Vinson & Elkins

Matador Resources Company Announces Strategic Bolt-On Delaware Basin Acquisition

Retrieved on:

onsdag, juni 12, 2024

The consideration for the Ameredev Acquisition will consist of a cash payment of $1.905 billion, subject to customary closing adjustments.

Key Points:

The consideration for the Ameredev Acquisition will consist of a cash payment of $1.905 billion, subject to customary closing adjustments.
Matador’s management will host a live conference call to discuss the Ameredev Acquisition on Wednesday, June 12, 2024 at 10:00 am Central Time.
Foran, Matador’s Founder, Chairman and CEO, commented, “Matador is very excited to work with EnCap again on this strategic bolt-on opportunity (see Exhibit A).
This acquisition also positions Matador for continued success and growth throughout 2024, 2025 and into the future as one of the top ten producers in the Delaware Basin (see Exhibit E).

Energy Transfer to Acquire WTG Midstream in a $3.25 Billion Transaction

Retrieved on:

tisdag, maj 28, 2024

Energy Transfer LP (NYSE: ET) and WTG Midstream, LLC (WTG) announced today that the parties have entered into a definitive agreement pursuant to which Energy Transfer will acquire WTG Midstream Holdings LLC in a transaction valued at approximately $3.25 billion from affiliates of Stonepeak, the Davis Estate and Diamondback Energy, Inc.

Key Points:

Energy Transfer LP (NYSE: ET) and WTG Midstream, LLC (WTG) announced today that the parties have entered into a definitive agreement pursuant to which Energy Transfer will acquire WTG Midstream Holdings LLC in a transaction valued at approximately $3.25 billion from affiliates of Stonepeak, the Davis Estate and Diamondback Energy, Inc.
Consideration for the transaction will be comprised of $2.45 billion in cash and approximately 50.8 million newly issued Energy Transfer common units.
The transaction is expected to close in the third quarter of 2024, subject to regulatory approval and customary closing conditions.
RBC Capital Markets is serving as financial advisor to Energy Transfer, and Vinson & Elkins LLP is acting as Energy Transfer’s legal counsel on the transaction.

Fundare Resources Announces Financing with Valor Upstream Credit Partners

Retrieved on:

tisdag, maj 21, 2024

Oil, Gas, Energy, Vinson & Elkins, Financial adviser, Line of credit, Rocky Mountains

Fundare Resources Company, LLC (“Fundare” or the “Company”) announced that it has entered into a new $250 million credit facility (the “Credit Facility”) with Valor Upstream Credit Partners, L.P., a dedicated upstream credit fund managed by Breakwall Capital LP.

Key Points:

Fundare Resources Company, LLC (“Fundare” or the “Company”) announced that it has entered into a new $250 million credit facility (the “Credit Facility”) with Valor Upstream Credit Partners, L.P., a dedicated upstream credit fund managed by Breakwall Capital LP.
In conjunction with the closing of the Credit Facility, Fundare has merged all businesses under Fundare’s management, including Fundare Redtail, LLC, Rangeview Green River, LLC, and Moonrise Midstream, LLC as well as their wholly-owned subsidiaries, under one entity.
Cody Truitt, President & Chief Executive Officer of Fundare, commented, “We’re excited to partner with the Breakwall team.
This financing allows Fundare to capitalize on opportunities to grow its diversified upstream and integrated midstream footprint.”
Development activities at Fundare Redtail, the Company’s upstream oil and gas operations in Weld County, Colorado, have exceeded expectations.

Crescent Energy to Acquire SilverBow Resources for $2.1 Billion, Creating a Leading Growth Through Acquisition Company with a Premier Eagle Ford Position

Retrieved on:

torsdag, maj 16, 2024

Energy, Other Energy, Oil, Gas, Vinson & Elkins, BofA Securities, Wells Fargo, Jefferies Group, Committee, Growth, Share repurchase, Central Time, Eagle Ford, Dallas, Acquisition, All, Webcast, Gibson Dunn, Potential, Security (finance)

Crescent Energy Company (NYSE: CRGY) (“Crescent” or the “Company”) and SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow”), today announced that they have entered into a definitive agreement pursuant to which Crescent will acquire SilverBow in a transaction valued at $2.1 billion.

Key Points:

Crescent Energy Company (NYSE: CRGY) (“Crescent” or the “Company”) and SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow”), today announced that they have entered into a definitive agreement pursuant to which Crescent will acquire SilverBow in a transaction valued at $2.1 billion.
“This is a compelling transaction for shareholders of both companies, creating a premier growth through acquisition platform,” said John Goff, Crescent’s Chairman of the Board.
The SilverBow team has built a complementary and high-quality position in the Eagle Ford, and we believe the combination offers a unique value proposition in our evolving sector.
The SilverBow team built an incredible company, and today’s exciting announcement is a testament to their hard work and dedication.

Troutman Pepper to Host First-of-its-Kind Generative AI Summit for Law Firms

Retrieved on:

torsdag, maj 9, 2024

Vinson & Elkins, ROI, Summit, Policy, OpenAI, Course, Intelligence, Troutman Pepper, Private law, Culture, Future, Law firm, GPT, Generative

NEW YORK, May 9, 2024 /PRNewswire/ -- Artificial intelligence leaders from more than 20 law firms will join Troutman Pepper for a summit focused on the use of generative AI in the legal industry, including associated use cases, training, ethical obligations, policy implications, and more. The Pathfinders Beyond Boundaries: Law Firm AI Summit will be held on Tuesday, May 14, 2024, at Troutman Pepper's New York office, located at 875 Third Avenue.

Key Points:

The Pathfinders Beyond Boundaries: Law Firm AI Summit will be held on Tuesday, May 14, 2024, at Troutman Pepper's New York office, located at 875 Third Avenue.
The inaugural Law Firm AI Summit is designed as a platform for industry leaders to share insights, strategies, and experiences in navigating the evolving landscape of generative AI technologies.
"At the Summit, we will shed light on the paths taken by law firms that have harnessed the power of generative AI technologies and engage in meaningful discussion around inspirations, challenges, and breakthroughs."
Troutman Pepper was among the first law firms to launch a generative AI assistant, Athena.

EnCap Energy Transition Closes $1.5 Billion Energy Transition Fund II

Retrieved on:

onsdag, maj 8, 2024

Professional Services, Environment, Sustainability, Alternative Energy, Environmental Issues, Energy, Finance, Carbon, Vinson & Elkins, EnCap, Renewable energy

EnCap Energy Transition (EnCap) today announced it has successfully closed EnCap Energy Transition Fund II (EETF II) with commitments of approximately $1.5 billion.

Key Points:

EnCap Energy Transition (EnCap) today announced it has successfully closed EnCap Energy Transition Fund II (EETF II) with commitments of approximately $1.5 billion.
EnCap’s second energy transition fund was created to invest in solutions to decarbonize the power industry, while also opportunistically investing in low carbon fuels and carbon management.
“The EnCap Energy Transition team is proud to have raised a sizeable pool of capital to continue to invest in the opportunity created by the shift to a lower-carbon energy system.
The second energy transition fund follows EnCap Energy Transition Fund I that had $1.2 billion of total commitments with seven material portfolio company investments and four fund realizations to date including Broad Reach Power, Jupiter Power, Triple Oak, and Paloma Solar & Wind.

Lithium Americas Receives Conditional Commitment for $2.26 Billion ATVM Loan from the U.S. DOE for Construction of Thacker Pass

Retrieved on:

torsdag, mars 14, 2024

VANCOUVER, British Columbia, March 14, 2024 (GLOBE NEWSWIRE) -- Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) has received a conditional commitment (the “Conditional Commitment”) from the U.S. Department of Energy (“DOE”) for a $2.26 billion loan under the Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program (the “Loan”) for financing the construction of the processing facilities at Thacker Pass, located in Humboldt County, Nevada (“Thacker Pass” or the “Project”).

Key Points:

The Loan is intended to help finance the construction of Thacker Pass, targeted to produce an initial 40,000 tonnes per year (“tpa”) of battery grade lithium carbonate (“Phase 1”).
Lithium Americas and its engineering, procurement and construction management (“EPCM”) contractor, Bechtel, entered into a National Construction Agreement (Project Labor Agreement) (“PLA”) with North America’s Building Trades Unions (“NABTU”) for construction of Thacker Pass.
Lithium Americas is committed to sustainably developing Thacker Pass, including working closely with local communities and designing the operation to reduce any potential environmental impacts.
Lithium Americas is currently focused on advancing detailed engineering, procurement and execution planning for the construction of Thacker Pass.

CURO Group Holdings Corp. to Reduce Debt and Strengthen Financial Position Through Restructuring Support Agreement; Implements Prepackaged Restructuring Plan by Commencing Voluntary Chapter 11 Reorganization

Retrieved on:

måndag, mars 25, 2024

CURO also intends to file recognition proceedings in Canada under Part IV of the Companies’ Creditors Arrangement Act.

Key Points:

CURO also intends to file recognition proceedings in Canada under Part IV of the Companies’ Creditors Arrangement Act.
CURO branches are open, operating as usual and continuing to serve customers in the U.S. and Canada.
(“Oaktree”), Caspian Capital LP, and Empyrean Capital Partners (the “Ad Hoc Group”) led negotiation of the RSA on behalf of creditors.
The DIP financing, which is subject to court approval, is expected to support the Company’s ongoing operations during the court-supervised process.

Enviva Announces Comprehensive Agreements to Delever Balance Sheet and Strengthen Financial Position

Retrieved on:

onsdag, mars 13, 2024

Forest Products, Energy, Natural Resources, Other Energy, KCC, RSA, Growth, Inc., Lazard, Vinson & Elkins, Alvarez and Marsal, Wood, United States bankruptcy court, Bankruptcy, File, Swedish Royal Academies, Interim, Security (finance)

To implement this pre-arranged restructuring, Enviva and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”).

Key Points:

To implement this pre-arranged restructuring, Enviva and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”).
These motions, which Enviva expects to be approved in short order, are expected to help facilitate a smooth transition into Chapter 11.
Enviva expects to continue to pay suppliers in the ordinary course for authorized goods received and services provided after the filing.
Vinson & Elkins LLP is serving as legal counsel; Lazard is serving as investment banker; and Alvarez & Marsal is serving as financial advisor to Enviva.

SWIFT CURRENT ENERGY ANNOUNCES POWER PURCHASE AGREEMENT AND TAX EQUITY FINANCING FOR 260 MW SOLAR PROJECT IN TEXAS

Retrieved on:

tisdag, mars 26, 2024

Diamond, Electricity, Associated Banc-Corp, Solar energy, Project, Swift Current, Vinson & Elkins, City, Carbon, UnitedHealth Group, Morgan Stanley, ATI Technologies, NRG Energy, PPA, Willkie Farr & Gallagher, First Solar, Renewable energy

HOUSTON, March 26, 2024 /PRNewswire/ -- Swift Current Energy ("Swift Current") today announced that its 260 MWdc Tres Bahias Solar project ("Tres Bahias" or the "Project") located on the Gulf Coast of Texas is now powering City of Houston facilities through a power purchase agreement ("PPA") with an affiliate of NRG Energy, Inc. ("NRG Energy"). Tres Bahias is the largest operating solar project in Calhoun County, Texas and the third largest in the Texas Gulf Coast region.

Key Points:

Solar energy generated from Tres Bahias Solar will supply power to City of Houston facilities via a PPA with an NRG Energy, Inc. affiliate
HOUSTON, March 26, 2024 /PRNewswire/ -- Swift Current Energy ("Swift Current") today announced that its 260 MWdc Tres Bahias Solar project ("Tres Bahias" or the "Project") located on the Gulf Coast of Texas is now powering City of Houston facilities through a power purchase agreement ("PPA") with an affiliate of NRG Energy, Inc. ("NRG Energy").
Tres Bahias is the largest operating solar project in Calhoun County, Texas and the third largest in the Texas Gulf Coast region.
Swift Current previously announced that ING Capital, LLC provided construction financing for the Project, with Siemens Financial Services and Associated Bank as additional lenders in the construction financing.
A portion of the solar energy generated from the Project will be used to power some City of Houston facilities.