TPG Pace Energy Holdings Corp. announced that it expects to receive $355 million in funding from Davis Selected Advisers LP, Fidelity Management & Research Company, Capital Research and Management Company, and other investors
March 19, 2018
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TPG Pace Energy Holdings Corp. (NYSE:TPGE) announced that it has entered into a subscription agreement for a private placement of 35,500,000 shares of class A common stock at a price of $10 per share for gross for gross proceeds of $355,000,000 on March 20, 2018. The round will include participation from certain funds and accounts managed by Fidelity Management & Research Company, Davis Selected Advisers, L.P., Capital Research and Management Company, along with TPG Holdings III, L.P., Stephen Chazen, the President, Chief Executive Officer and Chairman of the company, and several other leading institutional investors. Stephen Chazen and certain other executives of the company invested $25,000,000 in the round. The transaction is conditioned upon the satisfaction or waiver of all conditions precedent to the closing of the transactions contemplated by the Eagle Ford Contribution Agreement and other customary conditions, and is expected to close concurrently with, the business combination. The transaction was unanimously approved by the board of the company and remains subject to the approval of the shareholders.
Magnolia Oil & Gas Corporation is an independent oil and natural gas company, which acquires, develops, explores and produces oil, natural gas and natural gas liquid (NGL) reserves. The Companyâs oil and natural gas properties are located primarily in the Karnes and Giddings areas in South Texas, where the Company targets the Eagle Ford Shale and Austin Chalk formations. The Companyâs assets consist of a total leasehold position of 789,719 gross (576,504 net) acres, including 72,503 gross (50,681 net) acres in the Karnes area and 717,216 gross (525,823 net) acres in the Giddings area. The Karnes area consists of oil and natural gas assets primarily located in Karnes, Dimmit, Gonzales, and Zavala Counties, Texas, in the core of the Eagle Ford Shale. The acreage comprising the Karnes area also includes the Austin Chalk formation overlying the Eagle Ford Shale. The Giddings Assets are located in Brazos, Burleson, Fayette, Grimes, Lee, Milam, Robertson and Washington Counties, Texas.
TPG Pace Energy Holdings Corp. announced that it expects to receive $355 million in funding from Davis Selected Advisers LP, Fidelity Management & Research Company, Capital Research and Management Company, and other investors