Simpson Thacher represented the underwriters in connection with a registered offering by Excelerate Energy, Inc. (“Excelerate”) of 8,000,000 shares of common stock, which includes the exercise in full of the underwriters’ option to purchase additional shares, for total gross proceeds of approximately $202.46 million (the “Common Stock Offering”). Simpson Thacher also represented the initial purchasers in connection with a 144A/Regulation S offering by Excelerate Energy Limited Partnership (the “Issuer”), a subsidiary of Excelerate, of $800 million aggregate principal amount of 8.000% unsecured senior notes due 2030 (the “Notes Offering”).
Simpson Thacher also represented the lenders in connection with commitments for an up to $850 million 364-day bridge loan facility, which was reduced in full by the net proceeds from the Common Stock Offering and the Notes Offering and was terminated.
Excelerate intends to use the net proceeds from the Common Stock Offering, together with the net proceeds from the Notes Offering and cash on hand, to (i) fund the consideration payable by Excelerate in its pending acquisition of the Jamaica downstream liquified natural gas (“LNG”) and power infrastructure business of New Fortress Energy Inc. (“New Fortress”) for $1.055 billion, subject to certain adjustments, (ii) repay the outstanding borrowings under Excelerate’s term loan facility and (iii) pay related fees and expenses.
Excelerate offers LNG solutions, providing integrated services along the LNG value chain. It offers a full range of services, including floating storage and regasification units, LNG import infrastructure development and LNG and natural gas supply. From its founding, it has focused on LNG solutions to markets in diverse environments across the globe, providing a lesser emitting form of energy to markets that often rely on coal as their primary energy source. Excelerate believes that access to energy sources such as LNG is critical to assisting markets with enhancing energy security and advancing their decarbonization efforts.
The Simpson Thacher team included David Azarkh, Hui Lin, Adriana Estor-Restrepo, Erin Camia, Francisca Johanek, Manuel Alvarez and Cindy Yao (Capital Markets); Erland Modesto, Brandon Barton, Ramz Aziz and Logan Harris (Credit); Malik Ladhani and Haley O’Connor (M&A); Michael Mann (Tax); Jeanne Annarumma and Pasco Struhs (Executive Compensation and Employee Benefits); Kate Mirino and Chandler Gerard-Reimer (Intellectual Property); Timothy Mulvihill and Deepa Sarkar (Environmental); Timothy Gallagher and Helene Marie Snyder (Real Estate); and Abram Ellis and Ryan Stalnaker (Regulatory).