining rights in Vernal, Utah, and Winter Park, Fla.-based Integrated Rail and Resources Acquisition Corp. announced Aug. 12 they entered into a business combination agreement, which will result in a merger of the two companies with a subsequent NASDAQ exchange listing. Terms weren’t disclosed. TSHII also announced it’s in contract negotiations with an unnamed global integrated energy company for the purchase of Anchor feedstock products and the sale of all refined commodities back to Anchor. The completion must clear regulators and IRRX shareholders. Separately, TomCo Energy’s wholly-owned unit Greenfield Energy agreed to redeem its 10 percent membership interest in TSHII for $1.58 million.

IRRX’s Outside Counsel: Winston & Strawn led by Houston partner Mike Blankenship and including Olga Loy, Jon Bodle, Scott Englert, Robbie Oakes, Matthew Regens and Alexandra Santana

TSHII’s Outside Counsel: Holland & Hart

Haveli, Bregal Milestone lead majority recap of M-Files

Deal Description: Simpson Thacher said Aug. 16 it is advising Haveli Investments in connection with the announcement that M-Files Corp., the leader in knowledge work automation, entered into a definitive agreement for a majority recapitalization investment led by Haveli Investments and Bregal Milestone. The recap was announced Aug. 13. Haveli is an Austin-based private equity firm seeking to invest in companies in the technology sector through control, minority or structured equity and debt investments with a focus on software, data, gaming and adjacent industries. 

From STB: The team is led by M&A partners Atif Azher (Palo Alto), Anthony Vernace (New York) and Mark Myott (Palo Alto).

Haveli’s Other Outside Counsel: Hannes Snellman

Haveli’s/Bregal’s Financial Advisor: Evercore

Bregal’s Outside Counsel: White & Case

M-Files’ Financial Advisor: William Blair

M-Files’ Outside Counsel: Borenius Attorneys

Vanilla captures funding led by returning investor Insight

Deal Description: Vanilla, an estate planning software company, announced Aug. 15 a fundraising led by returning investor Insight Partners in addition to contributions from Venrock, Vanguard and other previous investors. Vanilla has a new strategic investor, Edward Jones Ventures, and new investor Alumni Ventures. In addition to supporting its rapid growth and customer adoption, the company will use the funding to expand its platform, including its embedded AI technology. Vanilla is leading and pioneering a new approach to fundamentally alter the $221 billion estate planning industry with its comprehensive, fully digital estate planning platform. Founded in 2019 by wealth management expert and entrepreneur Steve Lockshin, Vanilla has raised $66 million to date from insight Partners and Venrock as well as NBA legend Michael Jordan and F. William McNabb III, former CEO of Vanguard Group.

Insight’s Outside Counsel: Willkie Farr & Gallagher with a team led by partner Matthew Haddad in New York and associate Joe Laurel in Houston

Blackstone/Legence acquires New York City-based AMA Group

Deal Description: Kirkland & Ellis said Aug. 15 it advised Blackstone and its portfolio company Legence, a North American integrated provider of energy efficiency and sustainability solutions for buildings, on the acquisition of AMA Group, a New York City-based national engineering services firm. Terms weren’t disclosed on the deal, which was announced Aug. 14. Over the next several months, AMA will integrate into Kentucky-based CMTA, Legence’s largest mechanical, electrical and plumbing engineering services portfolio company. The deal marks Legence’s first acquisition in New York City, a priority market with a growing focus on building decarbonization.

From KE: The team was led by corporate partners Zach Savrick and Kyle Watson and associates Mike Bassi and Haley Steinman, tax partner Mark Dundon and executive compensation partner Stephen Jacobson.

EOC Partners, Elda River Capital invest in Brazos Midstream

Deal Description: Kirkland & Ellis said Aug. 15 it represented a consortium led by EOC Partners and Elda River Capital on a preferred equity investment in Brazos Midstream Holdings III, a Permian Basin midstream company backed by Old Ironsides Energy, EnCap Flatrock Midstream, Brazos management and other investors. terms weren’t disclosed. The proceeds will be used to, among other things, fund construction of new-build gathering and processing infrastructure in the Midland Basin, culminating in 500 million cubic feet per day processing capacity, 260 miles of natural gas gathering pipelines and 10 compressor stations.

From KE: The team was led by corporate partners Kevin Crews and Josh Teahen and included corporate associate Jack Chadderdon, debt finance partners Lucas Spivey and Osaro Aifuwa and tax partner Mark Dundon.

CAPITAL MARKETS/FINANCINGS

Whistler Pipeline offers $1.85M in senior notes

Deal Description: Simpson Thacher said Aug. 14 it is representing the initial purchasers on the offering of $1.85 billion in senior notes by Whistler Pipeline.  Whistler intends to use the net proceeds to redeem or repay substantially all of its outstanding indebtedness, with any remaining amount to be used for general corporate purposes, including the funding of future growth capital. Whistler owns the Whistler Pipeline, which is a 450-mile, 42-inch intrastate natural gas pipeline with 2.5 billion cubic feet per day of capacity that transports natural gas from the Permian Basin to a terminus near Agua Dulce, Texas, providing direct access to South Texas markets and consumers. The pipeline also has an 85-mile, 36-inch diameter lateral to the Midland Basin. Whistler also owns a 50 percent membership interest in Waha Gas Storage, and an indirect 70 percent interest in the ADCC Pipeline, an approximately 40-mile, 42-inch intrastate pipeline that carries natural gas from the terminus of the Pipeline in Agua Dulce, Texas to Cheniere Corpus Christi Holdings’ Corpus Christi liquefaction facility. Whistler is a joint venture indirectly owned by WhiteWater Whistler Holdings, MPLX and Enbridge Inc.

From STB: The team included Brian Rosenzweig, Maggie Selbe, Suzannah Ranzo, Adam Danciu and Julie Ledermann (Capital Markets); Michael Mann and Michael Leitner (Tax); Toby Chun and Noreen Lavan (Environmental); Paige Brinton (Intellectual Property); Ryan Stalnaker (Regulatory); Pasco Struhs (Executive Compensation and Employee Benefits); and Jennie Getsin (FINRA). Summer Associate Brooke Sanders also provided valuable assistance.

Whistler’s Outside Counsel: Latham & Watkins with a capital markets team led by Austin partner David Miller and Houston associate Om Pandya with associates Ziyad Barghouthy, Mary Kline and David Lee. Advice was provided on project finance and structuring matters by New York partners Warren Lilien and Christopher Cross and Washington, D.C., partner Carlos Ardila with associate Ashley Pappenfus; on tax matters by Houston partners Bryant Lee and Jim Cole with associate Dominick Constantino; on environmental matters by Washington, D.C., partner James Barrett and Orange County/Washington, D.C., counsel Nikki Buffa with associate Casey Kirk; and on regulatory matters by Washington, D.C., partners Patrick Nevins and Tyler Brown.

Occidental launches $1.72B secondary offering by CrownRock

Deal Description: Vinson & Elkins said Aug. 15 it advised CrownRock Holdings on its $1.72 billion underwritten secondary offering of 29.5 million shares of common stock of Occidental Petroleum Corp.  CrownRock received the shares as part of the consideration for the previously announced $12.4 billion sale of CrownRock to Oxy on Aug. 1. The secondary offering was conducted as a true bought deal with variable resale pricing. The underwriters were J.P. Morgan, Morgan Stanley and RBC Capital Markets and the sale closed Aug. 14.

From V&E: The team was led by partners Robert Kimball and Katherine Frank with assistance from associates Madison Bertrand, Leah Powers and Griff Kimball.

Noble prices $800M in senior notes

Deal Description: Gibson, Dunn & Crutcher said Aug. 12 it is advising Sugar Land-based Noble Corp. on Noble Finance II’s pricing of an additional $800 million in 8.000% senior notes due 2030. Noble said Aug. 8 the offering size was increased from the previously announced offering size of $675 million. The offering was expected to close on or about Aug. 22. Noble intends to use the net proceeds to fund the cash consideration in connection with its pending merger with Diamond Offshore Drilling Inc. and for general corporate purposes.

From GD: The corporate team was led by partners Hillary Holmes and Cynthia Mabry and includes associates Malakeh Hijazi, Mariana Lozano and Thomas Canny. Partner Shalla Prichard and associate Laura Edwards advises on financial aspects while senior counsel Gregory Nelson is counseled on tax.

Moss Creek Resources closes $750M senior notes offering

Deal Description: Moss Creek Resources Holdings Inc., a wholly-owned subsidiary of Surge Energy US Holdings Company, closed Aug. 15 an offering of $750 million in 8.250% senior notes due 2031. The company intends to use the net proceeds from the offering, together with cash on hand, to redeem all of its outstanding 7.500% senior notes due 2026 and 10.500% senior notes due 2027.

Initial Purchasers’ Outside Counsel: Latham & Watkins with a capital markets team led by Austin/Houston partner Michael Chambers and Austin partner Mollie Duckworth with associates Giulia Franzoso, Celia Mishra and Mary Kline

Moss Creek’s Outside Counsel: Vinson & Elkins with a corporate team led by partners Mike Telle and Ben Heriaud and senior associate Layton Suchma, with assistance from associates Chase Browndorf, Patience Li and Rylie Goldwait. Also advising were partner Wendy Salinas and associate Jeff Slusher; partner David D’Alessandro, counsel Heather Reynolds Johnson and associate Kenneth Strain; partner Darin Schultz, counsel Zachary Rider and associate Sydni Daniels; partner Matthew Dobbins and associate Kelly Rondinelli; counsel Rajesh Patel and associate Haley Titcomb; and counsels Brian Howard and Elizabeth Krabill McIntyre.

Archrock launches $700M senior notes offering, concurrent $200M cash tender offer

Deal Description: Simpson Thacher said Aug. 15 it is representing the initial purchasers in connection with the offering of $700 million in 6.625% senior notes due 2032 by Archrock Partners, a wholly-owned subsidiary of Houston-based Archrock Inc. Archrock Partners Finance Corp, a wholly-owned unit of Archrock Partners, served as co-issuer. Archrock intends to use the net proceeds to fund a portion of the cash purchase price for the previously announced acquisition of Total Operations and Production Services to fund a cash tender offer to purchase up to $200 million of the issuers’ 6.875% senior notes due 2027 and pay related fees and expenses. Archrock intends to use any remaining net proceeds for general corporate purposes, which may include the repayment of indebtedness, including a portion of the outstanding borrowings under Archrock’s revolving credit facility. Simpson Thacher is also representing the dealer manager in connection with the tender offer.

From STB: The team included partners Brian Rosenzweig (Houston) and Sean Dougherty (New York) and associates Richie Ragusa, Ryan Poché, Suzannah Ranzo and Andrew Scattergood (Capital Markets); partner Jonathan Cantor and associate Ruoxi Zhang (New York—Tax); associate Ryan Stott (New York—Executive Compensation and Employee Benefits); and associate Andrew Pagliughi (New York—FINRA).

Archrock’s Outside Counsel: Latham & Watkins with a Houston-based team led by partners Ryan Maierson and Nick Dhesi with assistance from associates Paul Robe, Sydney Verner, Brian Bruzzo and Tasbiha Batool. Advice was provided on tax matters by Houston partners Tim Fenn and Jim Cole with assistance from associate Dominick Constantino; on environmental matters by Los Angeles/Houston partner Joshua Marnitz with assistance from associate Brandon Kerns; and on employee benefits matters by Washington, D.C., partner Adam Kestenbaum and Houston counsel Krisa Benskin with assistance from associate Christina Schrantz.

Western Midstream prices secondary by Occidental of $685.9M

Deal Description: Houston-based Western Midstream Partners (WES) announced Aug. 12 the pricing of the previously announced underwritten secondary public offering of 19 million common units representing limited partner interests in WES by affiliates of Occidental for gross proceeds of $685.9 million. The offering was expected to close on Aug. 14. The selling unitholders granted Barclays, as the underwriter, a 30-day option to purchase up to 2.85 million additional common units. WES is not selling any units in the offering and will not receive any proceeds from the sale. Barclays was sole book-running manager for the offering. 

Western Midstream’s Outside Counsel: Locke Lord with a team led by Houston partners Jon Daly and Gislar Donnenberg with assistance by Joseph Chung (New York), John Arnold, Gerry Pels, Elizabeth Corey, Shumaila Dhuka and Jeremy Petersen (all of Houston), Tom Knight and Chris Hart (both of Washington, D.C.) and Tom Bohac and Hani Majeed (both of Chicago).

Barclays’ Outside Counsel: Gibson, Dunn & Crutcher with a corporate team including partners Hillary Holmes and Harrison Tucker and associates Nicholas Linke and Benjamin Blefeld.  Senior counsel Gregory Nelson advised on tax aspects.

Energy Transfer prices $610.68M secondary units offering

Deal Description: Energy Transfer announced Aug. 9 an underwritten public offering of 38.7 million common units representing limited partner interests in the partnership by WTG Midstream and an affiliate of Stonepeak at a price to the public of $15.78 per common unit. The selling unitholders will receive all proceeds and Energy Transfer won’t sell any common units in the offering. Some officers and directors of the partnership’s general partner LE GP agreed to purchase 3.04 million common units. The underwriter Barclays won’t receive any underwriting discounts or commissions under this offering for sales of common units to the affiliated purchasers. The offering closed on Aug. 12.

Energy Transfer’s Outside Counsel: Vinson & Elkins with a team led by partners Jackson O’Maley and Ramey Layne, with assistance from senior associate Markeya Brown and associates Walt Baker, Patience Li and Rachel Campbell. Also advising were partner Ryan Carney, senior associates Curt Wimberly and Dan Henderson and associate Keleigh Carver (tax); partner David D’Alessandro and counsel Heather Reynolds Johnson (executive benefits); partner Matthew Dobbins and associate Simon Willis (environment); and partner Damien Lyster and associates Ryan Hoeffner and Ethan Borrasso (environment regulatory).

Barclays’ Outside Counsel: Hunton Andrews Kurth with a team led by Jordan Hirsch with the assistance of corporate partners Mike O’Leary and Henry Havre and corporate associates Casey Shaw, Kelli Rice, Kathleen Dill, Kaitlyn Thorson and Brittany White. Partners Robert McNamara and Will Freeman handled tax, counsel E. Carter Chandler Clements handled environmental, partner Shemin V. Proctor handled regulatory and partner Carl von Merz handled real estate matters.

GardaWorld completes $550M senior notes offering

Deal Description: Simpson Thacher said Aug. 14 it represented Garda World Security Corp. on an offering of $550 million in 8.250% Senior Notes due 2032. GardaWorld intends to use the net proceeds from the notes offering to finance the acquisition of OnSolve, a provider of event management including risk intelligence, mass notifications, incident management and travel risk management. The funds will be used to pay related fees and expenses, repay outstanding amounts on its senior secured revolving credit facility, pay fees and expenses related to the offering and for general corporate purposes, including potential future acquisitions. GardaWorld is an entrepreneurial-minded corporation that builds global champions in security services, AI-enabled security technologies, integrated risk management and cash automation solutions, employing more than 132,000 professionals across the globe.

From STB: The team included Ken Wallach, Brian Rosenzweig, Evan Zuckerman, Richie Ragusa and Shub Chandrasekaran (Capital Markets); Jonathan Cantor (Tax); Jeannine McSweeney and Alan Fenyes (Executive Compensation & Employee Benefits); Paige Brinton (Intellectual Property); and Michael Isby (Environmental).

EnLink Midstream offers $500M in senior notes

Deal Description: On Aug. 12, EnLink Midstream (ENLC) announced the pricing of its underwritten public offering of $500 million in 6.500% senior notes due 2030 at a price to the public of 99.618% of their face value. The notes will be fully and unconditionally guaranteed on a senior basis by EnLink Midstream Partners, a subsidiary of ENLC.  The notes offering was expected to close on Aug. 15. ENLC intends to use the net proceeds for general limited liability company purposes, including to repay borrowings under the revolving credit facility and the accounts receivable securitization facility, a portion of which were incurred to purchase ENLK’s outstanding Series B Cumulative Convertible Preferred Units on Aug. 5. Headquartered in Dallas, ENLC provides integrated midstream infrastructure services for natural gas, crude oil and NGLs as well as CO2 transportation for carbon capture and sequestration. Its large-scale, cash-flow-generating asset platforms are in premier production basins and core demand centers, including the Permian Basin, Louisiana, Oklahoma and North Texas.

ENLC’s Outside Counsel: Baker Botts including, from corporate: Preston Bernhisel (partner, Dallas); Tala Esmaili (associate, Dallas); Chelsea Johnson (associate, Houston); Maddie Boezinger (associate, Dallas); Finance: Luke Weedon (partner, Dallas); and tax: Steve Marcus (partner, Dallas)

Underwriters’ Outside Counsel: Vinson & Elkins with a team led by partners Thomas Zentner and David Stone and counsel Brett Peace with assistance from associates Phil Greenfield, Michelle Yang, Josh Rutenberg, Waleed Vohra and Ronnie Braxton. Also advising was partner Matthew Dobbins and associate Kelly Rondinelli (environmental); partners Ryan Carney and Natan Leyva and associate Jeff Slusher (tax); and counsels Andrew Beach and Victoria Godfrey (energy regulatory).

Cinemark completes $500M notes offering, concurrent cash tender offer

Deal Description: Simpson Thacher said Aug. 14 it represented the initial purchasers, led by Wells Fargo Securities, on an offering by Cinemark USA Inc., a wholly-owned subsidiary of Plano-based Cinemark Holdings Inc., of its $500 million in 7.0% Senior Notes due 2032. Simpson Thacher also represented Wells Fargo as dealer manager for Cinemark USA’s concurrent cash tender offer to purchase any and all of its outstanding $405 million in 5.875% Senior Notes due 2026. Cinemark USA used a portion of the net proceeds from the offering to fund the settlement of the tender offer and intends to use the remaining net proceeds to pay related fees and expenses and any remainder for general corporate purposes. Cinemark operated a total of 502 theaters and 5,708 screens in 42 states in the U.S. and in 13 countries throughout South and Central America as of March 31.

From STB: The team included Ken Wallach, David Azarkh, Tony Rim, Erin Camia and Sally Jo (Capital Markets); Michael Mann (Tax); Jennie Getsin (Blue Sky); Jeanne Annarumma and J. Pasco Struhs (Executive Compensation and Employee Benefits); Paige Brinton (IP); and Timothy Mulvihill (Environmental). Summer Associate Grace Lim provided assistance.

Kraken Oil & Gas Partners completes $500M senior notes offering

Deal Description: Simpson Thacher said Aug. 14 it represented the initial purchasers on the debut offering of $500 million in 7.625% senior notes due 2029 by Kraken Oil & Gas Partners. Kraken is a privately held, independent oil and natural gas company focused on oil-weighted exploration, development and production opportunities in the Williston Basin of North Dakota and Montana.

From STB: The team included Brian Rosenzweig, David Azarkh, Maggie Selbe, Andrew Scattergood and Suzannah Ranzo (Capital Markets); Michael Mann and Jiha Min (Tax); Paige Brinton (Intellectual Property); Pasco Struhs (Executive Compensation and Employee Benefits); and Jennie Getsin (FINRA). Summer Associate Nikola Hew and Magdalena Regulska also provided assistance.

Archrock launches $223M equity offering

Deal Description: Simpson Thacher said Aug. 14 it represented the underwriters in connection with the offering of 12.65 million shares of common stock by Archrock Inc., representing the full exercise of the underwriters’ option to purchase additional shares. The public offering price was $21.00 per share. Archrock intends to use the net proceeds from the offering to fund a portion of the cash purchase price for the previously announced acquisition of Midland-based Total Operations and Production Services. If the acquisition isn’t completed, the proceeds from the offering will be used for general corporate purposes. Houston-based Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression.

From STB: The team included Brian Rosenzweig, Sean Dougherty, Julie Ledermann, Ryan Poché, Suzannah Ranzo and Andrew Scattergood (Capital Markets); Jonathan Cantor and Ruoxi Zhang (Tax); Michael Isby (Environmental); Ryan Stott (Executive Compensation and Employee Benefits); and Jennie Getsin (FINRA). Summer Associate Collin Mitchell also provided assistance.

Archrock’s Outside Counsel: Latham & Watkins with a Houston-based team led by partners Ryan Maierson and Nick Dhesi with assistance from associates Paul Robe, Sydney Verner, Brian Bruzzo and Tasbiha Batool. Advice was also provided on tax matters by Houston partners Tim Fenn and Jim Cole with assistance from associate Dominick Constantino; on environmental matters by Los Angeles/Houston partner Joshua Marnitz with assistance from associate Brandon Kerns; and on employee benefits matters by Washington, D.C., partner Adam Kestenbaum and Houston counsel Krisa Benskin with assistance from associate Christina Schrantz.

Sunnova securitizes $320.2M in residential solar systems

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 wholly owned subsidiary of $320.2 million in asset-backed notes in two tranches on Aug. 7. The two-tranche securitization includes $308.5 million of 6.58% notes and $11.7 million of 9.00% notes. The notes are backed by a portfolio of more than 17,300 solar rooftop systems distributed across 21 states, Guam and Puerto Rico. The notes are secured by, and payable from the cash flow generated by, the membership interests in wholly owned, direct subsidiaries of the issuing entity and proceeds from the sale of renewable energy credits. Each subsidiary owns a managing member interest in a project company, two of which are tax equity partnerships. Sunnova used the proceeds for, among other things, a partial prepayment of certain existing financing arrangements and intends to use the remaining net proceeds for general corporate purposes.

Sunnova’a Outside Counsel: Baker Botts including, on corporate/finance: Travis Wofford (partner, Houston); Natasha Khan (partner, Houston); Frank Schoen (partner, New York); Jonathan Goldstein (partner, New York); Eileen Boyce (partner, Houston); Caitlin Lawrence (partner, Houston); tax: Michael Bresson (partner, Houston); ERISA: Robin Melman (partner, New York); renewable energy regulatory: Emil Barth (partner, Washington, D.C.); and advisory: Danny David (partner, Houston)

Other Parties: Atlas SP Securities, a division of Apollo Global Securities, was structuring agent; Atlas and Barclays Capital Inc. were joint bookrunners; Wilmington Trust NA was transaction transition manager and indenture trustee; and U.S. Bank NA was custodian for the asset-backed notes private placement.

Delek Logistics offers $200M of additional senior notes

Deal Description: Tennessee-based Delek Logistics Partners announced Aug. 13 that it, along with its unit Delek Logistics Finance Corp., intends to offer an upsized $200 million of additional 8.625% senior notes due 2029 in a private placement to eligible purchasers subject to market conditions. The additional notes will be issued under the same indenture as the $650 million in 8.625% senior notes due 2029 issued on March 13 and the $200 million in 8.625% senior notes due 2029 issued on April 12 and will form a part of the same series of notes as the existing notes. The offering was expected to close on Aug. 16. Delek Logistics intends to use the net proceeds to repay a portion of the outstanding borrowings under its revolving credit facility.

Delek’s Outside Counsel: Kirkland & Ellis led by capital markets partners Michael Rigdon and Ieuan Adrian List and associates Robbie Dillard and Samiya Javed as well as debt finance partners Rachael Lichman and Chad Davis and associates Keegan Bobholz and Alex Bledsoe. They received assistance from tax partners David Wheat and Mark Dundon and associate Nicole Martin.

OTHER MATTERS

Latham & Watkins said Aug. 16 it advised on the financing for Blackstone Energy Transition Partners’ acquisition of Trystar, a provider of electrical equipment used for backup power solutions. The CDT Roundup first ran the deal here. The team was led by banking partners Paul Bonewitz, Daniel Seale, Nicole Fanjul, Brandon Anderson, Jesse Sheff, Brianna Oller and Pamela Kellet (in Houston) and counsel Kelly Egers with associates Daniel Ovadia, Gloria Torres Zavaleta, Jun Lei Lee and Diana Duan. Blackstone Energy Transition Partners, the investment firm’s energy-focused private equity business, completed the acquisition on Aug. 6.

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Latham also said Aug. 16 it advised on the financing for Blackstone Energy Transition Partners’ majority investment in Westwood Professional Services Inc., an engineering and design firm focused on renewables, power, real estate and public infrastructure end markets. The CDT Roundup first ran that deal here. The team was led by partners Paul Bonewitz, Jesse Sheff, Stelios Saffos, Nicole Fanjul, Brianna Oller and Pamela Kellet (in Houston) and counsel Kelly Egers with associates Carlos Ibarguengoitia, Kate Bell and Eric Raff.