Baker Botts Represents the Underwriters in the Initial Public Offering of Mach Natural Resources LP
Deal Description: On October 24, 2023, Mach Natural Resources LP (“Mach”) announced the pricing of its initial public offering of 10,000,000 common units representing limited partner interests. Mach has granted the underwriters an option to purchase up to an additional 1,500,000 common units from Mach at the initial public offering price, less underwriting discounts and commissions. Mach’s common units are expected to begin trading on the New York Stock Exchange under the ticker symbol “MNR.” The offering is expected to close on October 27, 2023, subject to customary closing conditions.
Mach expects to receive net proceeds of approximately $171.7 million, after deducting underwriting discounts and commissions and estimated offering expenses and excluding any exercise of the underwriters’ option to purchase additional common units. Mach intends to use the net proceeds to repay in full and terminate certain existing credit facilities of its subsidiaries, with the remainder to (i) repay indebtedness and (ii) purchase common units from the existing common unit owners, with any remainder for general partnership purposes.
Mach Natural Resources LP is an independent upstream oil and gas company focused on the acquisition, development and production of oil, natural gas and NGL reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas and the panhandle of Texas.
Stifel and Raymond James are acting as joint book-running managers for the offering. Janney Montgomery Scott, Stephens Inc. and Johnson Rice & Company are serving as co-managers for the offering.
Baker Botts L.L.P. represented the underwriters in this offering.
Mach’s press release can be found here.
Baker Botts Lawyers/Office Involved:
- Corporate: Josh Davidson (Partner; Houston); Doug Getten (Partner; Houston); Garrett Hughey (Senior Associate; Houston); Parker Hinman (Associate; Houston); Austin Lee (Associate; Houston)
- Tax: Michael Bresson (Partner; Houston); Chuck Campbell (Special Counsel; Houston)
- Environmental: Elizabeth Singleton (Special Counsel; Houston)
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