TPGE Will Have in Excess of $655 Million in its Trust Account
TPG Pace Energy Holdings has already released the results of its shareholder vote to approve its business combination with Enervest, to create Magnolia Oil & Gas, and it was overwhelmingly positive. Only 900 shareholders opted to redeem, which meant TPGE gets to keep a little more than $655 million in its trust account. If you recall, TPGE raised $650 million in their initial public offering and the excess is interest earned.
For a SPAC to have more in trust at business combination closing than it raised in its initial public offering is rare. It’s kind of like finding oil in a field of unicorns grazing on four leaf clovers.
In addition to the $655 million in trust, Magnolia will also have the $355 million that was raised in the March 2018 private placement. PLUS, TPGE should be wrapping up it’s $400 million senior unsecured note offering. The closing of that note offering stated that it was subject to closing of the business combination.
Nicely done and congratulations to all.
TPGE expects the business combination to close on July 31, 2018. Results of the business combination vote are listed below and you can also find the results of the other proposals included in the vote here.
| FOR | AGAINST | ABSTENTIONS | BROKER NON-VOTES |
| 73,708,017 | 1,300 | 2,223 | 0 |
Terms Tracker for the Week Ending May 30, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. May went out with a bang. Four more IPOs priced this week, bringing the monthly tally to 22 and the YTD total to 53. That...
June is set to be one of the quietest months in some time in terms of sponsors and de-SPAC’d companies coming free from their lock-ups, owing to the quieter periods for transactions closing that occurred six and 12 months ago. Up first will be company shareholders for East Asian media conglomerate TNL Mediagene (NASDAQ:TNMG) on...
Pioneer I (NASDAQ:PACHU) has filed for a $220 million SPAC to hunt for a healthcare target with a mix of industry veterans heading up its team. The new SPAC is the 12th new S-1 underwritten by Cantor Fitzgerald this year as left lead as it hopes to join the 10 SPACs that the underwriter has...
At the SPAC of Dawn This week comes to an end with a flurry of SPAC votes including three special meetings called for shareholders to approve business combinations. Aetherium (OTC:GMFI) was also scheduled to seek shareholder approval for its extension proposal, but has punted this vote for two weeks to June 13. Two of today’s...
At the SPAC of Dawn After multiple days of market rallies, traders are set to ingest a full plate of economic indicators today with jobless claims coming first, followed by a GDP growth revisions, home sales and a raft of Fed comments. GDP figures for the first quarter are broadly forecast to be revised downward...