[sheet: Working Group List]
Organization | Role in Transaction | Name | Title | Office Address | Phone | Email | Primary Workstream(s) | Notes
Calloway-Briggs Renewables Inc. (Issuer) | Co-Founder, Chairman & CEO | Garrett Calloway | Co-Founder, Chairman & CEO | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0101 | gcalloway@calloway-briggs.com | Overall; Business Section; Roadshow | Board member; lock-up signatory
Calloway-Briggs Renewables Inc. (Issuer) | Co-Founder & President, Development | Elaine Briggs | Co-Founder & President, Development | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0102 | ebriggs@calloway-briggs.com | Business Section; Project Development; Due Diligence | Board member; lock-up signatory
Calloway-Briggs Renewables Inc. (Issuer) | Chief Financial Officer | Marcus Yoon | CFO | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0103 | myoon@calloway-briggs.com | Financial Statements; MD&A; Comfort Letter; Capitalization; Use of Proceeds | Officer's Certificate signatory
Calloway-Briggs Renewables Inc. (Issuer) | General Counsel & Corporate Secretary | Sandra Haverford | General Counsel & Corporate Secretary | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0104 | shaverford@calloway-briggs.com | Corporate Governance; Due Diligence; SEC Correspondence; Charter/Bylaws; Board Resolutions | Primary client contact for C&H; Secretary's Certificate signatory
Calloway-Briggs Renewables Inc. (Issuer) | Chief Operating Officer | Dale Renfroe | COO | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0105 | drenfroe@calloway-briggs.com | Business Section; Operations Due Diligence | Lock-up signatory
Calloway-Briggs Renewables Inc. (Issuer) | SVP, Finance & Treasurer | Priya Anand | SVP, Finance & Treasurer | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0106 | panand@calloway-briggs.com | Debt/Financing; Use of Proceeds; Lender Consents; Capitalization | Point person for Veltrano National Bank and Prairie Commercial Bank communications
Calloway-Briggs Renewables Inc. (Issuer) | SVP, Project Development | Tomás Quintero | SVP, Project Development | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0107 | tquintero@calloway-briggs.com | Project Portfolio; Development Pipeline; Environmental/Permitting Due Diligence | Lock-up signatory
Calloway-Briggs Renewables Inc. (Issuer) | Chief People Officer | Rachel Whitmore | Chief People Officer | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0108 | rwhitmore@calloway-briggs.com | Employment & Benefits Due Diligence; Equity Plans; Executive Compensation | Lock-up signatory
Calloway-Briggs Renewables Inc. (Issuer) | VP, Investor Relations | Mitchell Crane | VP, Investor Relations | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0109 | mcrane@calloway-briggs.com | Roadshow; Investor Communications; Prospectus Distribution | Coordinates with Broadmark Strategic Communications
Calloway-Briggs Renewables Inc. (Issuer) | VP, Environmental & Regulatory | Carmen Orozco | VP, Environmental & Regulatory | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746 | (512) 555-0110 | corozco@calloway-briggs.com | Environmental Due Diligence; Regulatory Compliance; Permitting | Lock-up signatory
Pinnacle Vista Capital Partners (Pre-IPO Majority Stockholder / Selling Stockholder) | Co-Founder & Managing Partner; CBR Director | Hugh Pemberton | Co-Founder & Managing Partner | 900 Park Avenue, 38th Floor, New York, NY 10021 | (212) 555-0201 | hpemberton@pinnaclevista.com | Selling Stockholder Matters; Board Governance; Stockholders' Agreement; Registration Rights | Board member; Pinnacle Vista designee; lock-up signatory
Pinnacle Vista Capital Partners (Pre-IPO Majority Stockholder / Selling Stockholder) | Co-Founder & Managing Partner; CBR Director | Diane Kovac | Co-Founder & Managing Partner | 900 Park Avenue, 38th Floor, New York, NY 10021 | (212) 555-0202 | dkovac@pinnaclevista.com | Selling Stockholder Matters; Board Governance | Board member; Pinnacle Vista designee; lock-up signatory
Pinnacle Vista Capital Partners (Pre-IPO Majority Stockholder / Selling Stockholder) | Principal; CBR Board Observer | Ryan Callister | Principal | 900 Park Avenue, 38th Floor, New York, NY 10021 | (212) 555-0203 | rcallister@pinnaclevista.com | Due Diligence coordination; Financial model review | Board observer; lock-up signatory
Pinnacle Vista Capital Partners (Pre-IPO Majority Stockholder / Selling Stockholder) | VP, Legal & Compliance | Samantha Wren | VP, Legal & Compliance | 900 Park Avenue, 38th Floor, New York, NY 10021 | (212) 555-0204 | swren@pinnaclevista.com | Selling Stockholder questionnaire; Compliance; Lock-up | Day-to-day Pinnacle Vista legal contact
Calderwood & Harkness LLP (Issuer's Counsel) | Responsible Partner, Capital Markets | Jennifer Kwon | Partner | 599 Lexington Avenue, New York, NY 10022 | (212) 555-0301 | jkwon@calderwoodharkness.com | Overall deal supervision; S-1 drafting; SEC correspondence; Underwriting Agreement; Legal Opinions; Negative Assurance (10b-5) | Lead partner; Matter No. 1015-00001
Calderwood & Harkness LLP (Issuer's Counsel) | Billing Partner, Capital Markets | Theodore Langston | Partner | 599 Lexington Avenue, New York, NY 10022 | (212) 555-0302 | tlangston@calderwoodharkness.com | Billing administration; senior review
Calderwood & Harkness LLP (Issuer's Counsel) | Lead Associate, Capital Markets | Brendan Walsh | Associate | 599 Lexington Avenue, New York, NY 10022 | (212) 555-0303 | bwalsh@calderwoodharkness.com | S-1 drafting; Underwriting Agreement negotiation; Due Diligence coordination; Lender Consents; Lock-up Agreements; Corporate Governance; SEC responses | Day-to-day deal lead
Calderwood & Harkness LLP (Issuer's Counsel) | Working Associate, Capital Markets | Natasha Forbes | Associate | 599 Lexington Avenue, New York, NY 10022 | (212) 555-0304 | nforbes@calderwoodharkness.com | S-1 drafting; SEC comment tracking matrix; Comfort Letter review; Blue Sky; FINRA/NYSE filings; Closing checklist
Calderwood & Harkness LLP (Issuer's Counsel) | Specialist Partner, Tax | Leonard Cross | Partner | 599 Lexington Avenue, New York, NY 10022 | (212) 555-0305 | lcross@calderwoodharkness.com | Tax Structure (C-Corp vs. Up-C); Tax-Equity/Partnership-Flip; ITC/PTC; HLBV; Section 409A; Tax Opinion; SALT Nexus | Coordinates with Kessler McBride & Associates
Calderwood & Harkness LLP (Issuer's Counsel) | Specialist Partner, Executive Compensation & Benefits | Angela Whitfield | Partner | 599 Lexington Avenue, New York, NY 10022 | (212) 555-0306 | awhitfield@calderwoodharkness.com | Equity Incentive Plan; ESPP; Executive Compensation Disclosure; Section 409A; Golden Parachute Analysis
Hargrove Keating & Co. (Lead-Left Book-Running Manager / Representative of the Underwriters) | Managing Director, ECM | Oliver Marchetti | Managing Director, Equity Capital Markets | 383 Madison Place, New York, NY 10017 | (212) 555-0401 | omarchetti@hargrovekeating.com | Overall underwriting; Pricing; Roadshow; Lock-up release consents | Coordinating underwriter; 40% allocation
Hargrove Keating & Co. (Lead-Left Book-Running Manager / Representative of the Underwriters) | Director, Power & Renewables IB | Sonia Tran | Director, Power & Renewables Investment Banking | 383 Madison Place, New York, NY 10017 | (212) 555-0402 | stran@hargrovekeating.com | Industry due diligence; Business Section review; Valuation
Hargrove Keating & Co. (Lead-Left Book-Running Manager / Representative of the Underwriters) | VP, ECM Syndicate | Daniel Furman | Vice President, ECM Syndicate | 383 Madison Place, New York, NY 10017 | (212) 555-0403 | dfurman@hargrovekeating.com | Syndicate; Share allocation; Stabilization
Linden Pratt Securities LLC (Joint Book-Running Manager) | Managing Director, ECM | Rebecca Innes | Managing Director, ECM | 200 Vesey Street, 40th Floor, New York, NY 10281 | (212) 555-0501 | rinnes@lindenpratt.com | Underwriting; Due Diligence; Roadshow | 25% allocation
Linden Pratt Securities LLC (Joint Book-Running Manager) | Director, Clean Energy & Infrastructure | James Alcorn | Director, Clean Energy & Infrastructure | 200 Vesey Street, 40th Floor, New York, NY 10281 | (212) 555-0502 | jalcorn@lindenpratt.com | Industry due diligence; Business Section review
Graymont Brothers Inc. (Joint Book-Running Manager) | Managing Director, ECM | Kenneth Sato | Managing Director, ECM | 555 California Street, Suite 3200, San Francisco, CA 94104 | (415) 555-0601 | ksato@graymontbrothers.com | Underwriting; Due Diligence; Roadshow | 20% allocation
Graymont Brothers Inc. (Joint Book-Running Manager) | Director, Utilities & Renewables | Lisa Trujillo | Director, Utilities & Renewables | 555 California Street, Suite 3200, San Francisco, CA 94104 | (415) 555-0602 | ltrujillo@graymontbrothers.com | Industry due diligence
Barfield Stuart & Co. (Co-Manager) | Contact | — | — | 101 Federal Street, Boston, MA 02110 | (617) 555-0701 | ipo-syndicate@barfieldstuart.com | Co-Manager; Syndicate | 10% allocation
Crane Whitley Capital LLC (Co-Manager) | Contact | — | — | 600 Travis Street, Suite 4400, Houston, TX 77002 | (713) 555-0801 | ecm@cranewhitley.com | Co-Manager; Syndicate | 5% allocation
Prescott, Danforth & Yee LLP (Underwriters' Counsel) | Lead Partner, Capital Markets | Margaret Yee | Partner, Capital Markets | 1271 Avenue of the Americas, New York, NY 10020 | (212) 555-0901 | myee@prescottdanforth.com | Underwriting Agreement drafting; Underwriters' Legal Opinion; Underwriters' Negative Assurance (10b-5); Due Diligence; S-1 review | Lead underwriters' counsel
Prescott, Danforth & Yee LLP (Underwriters' Counsel) | Counsel, Capital Markets | Scott Halverson | Counsel, Capital Markets | 1271 Avenue of the Americas, New York, NY 10020 | (212) 555-0902 | shaverson@prescottdanforth.com | Underwriting Agreement; FINRA filing; Blue Sky
Prescott, Danforth & Yee LLP (Underwriters' Counsel) | Associate | Anita Desmond | Associate | 1271 Avenue of the Americas, New York, NY 10020 | (212) 555-0903 | adesmond@prescottdanforth.com | Due Diligence; Document review
Whitfield Archer & Doss LLP (Pinnacle Vista / Selling Stockholder's Counsel) | Partner, PE/M&A | Philip Archer | Partner, Private Equity / M&A | 51 West 52nd Street, New York, NY 10019 | (212) 555-1001 | parcher@whitfieldarcherdoss.com | Selling Stockholder matters; Stockholders' Agreement; Registration Rights Agreement
Whitfield Archer & Doss LLP (Pinnacle Vista / Selling Stockholder's Counsel) | Partner, Capital Markets | Christine Navarro | Partner, Capital Markets | 51 West 52nd Street, New York, NY 10019 | (212) 555-1002 | cnavarro@whitfieldarcherdoss.com | S-1 review (selling stockholder sections); Lock-up; Underwriting Agreement (selling stockholder provisions)
Whitfield Archer & Doss LLP (Pinnacle Vista / Selling Stockholder's Counsel) | Senior Associate | Derek Fong | Senior Associate | 51 West 52nd Street, New York, NY 10019 | (212) 555-1003 | dfong@whitfieldarcherdoss.com | Document review; Selling Stockholder questionnaire/representation letter
Ashford & Pemberton LLP (Independent Auditor) | Lead Engagement Partner | Gregory Sondheim | Lead Engagement Partner, CPA | 30 Rockefeller Plaza, Suite 2800, New York, NY 10112 | (212) 555-1101 | gsondheim@ashfordpemberton.com | Audit (FY 2019, FY 2020, FY 2021); Comfort Letter (3 circle-ups: initial, bring-down, pricing); S-1 financial statement review | Independent registered public accounting firm
Ashford & Pemberton LLP (Independent Auditor) | Audit Manager | Irene Valdez | Audit Manager, CPA | 30 Rockefeller Plaza, Suite 2800, New York, NY 10112 | (212) 555-1102 | ivaldez@ashfordpemberton.com | Audit support; Comfort Letter procedures; Financial data verification
Kessler McBride & Associates LLP (Tax Advisor) | Managing Partner | Alan Kessler | Managing Partner | 700 Milam Street, Suite 2100, Houston, TX 77002 | (713) 555-1201 | akessler@kesslermcbride.com | Tax structuring (Up-C / Down-C analysis); Partnership-flip compliance; HLBV analysis | Coordinates with Leonard Cross at C&H
Kessler McBride & Associates LLP (Tax Advisor) | Partner, Tax Structures | Linda McBride | Partner, Tax Structures | 700 Milam Street, Suite 2100, Houston, TX 77002 | (713) 555-1202 | lmcbride@kesslermcbride.com | Tax-equity structuring; ITC/PTC analysis
Continental Shareowner Services, Inc. (Transfer Agent / Registrar) | VP, Corporate Actions | Maria Costello | VP, Corporate Actions | 1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004 | (212) 555-1301 | mcostello@continentalshareholder.com | Transfer agent engagement; DTC eligibility; Share issuance mechanics
Ridgeway Financial Printing Corp. (Financial Printer) | Account Director | Alan Greenidge | Account Director | 79 Madison Avenue, New York, NY 10016 | (212) 555-1401 | agreenidge@ridgewayprinting.com | EDGAR filing; S-1 typesetting and printing; SEC correspondence formatting
Dravello Place Insurance Advisors LLC (D&O Insurance Broker) | VP | Nina Radcliffe | VP | 250 Greenwich Street, Suite 3700, New York, NY 10007 | (212) 555-1501 | nradcliffe@fenwickplace.com | D&O insurance placement; IPO D&O tower ($50M aggregate); Policy forms and quotes | Carriers: Meridian National (primary, policy DNO-22-048871); Stonebridge Indemnity (excess L1); Commonwealth Fidelity (excess L2)
Broadmark Strategic Communications Inc. (Investor Relations Advisor) | Managing Director | Jason Eklund | Managing Director | 640 Fifth Avenue, Suite 1205, New York, NY 10019 | (212) 555-1601 | jeklund@broadmarkcomms.com | IPO communications strategy; Roadshow preparation; Analyst-day coordination
[sheet: Underwriter Allocation]
Underwriter | Role | Allocation % | Base Shares | Base Dollar Amount | Key Contact | Phone | Email
Hargrove Keating & Co. | Lead-Left Book-Running Manager / Representative | 40% | 9,485,455 | $208,680,010 | Oliver Marchetti | (212) 555-0401 | omarchetti@hargrovekeating.com
Linden Pratt Securities LLC | Joint Book-Running Manager | 25% | 5,928,409 | $130,425,000 | Rebecca Innes | (212) 555-0501 | rinnes@lindenpratt.com
Graymont Brothers Inc. | Joint Book-Running Manager | 20% | 4,742,727 | $104,339,994 | Kenneth Sato | (415) 555-0601 | ksato@graymontbrothers.com
Barfield Stuart & Co. | Co-Manager | 10% | 2,371,364 | $52,170,008 | — | (617) 555-0701 | ipo-syndicate@barfieldstuart.com
Crane Whitley Capital LLC | Co-Manager | 5% | 1,185,681 | $26,084,982 | — | (713) 555-0801 | ecm@cranewhitley.com
TOTAL | 100% | 23,713,636 | $521,699,994
[sheet: Offering Summary]
Parameter | Value | Notes
Issuer | Calloway-Briggs Renewables Inc. | Delaware corporation; HQ: 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746
EIN | 83-4027615
Proposed Ticker Symbol | CBRI | New York Stock Exchange
C&H Matter Number | 1015-00001
SEC CIK | 0001948372 | Confidential submission
Target Aggregate Offering Size | $600,000,000 | Inclusive of full overallotment exercise
Base Offering Size | $521,700,000 | $600M ÷ 1.15
Overallotment (Greenshoe) | $78,300,000 | 15% of base
Assumed IPO Price (Midpoint) | $22.00 per share | Filing-range midpoint
Pre-IPO Shares Outstanding | 100,000,000 | Fully diluted; post-reclassification
Base Shares Offered | 23,713,636 | $521.7M ÷ $22
Overallotment Shares | 3,559,091 | $78.3M ÷ $22
Total Shares (Full Exercise) | 27,272,727 | 23,713,636 + 3,559,091
Post-IPO Shares (Base) | 123,713,636 | 100M + 23,713,636
Post-IPO Shares (Full Exercise) | 127,272,727 | 100M + 27,272,727
Primary Offering (Company) | $371,700,000 / 16,895,455 shares | Proceeds to CBR
Secondary Offering (Pinnacle Vista) | $150,000,000 / 6,818,182 shares | Proceeds to Pinnacle Vista
Gross Spread | 5.50%
Total Underwriting discount (Full Exercise) | $33,000,000 | $600,000,000 × 5.50%
Management Fee (20%) | $6,600,000 | 20% × $33,000,000
Underwriting Fee (20%) | $6,600,000 | 20% × $33,000,000
Selling Concession (60%) | $19,800,000 | 60% × $33,000,000
Underwriter Expense Reimbursement Cap | $350,000 | FINRA-related
Lock-up Period | 180 days | Post-final prospectus date; ~18 signatories
Par Value | $0.01 per share
Equity Incentive Plan Reserve | 12,727,273 shares | 10% of 127,272,727 (full exercise)
ESPP Reserve | 2,545,455 shares | 2% of 127,272,727 (full exercise)
Pre-Money Equity Valuation | $2,200,000,000 | 100M × $22
Post-Money Equity Valuation (Base) | $2,721,700,000 | 123,713,636 × $22
Enterprise Value (FY 2021) | ~$4,246,700,000 | Post-money equity + $1.71B debt − $185M cash
EV/EBITDA (FY 2021) | ~19.4x | $4,246.7M ÷ $218.6M
Use of Proceeds | ~$200M Term Loan B repayment; ~$100M Cimarron Solar; ~$71.7M general corporate | Primary proceeds only
NYSE Listing Application No. | NYSE-2022-04218
FINRA Filing No. | 20221129-01
EDGAR Accession No. (DRS-1) | 0001948372-22-000001 | Filed April 11, 2022
EDGAR Accession No. (Rett. No. 1) | 0001948372-22-000002 | Filed May 20, 2022
EDGAR Accession No. (Rett. No. 2) | 0001948372-22-000003 | Filed June 10, 2022
Current Status | Dormant — offering postponed June 17, 2022 | Market conditions; registration statement never declared effective; no pricing
[sheet: Key Dates]
Date | Event / Milestone | Status | Responsible Party
March 10, 2022 | Engagement letter executed; C&H engagement opened | Complete | C&H / CBR
March 14–18, 2022 | Organizational meeting — Austin, TX | Complete | All parties
March 21 – April 29, 2022 | Due diligence and initial S-1 drafting | Complete | C&H / CBR / PD&Y / A&P
March 31, 2022 | Q1 2022 quarter-end (interim financials) | Complete | CBR / A&P
April 4, 2022 | FINRA filing submitted | Complete | C&H / PD&Y
April 11, 2022 | Confidential DRS-1 submitted to SEC | Complete | C&H / Ridgeway
April 11, 2022 | NYSE listing application submitted | Complete | C&H
April 18, 2022 | Initial Comfort Letter delivered by Ashford & Pemberton | Complete | A&P
May 6, 2022 | SEC first-round comment letter received (18 comments) | Complete | SEC
May 20, 2022 | Amendment No. 1 and response letter filed | Complete | C&H / CBR
June 3, 2022 | SEC second-round comment letter received (7 comments) | Complete | SEC
June 10, 2022 | Amendment No. 2 and response letter filed | Complete | C&H / CBR
June 14, 2022 | SEC oral clearance indicated (subject to pricing amendment) | Complete | SEC
June 15, 2022 | D&O insurance binder received ($50M tower) | Complete | Fenwick Place / CBR
June 17, 2022 | Offering placed in dormant status — market conditions | Current Status | CBR / HK&Co.
Q3 2022 (expected) | Mesquite Wind expected COD | Pending | CBR
Q1 2023 (expected) | Cimarron Solar expected COD | Pending | CBR
December 2024 | Mesquite Wind construction facility conversion date | Future | Prairie Commercial Bank
March 2025 | Cimarron Solar construction facility conversion date | Future | Prairie Commercial Bank
January 2027 | Corporate Revolving Credit Facility maturity | Future | Veltrano National Bank
2028 | Solaris West tax-equity partnership flip | Future | Veltara Basin Financial
January 2029 | Corporate Term Loan B maturity | Future | Veltrano National Bank