TPGE Commences $400 Million Senior Unsecured Note Offering

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TPGE Commences $400 Million Senior Unsecured Note Offering

Jul 11, 2018 INTEL by Kristi Marvin

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.