As reports grow about renewed coronavirus surges in the U.S. and Western Europe, it might be a good time for Haynes and Boone to remind us how brutal the pandemic has been on the energy business in Texas.
Graciously, the folks at Haynes and Boone have anticipated the moment by releasing this week their quarterly look at energy industry bankruptcies.
Their latest Oil Patch Bankruptcy Monitor bears this blunt assessment: “The continued presence of COVID-19 cases in the U.S. and abroad casts a pall over world-wide energy demand and contributes to a collective gloom that prices and industry activity will not turn the corner anytime soon.”
During the third quarter of 2020, 17 energy producers filed for bankruptcy. Combined with the 23 filed in the first half, bankruptcies are up 21% over the same period last year. Even worse, bankruptcies in the oil field services industry have skyrocketed, from 18 in the first half of 2020 to 26 in the third quarter alone. Only the midstream companies seem to have avoided the bloodshed, with only Bouchard Transportation filing to restructure this year.
In the deals that pass through this column, we’ve already seen the response: in RSAs, joint ventures, note exchanges and equitizing transactions to shed debt loads, dump unproductive assets, reassure lenders or simply find ways to secure cash flows in an effort to survive.
The caution within the industry seems grounded in genuine concern. In a separate Haynes and Boone executive survey of energy lenders and producers, only 6% predicted that current energy lending models will survive as-is. And in yet another Haynes and Boone survey energy-lending banks say more conservative approaches to their lending calculus 2021 are likely to result in an overall decrease of 15.7% in borrowing base.
As in many aspects of our immediate future, change is likely to be a permanent fixture, it seems. And the ways in which the energy sector will continue to define business in Texas are worth watching as they change with them.
Last week saw only eight transactions reported — five in M&A deals worth $735 million and three in the cap markets worth $4.5 billon — for a total of $5.2 billion. The work included 52 Texas lawyers at five different firms.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
---|---|---|---|---|---|---|---|---|
April 20, 2024 | 17 | $14,177 | 9 | 132 | 8 | $5,196 | 9 | $8,981 |
April 13, 2024 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
April 6, 2024 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
March 30, 2024 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
March 23, 2024 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
March 16, 2024 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
March 9, 2024 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
March 2, 2024 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
February 24, 2024 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
February 17, 2024 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
February 10, 2024 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
February 3, 2024 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
January 27, 2024 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
January 20, 2024 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
January 13, 2024 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
January 6, 2024 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
December 30, 2023 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
December 23, 2023 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
December 16, 2023 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
December 9, 2023 | 26 | $14,633.9 | 17 | 244 | 16 | $8,095 | 10 | $6,538.9 |
December 2, 2023 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
November 25, 2023 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
November 18, 2023 | 22 | $6,568.7 | 17 | 184 | 14 | $4,709.2 | 8 | $1,859.5 |
November 11, 2023 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
November 4, 2023 | 15 | $20,582.5 | 14 | 193 | 12 | $19,417.5 | 3 | $1,165 |
October 28, 2023 | 18 | $68,419.1 | 18 | 152 | 15 | $66,646 | 3 | $1,773.1 |
October 21, 2023 | 16 | $6,755.9 | 16 | 165 | 15 | $6,755.9 | 1 | $3 |
October 14, 2023 | 10 | $67,851.2 | 13 | 125 | 7 | $61,998.5 | 3 | $5,852.7 |
October 7, 2023 | 17 | $6,595.5 | 13 | 228 | 16 | $5,995.5 | 1 | $600 |
September 30, 2023 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
September 23, 2023 | 23 | $6,432.7 | 17 | 230 | 16 | $1,402.8 | 7 | $5,029.9 |
September 16, 2023 | 25 | $23,226.7 | 23 | 353 | 16 | $17,239 | 9 | $5,987.7 |
September 9, 2023 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
September 2, 2023 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
August 26, 2023 | 17 | $12,160.25 | 13 | 202 | 15 | $ 6,573.25 | 2 | $ 5,587.00 |
August 19, 2023 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
August 12, 2023 | 19 | $9,698.8 | 13 | 184 | 7 | $3,270 | 12 | $6,428.8 |
August 5, 2023 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
July 29, 2023 | 15 | $21,031.6 | 13 | 196 | 11 | $18,292.0 | 4 | $2,739.6 |
July 22, 2023 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
July 15, 2023 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
July 8, 2023 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
July 1, 2023 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
June 24, 2023 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
June 17, 2023 | 17 | $5,880.7 | 15 | 151 | 15 | $4,705.7 | 2 | $1,175 |
June 10, 2023 | 19 | $8,516.1 | 13 | 111 | 16 | $6,252.4 | 3 | $2,263.7 |
June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.5 |
May 27, 2023 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
May 20, 2023 | 11 | $22,458.1 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
May 13, 2023 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
May 6, 2023 | 20 | $3,297.6 | 18 | 196 | 17 | $2,985.6 | 3 | $312 |
April 29, 2023 | 23 | $3,691.2 | 18 | 135 | 17 | $1,969.7 | 6 | $1,721.5 |
April 22, 2023 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
April 15, 2023 | 12 | $23,818.1 | 9 | 59 | 10 | $21,618.1 | 2 | $2,200 |
April 8, 2023 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
April 1, 2023 | 21 | $18,676.7 | 12 | 175 | 11 | $10,926.7 | 10 | $7,750 |
March 25, 2023 | 15 | $8,779.5 | 10 | 141 | 5 | $2,362 | 10 | $6,416.5 |
March 18, 2023 | 7 | $14,048.8 | 6 | 69 | 5 | $13,345 | 2 | $703.8 |
March 11, 2023 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
March 4, 2023 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
February 25, 2023 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
February 18, 2023 | 14 | $5,743.7 | 13 | 158 | 8 | $898.7 | 6 | $4,845 |
February 11, 2023 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
February 4, 2023 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
January 28, 2023 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
January 21, 2023 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
January 14, 2023 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
January 7, 2023 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
December 31, 2022 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
December 17 | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
December 10, 2022 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
December 3, 2022 | 26 | $12,800.9 | 11 | 172 | 20 | $4,141 | 6 | $8,659.9 |
November 26, 2022 | 8 | $2,266.7 | 8 | 5 | 3 | $76 | 5 | $2,190.7 |
November 19, 2022 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
November 12, 2022 | 13 | $15,093.7 | 9 | 81 | 9 | $14,200 | 4 | $893.7 |
November 5, 2022 | 25 | 19,337.2 | 16 | 509 | 22 | $8,267.2 | 3 | $11,070 |
October 29, 2022 | 15 | $7,805.3 | 9 | 116 | 14 | $7,180.3 | 1 | $625 |
October 22, 2022 | 20 | $8,193.5 | 13 | 253 | 13 | $5,442 | 7 | $2,751.5 |
October 15, 2022 | 9 | $3,046.1 | 9 | 139 | 7 | $2,588.3 | 2 | $457.8 |
October 8, 2022 | 19 | $2,011.8 | 12 | 114 | 16 | $833.8 | 3 | $1,178 |
October 1, 2022 | 23 | $5,532.9 | 16 | 156 | 18 | $4,952.3 | 5 | $580.6 |
September 24, 2022 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
September 17, 2022 | 21 | $8,352.3 | 12 | 320 | 15 | $4,759.6 | 6 | $3,592.7 |
September 10, 2022 | 15 | $19,853.5 | 10 | 126 | 13 | $19,403.6 | 2 | $450 |
September 3, 2022 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
August 27, 2022 | 16 | $30,891.7 | 10 | 135 | 15 | $30,666.4 | 1 | 227.7 |
August 20, 2022 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
August 13, 2022 | 18 | $8,004.7 | 11 | 242 | 11 | $2,844.7 | 7 | $5,160 |
August 6, 2022 | 24 | $7,948.9 | 12 | 240 | 17 | $3,577 | 7 | $4,371.9 |
July 30, 2022 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
July 23, 2022 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
July 16, 2022 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
July 9, 2022 | 10 | $3,557.7 | 7 | 68 | 9 | $3,557.7 | 1 | 0 |
July 2, 2022 | 18 | $8,609.4 | 13 | 152 | 15 | $2,754.4 | 3 | $5,855 |
June 25, 2022 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
June 18, 2022 | 17 | $11,890.1 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
June 11, 2022 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
June 4, 2022 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
May 28, 2022 | 9 | $3,197.6 | 11 | 86 | 9 | $3,197.6 | 0 | 0 |
May 21, 2022 | 14 | $7,284.5 | 12 | 185 | 11 | $6,609 | 3 | $675.5 |
May 14, 2022 | 11 | $306.6 | 9 | 80 | 10 | $306.6 | 1 | $225 |
May 7, 2022 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
April 30, 2022 | 16 | $2,296.5 | 16 | 157 | 12 | $895.5 | 4 | $1,401 |
April 23, 2022 | 10 | $2,241 | 11 | 58 | 8 | $1641 | 2 | $600 |
April 16, 2022 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
April 9, 2022 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
April 2, 2022 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
March 26, 2022 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
March 19, 2022 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
March 12, 2022 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
March 5, 2022 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
February 26, 2022 | 12 | $5,095 | 8 | 149 | 9 | $4,437.5 | 3 | $658 |
February 19, 2022 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
February 12, 2022 | 12 | $2,344.7 | 10 | 73 | 8 | $641.7 | 4 | $1,703 |
February 5, 2022 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
January 29, 2022 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
July 31, 2021 | 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 |
July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
April 24, 2021 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
August 23, 2017 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
Just last week there were 14 deals for $21.4 billion. The value of transactions during this same week last year was only $4.3 billion, but there were 19 different deals.
While this marks the 10th time we’ve encountered a single-digit deal count since the beginning of the pandemic, it’s the first in the past 10 weeks. Just keep remembering: things could be worse because they have been.
M&A/PE FUNDING
Willkie Advises Ontellus Purchase of INTERTEL, MasterTrace
Ontellus, a technology and data company specializing in medical and medical business records announced Oct. 1 that it has acquired two medical canvass data providers, INTERTEL and MasterTrace.
Backed by Aquiline Capital Partners and The CapStreet Group, Ontellus is the largest privately-held provider of records retrieval and claims management data to insurance companies and self-insured companies nationwide. Terms of the transaction were not disclosed.
Willkie Farr advised Houston-based Ontellus on the acquisitions with a team led from Houston by partner Bruce Herzog and counsel Garrett Johnston.
Medical canvassing is the process by which firms research medical histories to uncover prior existing conditions or medical histories germane to insurance or injury claims.
“Medical canvassing is a crucial capability in the adjudication of insurance claims,” said Darren Klauser, CEO of Ontellus. “Having a digital platform that allows insurers to seamlessly move from canvassing to procuring records electronically will enable Ontellus to further expedite the retrieval services that we provide our clients with today.”
“These acquisitions are consistent with our strategy to continue to expand our ecosystem supporting the entire supply chain of records procurement through data analysis,” Klauser said.
Based in St. Louis, INTERTEL is the largest medical canvass data provider for all lines of insurance business associated with any type of bodily injury. MasterTrace, based in Florida, is the second-largest provider.
The CapStreet Group, based in Houston, was co-founded by George Kelly. Neil Kallmeyer, the company’s managing partner, is a Houston native and product of Texas A&M. Aquiline Capital is based in New York.
V&E Advises On Restructure of Kosmos Prepayment
Kosmos Energy Ltd. announced Oct. 5 that it has restructured a $150 million production prepayment into a $200 million term loan funded by a subsidiary of Beal Bank
Dallas-based Kosmos operates offshore on the Atlantic Margins, primarily in the U.S., Mexico and Africa.
Also headquartered in Dallas, CSG is a global buy-and-hold institution for commercial and industrial customers and a subsidiary for Beal Bank
The prepayment agreement with Trafigura Trading, reported by The Lawbook in July, provided for as much as $200 million in production through 2023 from Kosmos’ U.S. Gulf Coast operations.
Vinson & Elkins represented CSG Investments, Inc., a Beal Bank subsidiary, secured by Kosmos’ U.S. Gulf of Mexico assets.
The V&E team was led by Dallas partner Cris Dewar with assistance from associates Caitlin Snelson, Derrik Sweeney, and Ariel Guerrero-Stewart in Houston, and Catherine Briley in Dallas. Also advising from Houston were partner Larry Nettles and counsel Larry Pechacek (environmental); and partner Shay Kuperman, senior associate Joclynn Townsend and associates Jack Moxon and John McEntire (energy transactions/projects).
Latham Advises Hess in Sale of Interests in Shenzi Field, Gulf of Mexico
Hess Corporation announced Oct. 6 that it sold a 28% interest to BHP Billiton in the deep water Shenzi Field of the Gulf of Mexico for $505 million.
BHP Billiton, an Anglo-Australian mining and petroleum production company, is the field’s operator. The sale is effective July 1, 2020. In the first eight months of 2020 the field produced 11,000 net barrels of oil per day.
Latham & Watkins advised New York headquartered Hess on the deal with a corporate deal team led by Houston partner Robin Fredrickson, with Houston associates Corey Allen and Luke Strother. Advice was also provided on tax matters by Houston partner Bryant Lee, with Houston associate Chelsea Muñoz-Patchen. The rest of the team included lawyers from the firm’s Washington D.C. office.
Point Pickup Technologies
Point Pickup Technologies, creators of a final-mile delivery data platform, announced Oct. 8, a $30 million round of Series A funding by BBH Capital Partners.
The investment underpins previous seed rounds by CT Innovations and private investors in the Greenwich, Conn.-based company.
The company says the $30M in funding will be used to enhance the company’s technology platform to meet a surge in demand for e-commerce services.
Vinson & Elkins advised Point Pickup on the funding. The V&E corporate team was led by partner Wes Watts and associates Luke Thomas and Chris Kirby. Also advising were partner Sean Becker (labor/employment); partner David Peck and senior associate Allyson Seger (tax); partner Devika Kornbacher and senior associate Ben Cukerbaum (technology transactions/IP); and associate Jonathan Wilson (corporate).
Point Pickup’s data-driven platform features the company’s proprietary Precision Matching technology, which enables the scalability required by coronavirus-driven increases in eCommerce enterprises. The platform matches driver and vehicle to delivery specifications in every major and secondary market in all 50 US states.
“While our eCommerce clients were already feeling the competitive pressure to offer same-day, home delivery, the COVID-19 crisis has forced them to accelerate their plans,” said Point Pickup’s CEO, Tom Fiorita. “We’ve quickly responded with our tailored solutions to onboard each new enterprise within a few weeks. Once implemented, our platform and driver networks are designed to easily scale to new product and geographical markets.”
“Point Pickup’s unique market position and impressive growth are exactly what we look for in a company,” said Jeffrey Price, Sr. Vice President of Brown Brothers Harriman & Co. and Co-Manager of CP Opportunities Fund. “Point Pickup is well positioned to take advantage of the significant uptick we’re seeing in the final-mile delivery market.”
Winston Advises in Sale of Memphis Infiniti Dealership
Winston & Strawn represented Johanna Ellis Reisinger, a third-generation dealership owner, in the sale of Infiniti of Memphis to Gossett Motor Cars.
The dealership is the sole Infiniti franchise in the Memphis, Tennessee area. Gossett Motor Cars, also located in Memphis, is one of the largest privately owned automotive groups in the Mid-South.
The terms of the transaction were not disclosed.
The Dallas-based Winston team was led by Billie Ellis with partner Matt Stockstill and associate Lauren Lieberman assisting.
The Presidio Group was Reisinger’s financial advisor on the transaction.
“Infiniti of Memphis has served its local community for three decades and we are thrilled the Gossett family will continue this tradition,” Reisinger said.
CAPITAL MARKETS
Marathon Oil Reaches Exchange Limit Early as Latham advises
Having received more than $757 million by its early deadline, Marathon Oil announced Sept. 30 that it had reached the $500 million limit the company had set on its tender offer for 2022 2.800% senior notes.
As a result the company expects to accept a total of $500,000,000 of the 2022 notes using a proration of 66.08% and does not expect to purchase notes tendered after the early tender date. Notes purchased under the early tender provisions of the offering will a $50 early tender premium for each $1,000 at settlement.
The corporate team was led by Houston partner Ryan Maierson, with associates Kevin Richardson, Eric Schoppe, Madeleine Neet and Anthony Tan. Advice was also provided on tax by Houston partners Bryant Lee and Jim Cole, with associate Mike Rowe.
Gibson Dunn Advises on $3.9B in LyondellBasell Notes
Having closed a $2 billion 50/50 joint venture in Louisiana with global giant Sasol Chemicals last week, LyondellBasell Industries proceeded to pay for it by announcing a $3.9 billion public offering of six different securities.
The notes include a public offering by LYB International Finance III of of: $650 million floating rate notes due 2023; $500 million of 1.250% guaranteed notes due 2025; $500 million of 2.250% guaranteed notes due 2030; $750 million of 3.375% guaranteed notes due 2040, $1 billion of 3.625% guaranteed notes due 2051 and $500 million of 3.800% guaranteed notes due 2060.
Although LyondellBasell CLO Jeff Kaplan and associate GC Andrew Gratz turned to Gibson Dunn for advice on the offerings.
LyondellBasell was advised by a Gibson Dunn team led by Houston partner Hillary Holmes and included London partner Steve Thierbach and Houston associates Justine Robinson, Monika Kluziak and JP Lopez. Houston partner James Chenoweth, London partner Benjamin Fryer and Houston associate Collin Metcalf advised on tax matters.
J.P. Morgan Securities, Barclays Capital Inc., BofA Securities, Inc. and Credit Suisse Securities are acting as the joint book-running managers for the offering.
As mentioned, the company plans to use the proceeds of the offering to fund at least a portion of the purchase price for the Sasol joint venture. But the company will also redeem or pay $1 billion in 6.0% notes.
Latham Advises on Merger Behind Flagship Communities $94M IPO
Flagship Communities Real Estate Investment Trust announced Oct. 6 the completion of its initial public offering valued at nearly $94 million.
The REIT was formed to own and operate a portfolio of 45 manufactured housing communities in Kentucky, Indiana, Ohio and Tennessee acquired from Flagship Communities. The Flagship portfolio includes 8,255 lots and a fleet of approximately 600 manufactured homes for lease.
In connection with the closing of the IPO Flagship Communities merged into a direct subsidiary of Flagship Operating. And as part of the merger transaction the private equity sponsor of Flagship Communities, AIM MHC Holdings, received an undisclosed cash payment for its interest.
Latham & Watkins advised California-headquartered AIM MHC Holdings on the transaction with a corporate team led by Houston partner Lauren Anderson and Orange county partner David Meckler, with Houston associates Alice Parker and Katie Walker. Houston partner Tim Fenn advised on taxes with Houston associate Jared Grimley.
At the end of the restructuring, Flagship’s executive officers Kurtis Keeney, Nathaniel Smith and Dennis Williams and their ownership vehicle remained in beneficial control. The company is headquartered in Erlanger, Kentucky.