Through its existing joint venture with GIC, Summit Hotel Properties closed a portfolio acquisition of 26 hotels from affiliates of NewcrestImage. Bank of America and Wells Fargo Bank provided $410 million in debt financing to support the transaction.
Clarus Capital launched as a new commercial finance company focused on delivering capital solutions to finance tangible assets for leveraged middle-market companies. The new company was founded by former executives of NewStar Financial.
Christian Pugaczewski, a structured finance attorney with nearly two decades of experience developing financial products and documenting derivative transactions, including hedging contracts for securitizations and energy project finance, joined Hunton Andrews Kurth as a partner in New York.
Simmons First National will acquire Spirit of Texas Bancshares and its wholly-owned subsidiary, Spirit of Texas Bank, in a transaction with an aggregate value of approximately $581 million.
Sunlight Financial, a technology-enabled point-of-sale financing company, closed its business combination with Spartan Acquisition Corp. II, a publicly-traded special purpose acquisition company sponsored by funds managed by an affiliate of Apollo Global Management.
Sundance Energy filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Sundance Energy also secured commitments from certain of its term loan lenders for at least $45 million in DIP financing.
Alvarez & Marsal served as restructuring advisor to Superior Energy Services in the company’s financial restructuring and commencement of its Chapter 11 case. Superior serves drilling, completion and production-related needs of oil and gas companies.
AlixPartners, Latham & Watkins, Hunton Andrews Kurth, Intrepid Partners and Rothschild & Co are representing Lonestar Resources, which entered into a restructuring support agreement with its largest stakeholders that will eliminate approximately $390 million in debt obligations.
ACRES Capital acquired Exantas Capital’s management agreement from an affiliate of C-III Capital Partners. Exantas Capital also entered into definitive agreements with MassMutual and Oaktree for new capital commitments aggregating up to $375 million.
Hunton Andrews Kurth is advising Hi-Crush (HCR) in its Chapter 11 filing. HCR filed its petition for Chapter 11 protection on July 12 in the Southern District of Texas, listing approximately $600 million in debt.