Our corporate and securities group acts as trusted advisors to some of the world’s leading companies, financial institutions and private equity firms, and we also have a track record of partnering with small and mid-cap companies as they grow. With a reputation for excellence, responsiveness and understanding our clients’ businesses, we provide commercial, practical and creative advice to help our clients achieve their business objectives.
We counsel clients on a broad spectrum of legal and business matters, including capital markets transactions, mergers and acquisitions, corporate governance, general corporate matters and securities law compliance. We provide a comprehensive solution that includes all of the practice areas necessary to complete complex corporate and securities transactions, including tax, antitrust, environmental, energy regulatory, intellectual property, labor and employment, employee benefits and executive compensation, real estate and litigation.
Our corporate and securities group represents issuers and underwriters in tens of billions of dollars of securities offerings annually, ranking us among the nation’s leaders in capital markets transactions. We advise on IPOs and follow-on equity offerings by corporations and master limited partnerships (MLPs), offerings of high‐yield and investment-grade debt securities, PIPEs and other private placements. We also are experienced in the structuring and offering of preferred, convertible, hybrid and other complex and innovative corporate and MLP securities, as well as in refinancings, restructurings and other liability management transactions.
Our corporate and securities group advises clients on the full range of corporate and securities law issues applicable to public and private companies, including corporate governance, duties of directors and officers, and other state corporate, partnership and limited liability company law matters, SEC reporting, and compliance with securities laws and regulations and stock exchange rules.
Our corporate and securities group serves as counsel on virtually every type of purchase and sale transaction involving public and privately held businesses. Totaling billions of dollars annually, these transactions include mergers, stock sales and exchanges, management and leveraged buyouts, acquisitions and dispositions of partnership interests and joint venture interests, acquisitions and dispositions of assets, tender offers, recapitalizations, roll-ups and other business combinations. In addition to buyers and sellers, we represent special committees of boards of directors and financial advisors in M&A transactions. We also represent funds, companies and management teams in private equity investments.
Bracewell is one of the select few law firms that are nationally recognized for having depth and experience in matters that are unique to master limited partnerships. We have represented MLPs and MLP sponsors since the 1980s when the modern day MLP structure was created. We have represented many of the largest and most active MLPs in a variety of areas, including initial public offerings (IPOs) and other capital markets offerings, drop-downs, mergers and acquisitions and commercial contracts, as well as in tax, finance, regulatory, environmental and litigation matters. Bracewell also regularly represents conflicts committees in drop-downs, MLP buy-ins and mergers, incentive distribution right (IDR) waivers and restructurings, preferred unit issuances and other related-party transactions, investment banking firms in fairness opinions rendered to conflicts committees of MLPs and lenders to MLPs.
Recent Notable Matters
Financial advisor to Conflicts Committee of Summit Midstream Partners — agreement to prepay $100 million of a deferred purchase price obligation and fix the remaining obligation due in 2020 at $303.5 million and eliminate Summit Midstream Partners, LP economic general partner interest and incentive distribution rights in exchange for 8.75 million Summit Midstream Partners, LP common units
Financial advisor to the board of directors of SunCoke Energy, Inc. — acquisition by SunCoke Energy, Inc. of all outstanding common units of SunCoke Energy Partners, L.P. not already owned by SunCoke Energy, Inc. in a stock-for-unit merger transaction
Upper Bay Infrastructure Partners – acquisition of Tidewater Transportation & Terminals, a multi-commodity transportation, terminal, and marine construction and repair company serving the Pacific Northwest, from Stonepeak Infrastructure Partners. Upper Bay Infrastructure Partners was the lead investor of a group consisting of Ullico, funds and accounts under management by BlackRock, Silverfern and certain other co-investors.
Three Rivers Natural Resource Holdings IV LLC — equity commitment of up to $500 million from funds managed by energy private equity firm Riverstone Holdings LLC and additional amounts from the company’s management team
Harvest Midstream Company — $1.125 billion acquisition from Williams Partners L.P. of certain assets in the Four Corners area, including over 3,700 miles of pipeline, two gas processing plants and a CO2 treating facility
Matlin & Partners Acquisition Corporation — merger and contribution agreement with U.S. Well Services, LLC, creating one of the first publicly traded oilfield service companies with all-electric hydraulic fracturing capabilities with an enterprise value of $588 million
Conflicts Committee of the Board of Directors of the general partner of Tallgrass Energy Partner, LP — acquisition of all of Tallgrass Energy Partner, LP’s publically held common units by Tallgrass Energy GP, LP in exchange for newly issued Class A Shares of Tallgrass Energy GP, LP valued at approximately $2.2 billion
Underwriters of Spirit of Texas Bancshares, Inc. — $48.3 million initial public offering of common stock
Kinder Morgan, Inc. — $2 billion public offering of senior notes
Lillis Energy — acquisition of approximately 2,798 net acres located in the Delaware Basin in Lea County, New Mexico from OneEnergy Partners, LLC
Sysco Corporation — $1 billion offering of senior notes
Financial advisor to the Conflicts Committee of the Board of Directors of the general partner of CNX Midstream Partners LP — $265 million acquisition of 95 percent interest in the Shirley-Pennsboro gathering system from CNX Resources Corporation
Phillips 66 — $1.5 billion senior notes public offering consisting of $500 million of floating rate senior notes due 2021, $800 million of 3.900% senior notes due 2028 and $200 million of 4.875% senior notes due 2044
Bluescape Resources Company LLC — $2.5 billion equity investment in FirstEnergy Corp., which includes $1.62 billion in mandatory convertible preferred equity and $850 million of common equity
Underwriters of Green Bancorp, Inc. — $69.7 million public offering by certain shareholders on 3,000,000 shares of its common stock
Kingfisher Midstream, LLC — $3.8 billion sale of substantially all of the assets to Silver Run Acquisition Corporation II
Castleton Commodities International LLC — equity investment by Tokyo Gas America Ltd. in a subsidiary of Castleton Commodities International, Castleton Resources LLC, which owns upstream oil and gas assets in East Texas
Financial advisor to the Conflicts Committee of the Board of Directors of the general partner of Blueknight Energy Partners, L.P. — $90 million sale of three asphalt terminals located in Lubbock and Saginaw, Texas and Memphis, Tennessee to Ergon Asphalt & Emulsions, Inc.
Holly Energy Partners, L.P. — $250 million acquisition from Plains All American Pipeline, L.P. of the 50% and 75% interest in Frontier Aspen LLC and SLC Pipeline LLC, respectively, that Holly Energy Partners does not already own
Underwriters of EOG Resources Inc. — $1 billion public offering of senior notes
Delta Card Services, Inc. — $470 million acquisition of substantially all the assets of its subsidiary, Merchants’ Choice Payment Solutions, by Paysafe Group plc.
Allegiance Bancshares, Inc. — $62.8 million initial public offering
Kinder Morgan, Inc. — $1.25 billion offering of senior notes
Financial advisor to the Conflicts Committee of the Board of Directors of Archrock GP LLC — $307 million acquisition by Archrock, Inc of all the outstanding common units of Archrock Partners
Ferrellgas Partners, L.P. — $175 million Rule 144A offering of senior notes
JPMorgan Chase Bank, N.A. — amendment to a $220 million revolving credit facility to a privately held oil and gas exploration and production company with oil and gas properties in Texas, Mississippi, and Louisiana, as borrower, and as administrative agent. In connection with the amendment, the borrower issued warrants to the lenders exercisable for 65 percent (post-exercise) of all then-outstanding equity.