Life After the IPO: A Look at Client Activities Post-Going Public
We represented Laredo Petroleum, Inc. in a $386.7 million IPO of common shares; Memorial Production Partners LP in a $184.2 million IPO of common units; Sanchez Energy Corporation in a $220 million IPO of common shares; and NGL Energy Partners LP in a $73.5 million IPO of common units.
As these newly public companies transitioned into the public sector in 2012, Akin Gump was presented with opportunities to serve these clients in not only a variety of complex securities and M&A transactions throughout the course of the year, but also their new ongoing public reporting filings with the U.S. Securities and Exchange Commission. Among these, our lawyers represented Memorial Production Partners LP in five acquisitions of oil and natural gas properties across East Texas, North Louisiana and offshore California for an aggregate value of $446 million. In January, we represented NGL Energy Partners LP in the $61.3 million acquisition of substantially all of the propane assets from Pacer Propane. In April, our lawyers represented Laredo Petroleum, Inc. in a $500 million Rule 144A/Reg S offering of senior notes. This offering, as well as a $550 million senior notes offering, was followed with exchange offers in 2012 for registered notes with the same terms. In June, we represented Laredo Petroleum, Inc. in a secondary offering of 14,375,000 shares of its common stock that included the purchase of additional shares pursuant to the underwriter’s over-allotment option. In September, we also represented Sanchez Energy Corporation in a $150 million Rule 144A offering of convertible preferred stock including the over-allotment option fully exercised by the initial purchasers.