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

 

Spartan Energy Files a New Prospectus with some Changes
Recent Posts
by Nicholas Alan Clayton on 2025-07-14 at 12:51pm

Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-14 at 11:13am

Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...

by Kristi Marvin on 2025-07-14 at 9:19am

This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...

by Nicholas Alan Clayton on 2025-07-14 at 8:30am

At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...

by Kristi Marvin on 2025-07-12 at 10:02am

Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved