ST. PETERSBURG, Fla. – Raymond James’ Energy Investment Banking group recently was recognized with a trio of awards for its part in the initial public offering of Energy Corporation of America’s ECA Marcellus Trust I royalty trust (NYSE-ECT). Raymond James acted as sole structuring agent in designing the security and served as book runner in marketing the transaction.
The awards received are:
“We are thrilled to be recognized for our efforts on the ECA Marcellus Trust I IPO,” said Howard House, managing director and co-head of Raymond James’ Energy Investment Banking group. “This new security, now commonly referred to as a drilling trust, gives the exploration and production industry another means to fund development of low-risk, high-return assets. These awards are a great honor and reflect the tremendous expertise that Raymond James has developed in the area of royalty trusts.”
Completed in June 2010, the IPO raised approximately $182 million in gross proceeds to the sponsor. The trust consists of 14 producing horizontal wells and 52 future horizontal wells in the Marcellus shale in Pennsylvania. Since the IPO, another drilling trust has gone public and more are expected.
Raymond James was also nominated by The M&A Advisor for Equity Financing Deal of the Year and by the Association for Corporate Growth for Middle-Market Deal of the Year and Investment Banking Firm of the Year. The Association for Corporate Growth award winners will be announced on June 20.
Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have more than 5,300 financial advisors serving 1.9 million accounts in 2,400 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $282 billion, of which approximately $37 billion are managed by the firm’s asset management subsidiaries.
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