“We intend to identify and acquire a business that could benefit from a hands-on owner with extensive operational experience in the energy sector and the public company expertise our management team possesses,” Switchback Energy said in an SEC filing on July 1. (Source: Shutterstock.com)
Switchback Energy Acquisition Corp. kicked off its IPO on July 22 with the roughly $300 million in projected proceeds earmarked for North America energy deals.
Former RSP Permian executives Scott McNeill, Jim Mutrie and Josh Rosinski organized the new blank check company earlier this year with backing from Natural Gas Partners LP.
Switchback, a special purpose acquisition company or SPAC, was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.
The company had previously confidentially filed a S-1 with the U.S. Securities and Exchange Commission (SEC) in May. Confidential S-1s are traditionally used by companies planning on going public to register their securities with the SEC.
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In its IPO launched July 22, Switchback will offer 30 million units priced at $10 per unit. The offering also includes a 4.5 million-unit greenshoe option, which could add up to $45 million in proceeds.
Switchback intends to focus its search for an acquisition target on the energy industry in North America.
“We intend to identify and acquire a business that could benefit from a hands-on owner with extensive operational experience in the energy sector and the public company expertise our management team possesses, or that relies on the target’s executive and operational expertise but presents potential for an attractive risk-adjusted return profile under our stewardship,” the company said in an SEC filing on July 1.
McNeill, who will serve as Switchback’s CEO and CFO, has over 20 years of experience in the energy industry. He had previously served as CFO of RSP Permian prior to the company’s sale last year to Concho Resources Inc. for $9.5 billion.
Rosinski, COO, and Mutrie, chief commercial officer, general counsel and secretary, will fill out the remaining members of the Switchback management team. Both previously worked at RSP Permian as well—Rosinski as vice president of reservoir engineering and Mutrie as vice president, general counsel and corporate secretary.
Switchback common stock is expected to be listed on the New York Stock Exchange under the symbol “SBE”.
Goldman Sachs & Co. LLC and Citigroup are joint senior book-running managers with Credit Suisse as book-running manager for the proposed offering. RBC Capital Markets and Tudor, Pickering, Holt & Co. are senior co-managers for the offering.
Emily Patsy can be reached at epatsy@hartenergy.com.
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