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 |
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...