March 20, 2018 / 12:59 PM / a month ago

BRIEF-TPG Pace Energy Announces $2.66 Bln Merger With EnerVest's South Texas Division 

March 20 (Reuters) - TPG Pace Energy Holdings Corp :

* TPG PACE ENERGY HOLDINGS ANNOUNCES $2.66 BILLION BUSINESS COMBINATION WITH ENERVEST’S SOUTH TEXAS DIVISION TO FORM PUBLICLY TRADED MAGNOLIA OIL & GAS CORPORATION

* TPG PACE ENERGY HOLDINGS CORP - ‍AS PART OF TRANSACTION, TPGE AND ENERVEST ARE PARTNERING TO CREATE MAGNOLIA OIL & GAS CORPORATION​

* TPG PACE ENERGY HOLDINGS CORP - ‍ENERVEST WILL RETAIN A SIGNIFICANT OWNERSHIP STAKE IN MAGNOLIA​

* TPG PACE ENERGY HOLDINGS CORP - ‍TPGE CHAIRMAN AND CEO STEVE CHAZEN WILL LEAD MAGNOLIA ON A FULL-TIME BASIS​

* TPG PACE ENERGY HOLDINGS CORP - ‍NEW COMPANY WILL TRADE ON NYSE​

* TPG PACE ENERGY HOLDINGS CORP - ‍MAGNOLIA WILL ACQUIRE ENERVEST’S APPROXIMATELY 360,000 TOTAL NET ACRES IN SOUTH TEXAS​

* TPG PACE - ‍AGREEMENTS WITH FUNDS MANAGED BY ENERVEST TO BUY OIL & GAS ASSETS WITHIN ENERVEST’S SOUTH TEXAS DIVISION FOR ABOUT $2.66 BILLION IN CASH & STOCK​

* TPG PACE ENERGY HOLDINGS CORP - ‍UPON CLOSING OF BUSINESS COMBINATION, COMPANY WILL BE RENAMED MAGNOLIA OIL & GAS CORPORATION​

* TPG PACE ENERGY HOLDINGS - ‍ENERVEST WILL RECEIVE APPROXIMATELY $1.2 BILLION IN CASH AT DEAL CLOSING AND WILL RETAIN ROUGHLY 120 MILLION SHARES OF COMMON STOCK​

* TPG PACE ENERGY - ‍NEW CO WILL LARGELY BE EQUITY FINANCED AS TPGE ANTICIPATES $300 MILLION OF FUNDED DEBT AT CLOSING ALONGSIDE A $550 MILLION UNDRAWN CREDIT FACILITY​

* TPG PACE ENERGY HOLDINGS - ‍ UPON CLOSING, CHRISTOPHER STAVROS WILL SERVE AS MAGNOLIA OIL & GAS CORPORATION’S CFO

* TPG PACE ENERGY - ‍ENTERED AGREEMENTS TO RAISE ABOUT $330 MILLION THROUGH PRIVATE PLACEMENT OF ROUGHLY 33 MILLION SHARES ($10.00/SHARE) OF CLASS A COMMON STOCK ​

* TPG PACE ENERGY HOLDINGS CORP - ‍MOST RECENTLY, STAVROS SERVED AS CFO OF OCCIDENTAL PETROLEUM CORPORATION​

* TPG PACE ENERGY HOLDINGS CORP - ‍TRANSACTION WAS UNANIMOUSLY APPROVED BY BOARD OF TPGE​

* TPG PACE ENERGY HOLDINGS CORP - ‍UPON CLOSING, MAGNOLIA WILL MAINTAIN A SEVEN PERSON BOARD​

* TPG PACE ENERGY HOLDINGS - ‍ASSUMING NO REDEMPTIONS OF TPGE PUBLIC SHARES, ENERVEST FUNDS TO OWN 51% OF ISSUED & OUTSTANDING SHARES OF STOCK OF MAGNOLIA

* TPG PACE ENERGY HOLDINGS CORP - ‍TPGE HAS SECURED FINANCING COMMITMENTS FOR ANTICIPATED FUNDED DEBT AND RBL​

* TPG PACE ENERGY - ‍MAGNOLIA WILL INCLUDE STEVE CHAZEN AS CHAIRMAN, 2 APPOINTEES FROM EACH OF TPGE AND ENERVEST AND 2 ADDITIONAL INDEPENDENT DIRECTORS​

* TPG PACE ENERGY - POST CLOSING, ENERVEST MAY EARN UP TO ADDITIONAL 17 MILLION SHARES IF CERTAIN OPERATING AND/OR STOCK PRICE TARGETS ACHIEVED​ Source text for Eikon: Further company coverage:

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