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Baker Botts Takes Top Spot in The Texas Lawbook’s Texas-Led Capital Markets Transactions Ranking for 2023

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HOUSTON, March 6, 2024 - Baker Botts L.L.P., a leading international law firm, announced today that The Texas Lawbook ranked the firm as the No. 1 legal advisor on Texas-led capital markets transactions in 2023, based on deal value, and No. 2 based on deal volume.

Baker Botts lawyers in Texas were lead counsel in 37 capital markets deals valued at $22.7 billion and represented third parties in nine other offerings, bringing the total value of deals to $26.8 billion, according to data from the publication’s Corporate Deal Tracker (CDT).

In all, 23 corporate law firms with offices in Texas worked on capital markets deals in 2023 and nine of those firms handled 20 or more offerings for various clients, The Texas Lawbook noted.

The CDT documents corporate transactional work, such as M&A and capital markets transactions, handled by Texas lawyers regardless of whether the clients or the transactions were based in Texas.

Some of the most significant capital markets transactions Baker Botts advised on in 2023 include:

  • Representing Sunnova Energy International Inc. in its Hestia I securitization, which indirectly benefits from a partial guarantee provided by the U.S. Department of Energy (DOE) Loan Programs Office (LPO). The securitization is the first residential solar offering with an AAA rating for its senior tranche notes.

  • Representing the underwriters in Enbridge Inc.’s offering of common shares, valued at about CDN$4.6 billion (about USD$3.4 billion).

  • Representing Waste Management Inc. in its public offering of $2 billion in senior notes.

  • Representing the underwriters in the initial public offering of TXO Energy Partners, L.P., the first initial public offering of a master limited partnership taxed as a partnership since 2017. The shares are trading on the New York Stock Exchange under the ticker symbol “TXO.”

  • Representing the underwriters in the initial public offering of Mach Natural Resources L.P., trading on the New York Stock Exchange under the ticker symbol “MNR.”

Baker Botts’ capital markets team has extensive experience handling virtually every type of capital markets transaction. Issuers, investment banks and private equity sponsors of all sizes across a range of industries rely on Baker Botts’ capital markets team to help them raise capital through a broad array of securities products.

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.