Spartan Energy Files a New Prospectus with some Changes
by Kristi Marvin on 2018-08-06 at 12:01pm

Spartan Energy Getting Ready to IPO this Week.

Spartan Energy Acquisition Corp., filed a new S-1/A this morning, with a few changes. The most notable change being a new banker in the line-up (and the removal of Apollo Global Securities).

New Co-Manager

RBC Capital Markets is now on the cover as part of the co-managing group that also includes Jefferies and Tudor, Pickering, Holt.  The lead underwriters remain the same with Citigroup and Credit Suisse.  This is a nice win for RBC and marks their first SPAC cover of 2018.  Their most recent SPAC was the $345 million Mosaic Acquisition Corp. back in October of 2017.

RBC is replacing Apollo Global Securities, and based on pure speculation, Apollo Global Securities’ removal is most likely due to conflicts of interest. Not that those conflicts weren’t insurmountable, but since the underwriting group is so strong, why make thing difficult by including AGS and hence, the replacement.

New Independent Director Nominee

The other notable change was the addition of a new independent director nominee to the board with John Stice.  Mr. Stice bring a wealth of energy experience to this deal having served as CEO of Access Midstream from the time it spun out of Chesapeake Energy until his retirement in 2015.

As far as Spartan’s deal size, still no increase.  The transaction remains at $400 million, however, this IPO is widely expected to price Thursday, for Friday trading, so maybe we’ll see an upsize then.

Summary of terms are as follows:
  • Focus:  Energy (North America)
  • $10.00 unit comprised of one share class A common stock , one-third of a full warrant
  • Warrant call for redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
  • Limitation on redemption rights:  20%
  • 100% held in trust ($10.00 per share)
  • 24 months to complete an acquisition 
  • Sponsor purchase of private placement warrants at $1.50 per warrant (7,333,333 warrants = $11M)
  • Underwriting fees: 2.0% / 3.5% deferred
  • Bookrunners:  Citigroup, Credit Suisse; Co-managers:  Jefferies, RBC Capital Markets & Tudor, Pickering Holt


Recent Posts
by Kristi Marvin on 2023-11-25 at 11:45am

Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...

by Nicholas Alan Clayton on 2023-11-24 at 7:35am

At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...

by Marlena Haddad on 2023-11-22 at 9:45am

IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...

by Nicholas Alan Clayton on 2023-11-22 at 8:53am

Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....

by Nicholas Alan Clayton on 2023-11-22 at 7:45am

At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved