© 2017 The Texas Lawbook.
By Natalie Posgate
(March 30) – A team of Vinson & Elkins lawyers said Wednesday that they closed a $1.03 billion initial public offering for the underwriters that worked with Silver Run Acquisition Corporation II, an energy-focused special purpose acquisition entity that will be led by former Anadarko CEO James Hackett.
Known as a “blank check” company, Silver Run II, which is sponsored by an affiliate of Riverstone Holdings, was formed for the purpose of entering a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with energy companies.
Riverstone General Counsel Stephen Coats hired Weil, Gotshal & Manges’ New York office to Silver Run II’s end of the IPO, according to a filing with the U.S. Securities & Exchange Commission.
The underwriters turned to Houston capital markets partner Doug McWilliams and Ramey Layne to handle the IPO for Silver Run II. They received assistance from associates based in the firm’s Richmond office.
Houston tax partner John Lynch and Dallas executive compensation/benefits partner David D’Alessandro also worked on the IPO.
The underwriter group included Citigroup, Credit Suisse Securities, Deutsche Bank Securities, and Goldman Sachs.
McWilliams and V&E have a history working on the other side of the table from Riverstone’s first blank-check company, Silver Run Acquisition Corporation. In October, McWilliams and fellow Houston partner Matt Strock represented Denver-based Centennial Resource Development when Silver Run purchased a controlling stake in the company (89 percent) from NGP for $1.58 billion.
Silver Run II priced its IPO last Thursday at $900 million, offering 90 million units for $10 per unit. The underwriters exercised their option to purchase an additional 13.5 million units, which brought the IPO valuation to $1.03 billion.
© 2017 The Texas Lawbook. Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.
If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.