Finance - Equity
Cheap money is chasing deals, with $8 billion in equity raises keeping companies alive while Shell’s purchase of BG Group has ‘rekindled M&A animal spirits.’
PetroEdge is the fourth iteration of the Houston oil and gas company. Most recently, it acquired, developed, sold Lower Eagle Ford (Maness) acreage position in Brazos and Burleson counties, Texas.
Net proceeds of about $189 million will repay outstanding revolving credit facility borrowings, fund some future capex, and support general capital needs. The offer is scheduled to close April 21.
The money will support acquisition, development and operations of midstream, downstream petrochemical and fuel assets in U.S. and Canada. Next Wave handles NGL toll processing and manufacturing, among other projects.
Citrine will focus on small-cap and mid-cap investments requiring $25 million to $75 million of equity for upstream, midstream and oilfield services in North America.
Riverstone Global Energy and Power Fund VI provided up to $333 million, and Riverstone Energy Ltd. provided up to $167 million. This is Riverstone and Three Rivers’ third partnership.
There are about 4.6 million common units priced at $16.60 each. They represent limited partner interests owned by MRD Holdco LLC. The offering was secondary.
Midstream service provider Nuevo Dos was formed earlier in 2015. Its management team also founded Nuevo Midstream LLC, the predecessor, which was sold to Western Gas Partners LP.
Seismos provides the CO2 EOR market with field-installed, low-impact emitters and seismic sensors connected to a cloud-based data processing. First-year returns on investment are upwards of 100%, the company said.
Fund X closed with $6.5 billion of limited partner capital commitments, and reached its hard cap oversubscribed. It provides capital to North American upstream management teams.