News Alert: Spartan Energy Prices an Upsized $480 Million SPAC

Spartan Energy Acquisition Corp. (SPAQ.U) to Begin Trading Today

Last night, Spartan Energy announced the pricing of their $480 million Apollo sponsored SPAC.  The unit will begin trading this morning under the symbol  SPAQ.U.

Actually, Spartan announced their pricing, not once, but twice.  In what looked to be a slight mix-up with press releases, Business Wire initially announced Spartan’s pricing at $400 million.  To say, that was a surprise would be an understatement with a deal this hot.  Luckily, about an hour later, a corrected press release was put out with a solid 20% increase to $480 million.

It’s August…weird things happen in August.

Congratulations to all and looking forward to the business combination!

Congratulations to the Underwriters – Citigroup and Credit Suisse as joint book-running managers, and Jefferies LLC, RBC Capital Markets, LLC and Tudor, Pickering, Holt & Co. Securities, Inc. as co-managers. Vinson & Elkins L.L.P. and Kirkland & Ellis LLP, were Issuer’s and Underwriter’s Counsel, respectively.