Magnolia Oil & Gas Operating LLC Announces Private Offering of $400 Million Senior Unsecured Notes Due 2026

Magnolia Oil & Gas Operating LLC (“Magnolia Operating”) and Magnolia Oil
& Gas Finance Corp. (“Finance Corp.” and, together with Magnolia
Operating, the “Issuers”), each a consolidated subsidiary of TPG Pace
Energy Holdings Corp. (NYSE: TPGE, TPGE.U, TPGE.WS) (“TPGE,” “Magnolia”
or the “Company”), announced today that they have commenced, subject to
market conditions and other factors, a private offering of $400.0
million in aggregate principal amount of senior unsecured notes due 2026
to eligible purchasers (the “Notes Offering”). The notes will be
guaranteed on a senior unsecured basis by the Company, Magnolia Oil &
Gas Parent LLC, Magnolia Oil & Gas Intermediate LLC and certain
other domestic subsidiaries that guarantee other indebtedness of the
Issuers and the guarantors.

As previously announced, the Company intends, subject to the
satisfaction of customary closing conditions, to close its proposed
business combination with EnerVest, Ltd.’s South Texas Division (the
“business combination”) on July 31, 2018, at which time the Company will
change its name to Magnolia Oil & Gas Corporation. The closing of the
Notes Offering will be conditioned upon the satisfaction or waiver of
all conditions to the closing of the business combination. The Issuers
intend to use the net proceeds of the Notes Offering to fund the cash
consideration payable in connection with the business combination and
any redemptions of the Company’s Class A common stock by the Company’s
public stockholders in connection therewith. The Issuers expect to use
any remaining net proceeds for general corporate purposes.

The securities to be offered in the Notes Offering have not been
registered under the Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws and, unless so registered, may not
be offered or sold in the United States except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements
of the Securities Act and applicable state securities laws. The Issuers
plan to offer and sell the securities only to qualified institutional
buyers pursuant to Rule 144A under the Securities Act and to non-U.S.
persons in transactions outside the United States pursuant to Regulation
S under the Securities Act.

Forward-Looking Statements

The information in this press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of present or historical fact included
in this press release, regarding the proposed acquisition discussed
herein, TPGE’s ability to consummate the transaction, the benefits of
the transaction and Magnolia’s future financial performance following
the transaction, as well as Magnolia’s strategy, future operations,
financial position, estimated revenues, and losses, projected costs,
prospects, plans and objectives of management are forward looking
statements. When used in this press release, the words “could,”
“should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such identifying
words. These forward-looking statements are based on management’s
current expectations and assumptions about future events and are based
on currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law, TPGE and
Magnolia disclaim any duty to update any forward-looking statements, all
of which are expressly qualified by the statements in this section, to
reflect events or circumstances after the date of this press release.
TPGE cautions you that these forward-looking statements are subject to
all of the risks and uncertainties, most of which are difficult to
predict and many of which are beyond the control of TPGE, incident to
the development, production, gathering and sale of oil, natural gas and
natural gas liquids. In addition, TPGE cautions you that the
forward-looking statements contained in this press release are subject
to the following factors: (i) the occurrence of any event, change or
other circumstances that could delay the business combination or give
rise to the termination of the agreements related thereto; (ii) the
outcome of any legal proceedings that may be instituted against TPGE
following announcement of the transactions; (iii) the inability to
complete the business combination due to the failure to obtain approval
of the shareholders of TPGE, or other conditions to closing in the
transaction agreement; (iv) the risk that the proposed business
combination disrupts TPGE’s current plans and operations as a result of
the announcement of the transactions; (v) Magnolia’s ability to realize
the anticipated benefits of the business combination, which may be
affected by, among other things, competition and the ability of Magnolia
to grow and manage growth profitably following the business combination;
(vi) costs related to the business combination; (vii) changes in
applicable laws or regulations; and (viii) the possibility that Magnolia
may be adversely affected by other economic, business, and/or
competitive factors. Should one or more of the risks or uncertainties
described in this press release, or should underlying assumptions prove
incorrect, actual results and plans could different materially from
those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in TPGE’s
periodic filings with the SEC, including its Annual Report on Form 10-K
for the fiscal year ended December 31, 2017 and the definitive proxy
statement filed on July 2, 2018 by TPGE in connection with the
contemplated transactions with EnerVest. TPGE’s SEC filings are
available publicly on the SEC’s website at

No Offer or Solicitation

This press release is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy any
securities pursuant to the proposed business combination or otherwise,
nor shall there be any sale of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such

Important Information for Investors and

In connection with the proposed business combination, TPGE has filed a
proxy statement with the SEC. The definitive proxy statement and other
relevant documents was sent or made available to the shareholders of
TPGE and contains important information about the proposed business
combination and related matters. TPGE shareholders and other interested
persons are advised to read the proxy statement in connection with
TPGE’s solicitation of proxies for the meeting of shareholders to be
held to approve the business combination because the proxy statement
contains important information about the proposed business combination.
The definitive proxy statement was first mailed on or about July 3, 2018
to TPGE shareholders as of June 25, 2018. Shareholders may obtain copies
of the proxy statement, without charge, at the SEC’s website at
In addition, shareholders may obtain free copies of the proxy statement
by directing a request to: TPG Pace Energy Holdings Corp., 301 Commerce
Street, Suite 3300, Fort Worth, Texas 76102, email:,
Attn: Mike Gehrig. The information contained on, or that may be accessed
through, the websites referenced in this press release is not
incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

TPGE, EnerVest, Ltd. and their respective directors and officers may be
deemed participants in the solicitation of proxies of TPGE’s
shareholders in connection with the proposed business combination. TPGE
shareholders and other interested persons may obtain, without charge,
more detailed information regarding the directors and officers of TPGE
in TPGE’s Registration Statement on Form S-1 initially filed with the
SEC on April 17, 2017 and in the definitive proxy statement filed on
July 2, 2018. Additional information is available in the definitive
proxy statement.

About Magnolia

Following completion of the business combination, Magnolia (MGY) will be
a publicly traded oil and gas exploration and production company with
South Texas operations in the core of the Eagle Ford. Magnolia will
focus on generating value for shareholders through steady production
growth and free cash flow.

About TPG Pace Energy Holdings

TPG Pace Energy Holdings Corp. is a $650 million special
purpose acquisition company formed by TPG Pace Group and Occidental
Petroleum veteran Steve Chazen and that went public on the NYSE in May
of 2017. TPGE was formed with the intent to build a large scale, focused
oil and gas business with a meaningful production base, strong free cash
flow and a disciplined financial return philosophy. Following its IPO,
TPGE began its search for attractive assets that would fit with Mr.
Chazen’s operating approach and succeed as a public company with low

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