Latham & Watkins Advises Phoenix Energy on Initial Public Offering of Preferred Shares

Phoenix Energy One, LLC (Phoenix Energy) today announced the successful closing of its initial public offering of approximately 2.7 million Series A Cumulative Redeemable Preferred Shares (the Preferred Shares) at a public offering price of US$20 per share. The offering was conducted pursuant to Regulation A under the Securities Act of 1933, as amended, and the Preferred Shares are approved for listing on the NYSE American LLC under the symbol “PHXE.P.”

Latham & Watkins LLP represents Phoenix Energy in the transaction with a Capital Markets team led by Orange County/Bay area partner Ross McAloon and Washington, D.C. partner Christopher Clark, with associates Kaan Ulgen, Jeff Serfass, and Taleah Tyrell. Advice was also provided on tax matters by Houston partners Bryant Lee and Tim Fenn, with associate Molly Elkins; on finance matters by Houston partner Trevor Wommack, with associates Brian Flynn and Govin Kaggal; and on corporate, public company, regulatory, and other matters by New York partner Gail Neely, Washington, D.C. partner Michele Anderson and associate Cesar Leyva.

Latham has acted as legal counsel to Phoenix Energy since 2023. In that time, in addition to the aforementioned Preferred Share offering, Latham has advised Phoenix Energy on a broad array of financing arrangements, including the company’s SEC-registered continuous offering of up to US$750 million of senior unsecured notes, bond offerings under Regulation A and Regulation D totaling over US$500 million, and US$400 million senior secured credit facilities, as well as general corporate representation.