TPG Pace Energy Holdings announced yesterday they had commenced a $400 million senior unsecured note offering (due 2026). This a 33% increase from the originally announced $300 million note offering. TPGE’s proposed deal with EnerVest to form Magnolia Oil & Gas Corporation, has been extremely well received and this size increase is further evidence of that.
If you look at TPGE’s share (and warrant) prices, they’ve been on a tear since deal announcement and if you bought the unit in the IPO (and hung on to both the share and the warrant), you’re looking at a roughly 40% return right now. Plus, the private placement investors are probably pleased as well. If you remember, prior to deal announcement TPGE did a $355 million PIPE that was priced at $10.00/share.
Great story, great SPAC and it’s been a fun one to watch.
As a reminder, TPGE has their shareholder vote next Tuesday – July 17th.
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...