It was slim pickings in M&A and securities work by Texas lawyers this past week, with only six transactions reported involving 36 attorneys in-state and $2 billion in value (several deals’ terms were undisclosed). The activity was highlighted by acquisitions in the medical, food and energy industries and equity and debt offerings in the oil and gas sector.
V&E advises CryoLife on Jotec acquisition for $225M
Vinson & Elkins grabbed some non-energy M&A work this past week, advising Atlanta-based medical device company, CryoLife, on its Oct. 10 purchase of German stent graft developer Jotec for $225 million in cash and stock
The team was led by partner Paul Tobias with assistance from counsel Andy Smetana and associate Ben Cukerbaum, all of Austin, and Dallas associate Arthur Lotz on finance matters. It also tapped its New York, Washington, D.C., and London offices for help. Walder Wyss assisted Jotec.
Porter Hedges grabs a piece of Center Coast sale to Brookfield
Brookfield Asset Management said Oct. 10 its public securities group picked up energy infrastructure investment adviser Center Coast Capital Holdings along with some of Liberty Street Advisors’ businesses for an undisclosed sum, and Porter Hedges benefited.
The Houston-based law firm advised Center Coast Capital on the deal. The team was led by corporate partners Rob Reedy and Corey Brown, both in Houston.
Skadden, Arps, Slate, Meagher & Flom also provided CCC with legal advice and Sandler O’Neill + Partners provided financial advice.
The CCC investment team, led by Dan Tutcher, Rob Chisholm and Jeff Jorgensen, will remain based in Houston and continue to manage its funds and accounts.
Berkshire Capital and Paul Hastings advised Brookfield. Moelis & Co. and Lowenstein Sandler advised Liberty Street.
Haynes and Boone Assists Parker Products on Sale to Riverside
Haynes and Boone said Oct. 3 it represented Fort Worth-based food ingredients provider Parker Products on its sale to New York private equity firm Riverside Co. Terms weren’t disclosed.
Haynes and Boone Partners Suzie Trigg and John McGowan in Dallas led the team representing Parker. Other members included partner Vicki Odette and associates Kellie Bobo and Catherine Peterman, all of Dallas, as well as attorneys in the firm’s New York office.
Richmond, Va., investment bank Boxwood Partners was Parker’s financial adviser. Jones Day represented Riverside mostly out of its Silicon Valley and Cleveland offices, but the deal team included some of its labor attorneys in Dallas, a spokeswoman said. She didn’t name those attorneys.
The deal is expected to accelerate growth at 91-year-old Parker (its founder I.C. Parker created the famous Drumstick ice cream novelty). Parker president Greg Hodder is expected to remain in place.
The transaction adds to Riverside’s portfolio of specialty food companies, which include Tate’s Bake Shop, Nustef Foods, Uinta Brewing and YumEarth.
V&E, Baker Botts work on $800 million preferred unit offering for Plains
The capital markets are alive and well for the oil and gas industry, with Houston-based Plains All American Pipeline selling 800,000 preferred units on Oct. 9 for $800 million with the help of J.P. Morgan Securities; Merrill Lynch, Pierce, Fenner & Smith; Morgan Stanley & Co.; and Wells Fargo Securities.
Plains said it expects to use the net proceeds of $787.8 million after expenses to repay debt – and maybe even make acquisitions.
V&E partners David Oelman and Alan Beck in Houston provided outside counsel to Plains with assistance from the firm’s New York office. Baker Botts advised the underwriters, including partners Josh Davidson and Jeremy Moore, associate Jennifer Gasser, tax partner Michael Bresson and special counsel T. Chuck Campbell, all of Houston.
Plains’ general counsel is Richard McGee, who joined the company as vice president of legal and business development for PAA Natural Gas Storage in 2009. He elevated to the top legal spot three years later when Tim Moore retired.
McGee previously worked at Duke Energy, where he had been president of Duke Energy International, and at V&E, where he spent more than 12 years as an energy M&A attorney.
V&E advises Jonah Energy on $600 million upsized debt offering
V&E also advised private equity-backed Jonah Energy on its $600 million upsized offering of senior unsecured notes that closed Oct. 3. The deal was originally announced at $500 million. Proceeds will go toward paying down debt.
The V&E corporate team was led by partners Doug McWilliams with assistance from counsel Dan Spelkin, senior associate Brett Riesenfeld and associates Anne Peetz and Ty Stahl, all of Houston.
Also advising on tax matters were Houston partners Judy Blissard and John Lynch, Dallas partners Wendy Salinas and Todd Way, and Houston associates Laura Gieseke and Lina Dimachkieh. Houston partner Stephen Jacobson and associate Kristy Fields worked on executive compensation/benefits issues and partner Larry Nettles, also of Houston, provided environmental advice. Attorneys in the firm’s New York office also were involved in the transaction.
Denver-based Jonah was founded in 2014 to acquire natural gas producing assets within the Jonah Field in Sublette County, Wyoming from Encana for $1.8 billion. In May, it picked up properties in the Jonah and Pinedale fields from Linn Energy for $580 million (which V&E also worked on). In addition to its own management team, the owners of Jonah include TPG Capital as well as EIG Global Energy Partners.
Willkie assists Liberty Oilfield with $425M in new debt facilities
A trio of lawyers at Willkie Farr & Gallagher in Houston advised Liberty Oilfield Services and its backer, Riverstone Holdings, on two new debt facilities for the company, a $175 million term loan and a $250 million revolving credit facility.
Associates Ryan Cicero, Mark Wang and Lynn Abell were part of the deal team, which included partners from its New York office. Houston-based associate Adam Lyons, who is on secondment with Liberty, assisted in the transaction.
Houlihan Lokey Capital and Wells Fargo Securities were the company’s lead placement agents on the facilities. Wells was represented by Goldberg Kohn in Chicago and the term lenders were represented by Morgan Lewis & Bockius in Hartford, Conn.
Liberty postponed its $250 million initial public offering in May due to industry conditions. The new facilities gave Liberty $100 million of available liquidity to pay down debt and fund growth and operations.