Tony Flor
Associate
Capital Markets
Overview
Tony is a corporate associate in the Houston office of Kirkland & Ellis LLP. His practice concentrates on capital markets transactions, corporate governance, securities law compliance and public and private mergers and acquisitions. He routinely represents public and private companies and private equity sponsors in connection with initial public offerings, follow-on offerings, high yield, convertible and investment grade notes offerings, exchange offers, tender offers and redemptions. He also has significant experience in transactions involving special purpose acquisition companies and complex restructurings and workouts involving distressed businesses. Tony has advised public and private companies and private equity sponsors in the energy, energy transition, renewables and clean energy, media, technology and infrastructure sectors.
Experience
Representative Matters
Equity Offerings
- Corner Growth Acquisition Corp. 2, a special purpose acquisition company, in its $185 million initial public offering
- Magnetar Capital in the $402 million initial public offering of Star Peak Corp II (NYSE: STPC), a blank check company sponsored by affiliates of Magnetar and Triangle Peak Partners
- Corner Growth Acquisition Corp., a special purpose acquisition company sponsored by an affiliate of Corner Ventures and focusing on target businesses in the technology industry, in its upsized $400 million initial public offering
- EQT Corporation in its $356 million registered offering of its common stock
Debt Offerings and Related Transactions
- Initial purchasers in the private offering of $1.6 billion 8.625% senior notes due 2030 by Weatherford International Ltd., a wholly owned subsidiary of Weatherford International plc (Nasdaq: WFRD), and the concurrent tender offer to repurchase $1.6 billion of its outstanding senior notes
- Civitas Resources in its inaugural 144A/Reg S offering of $400 million in senior unsecured notes
- Underwriters in the private offering of $500 million 6.500% senior secured first lien notes due 2028 by Weatherford International Ltd., a wholly owned subsidiary of Weatherford International plc (Nasdaq: WFRD)
- Vine Energy Holdings LLC, a wholly owned subsidiary of Vine Energy Inc. (NYSE: VEI) in its offering of $950 million in senior notes and the related redemption of outstanding senior notes due 2023
- Chesapeake Energy Corporation in its dual-tranche 144A offering of $1 billion in senior notes
- EQT Corporation (NYSE: EQT) in its Rule 144A offering of $500 million in aggregate principal amount of convertible senior notes and associated derivatives transactions
- EQT Corporation in its $1.75 billion registered offering of senior notes
Mergers and Acquisitions
- Sundance Energy, Inc. in its sale of substantially all the assets of Sundance Energy and certain affiliated entities to SilverBow Resources, Inc. (NYSE: SBOW)
- PropTech Investment Corporation II (NASDAQ: PTIC), a special purpose acquisition company, in its $575 million business combination with RW National Holdings (d/b/a Appreciate), the parent holding company of Renters Warehouse, an end-to-end Single Family Rental (SFR) marketplace and management platform
- Executive Network Partnering Corp. (NYSE: ENPC), a special purpose acquisition entity, in its $1.3 billion business combination with Grey Rock Investment Partners, a Dallas-based investment firm, resulting in the formation of publicly traded Granite Ridge Resources, Inc.
- Charter Communications, Inc. (Nasdaq: CHTR), a leading broadband connectivity company and cable operator, on its strategic investment in Comscore, Inc. (Nasdaq: SCOR)
- Penn Virginia Corporation (Nasdaq: PVAC) in Juniper Capital Advisors, L.P.’s $188 million strategic investment in the company, including $150 million of cash and certain oil and gas assets, in exchange for 59 percent of Penn Virginia’s equity
- Blackstone Energy Partners in its acquisition of NRStor, a North American battery-storage developer
- Atlas Technical Consultants, a construction engineering firm owned by Bernhard Capital Partners, in its $700 million combination with Boxwood Merger Corp., a special purpose acquisition company
Restructuring Transactions
- Team, Inc. (NYSE: TISI), a global provider of integrated, digitally enabled asset performance assurance and optimization solutions, regarding ongoing financing restructuring efforts and strategic review of its capital structure, including Team’s entry into a $50 million delayed draw subordinated term loan facility
- Just Energy Group Inc., a Mississauga, Ontario-based leading retail consumer company specializing in electricity and natural gas commodities, energy efficiency solutions, and renewable energy options, in its Chapter 15 proceedings in the United States to recognize proceedings commenced in Canada under the Companies’ Creditors Arrangement Act (CCAA)
- Valaris plc and 89 of its subsidiaries in their prearranged Chapter 11 cases. Valaris, which is incorporated in the United Kingdom, is the world’s largest offshore driller by fleet size, owning 67 drilling rigs and operating in every major offshore hydrocarbon basin throughout the globe. Valaris filed Chapter 11 with a restructuring support agreement and backstop commitment agreement to fully equitize all $7.1 billion of its prepetition funded debt, consisting of an unsecured revolving credit facility and 15 series of unsecured notes. The noteholders supporting the restructuring also have committed to a fully backstopped rights offering for $500 million of new secured notes upon emergence from Chapter 11 as well as to provide a $500 million DIP financing facility
- Chesapeake Energy Corporation and 40 of its subsidiaries in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Chesapeake is a premier oil and natural gas exploration and production company with a high-quality, unconventional oil and natural gas asset portfolio, with substantial positions in top U.S. onshore plays. Chesapeake and its debtor-affiliates had more than $9 billion of funded debt obligations as of the commencement of their Chapter 11 cases. Prior to commencing the Chapter 11 cases, Chesapeake obtained commitments from certain of its secured creditors for over $4 billion of new capital, including a $925 million new money debtor-in-possession financing facility, a $600 million fully backstopped rights offering, and $2.5 billion of exit facilities as part of a comprehensive restructuring support agreement that would eliminate approximately $7 billion of Chesapeake’s funded debt obligations
- McDermott International, Inc. and 225 of its subsidiaries and affiliates, including 107 foreign domiciled entities, in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. McDermott is a premier, global upstream and downstream engineering, procurement, construction, and installation company and employs over 42,000 individuals across 54 countries and six continents. McDermott’s prepackaged Chapter 11 cases were confirmed in less than 60 days and contemplated a transaction that re-equitized the company, deleveraged over $4 billion of funded debt, preserved an unprecedented $2.4 billion in prepetition letters of credit, left trade claims unimpaired, and included a sale of McDermott’s Lummus technology business for $2.725 billion. McDermott emerged from Chapter 11 only five months after the petition date
- Denbury Resources Inc. and 17 of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Denbury is an independent oil and natural gas company headquartered in Plano, Texas, with onshore production and development activities in the Gulf Coast and Rocky Mountains regions. Denbury is the only United States-based public company of scale with a primary focus on sustainable carbon dioxide enhanced oil recovery. With approximately $2.5 billion in funded debt, Denbury entered bankruptcy with a Restructuring Support Agreement that carries broad creditor support and provides for a comprehensive financial restructuring that will equitize all $2.1 billion of Denbury’s notes and committed debtor-in-possession and exit financing from Denbury’s existing lenders
- Hornbeck Offshore Services, Inc. and its affiliates, in its Chapter 11 restructuring in the United States Bankruptcy Court for the Southern District of Texas. Hornbeck provides marine transportation and subsea installation services to support the deep water drilling and production needs of their exploration and production, oilfield service, offshore construction, and U.S. military customers. The Hornbeck Chapter 11 cases were filed with a prepackaged plan of reorganization that contemplates a $75 million in debtor-in-possession (DIP) financing and a fully backstopped $100 million rights offering
- Bruin E&P Partners, LLC and its subsidiaries in connection with their prepackaged Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Bruin is an exploration and production company headquartered in Houston, Texas, with assets in the Williston Basin in North Dakota. Through their prepackaged Chapter 11 cases, Bruin will eliminate over $840 million in funded debt obligations. Bruin filed its cases with a restructuring support agreement signed by 100% of its prepetition revolving lenders and over 67% of its senior noteholders that included a $230 million DIP commitment and an exit revolver with $230 million in aggregate commitments
Corporate Governance
- Harvest Oil & Gas Corp. in securities and corporate governance matters related to the sales of certain of its assets in South Texas, New Mexico, Colorado and Mid-Co
More
Thought Leadership
Publications
Tony Flor, "Establishing Russian 'Hedgemony' Over Oil Price Risk," 13 Tex. J. Oil Gas & Energy L. 195 (2018).
Credentials
Admissions & Qualifications
- 2019Texas
Languages
- English
- Spanish
Education
- University of Texas at Austin School of LawJ.D.with Honors2019
Chief Financial Officer, Texas Journal of Oil, Gas, & Energy Law
Chief Notes Editor, The Review of Litigation
- University of Texas at Austin, McCombs School of BusinessM.B.A., Finance2019
- University of Texas at AustinB.B.A., Finance20122012 University Wide B.B.A. Commencement Speaker
News &
Insights
Kirkland Advises ENPC on Business Combination with Grey Rock