TPGE Will Have in Excess of $655 Million in its Trust Account
TPG Pace Energy Holdings has already released the results of its shareholder vote to approve its business combination with Enervest, to create Magnolia Oil & Gas, and it was overwhelmingly positive. Only 900 shareholders opted to redeem, which meant TPGE gets to keep a little more than $655 million in its trust account. If you recall, TPGE raised $650 million in their initial public offering and the excess is interest earned.
For a SPAC to have more in trust at business combination closing than it raised in its initial public offering is rare. It’s kind of like finding oil in a field of unicorns grazing on four leaf clovers.
In addition to the $655 million in trust, Magnolia will also have the $355 million that was raised in the March 2018 private placement. PLUS, TPGE should be wrapping up it’s $400 million senior unsecured note offering. The closing of that note offering stated that it was subject to closing of the business combination.
Nicely done and congratulations to all.
TPGE expects the business combination to close on July 31, 2018. Results of the business combination vote are listed below and you can also find the results of the other proposals included in the vote here.
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