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 “I have worked with Steve Carman for more than 20 years on a variety of sophisticated, novel financings. Steve led a capable team to develop and advocate sound approaches which could be relied upon by other professionals, creating positive long-term relationships for our company."

Dave Schulte, CEO, CorEnergy

Overview

A Wharton MBA-trained attorney, Steve combines his knowledge of law and business to create solutions for clients.

Steve especially enjoys opportunities to strategize with clients who are pioneers in their industries. As leader of the firm’s Energy & Natural Resources and Food & Agribusiness teams, Steve works with a variety of clients who are exploring innovative technologies and new business practices. He takes satisfaction in providing guidance on mergers and acquisitions, strategic alliances and capital formation transactions that will move clients toward their business goals.

A creative problem-solver, Steve helps clients think strategically. He immerses himself in their business, aiming to understand not only what they want, but why, so that he can help them weigh all possible options.

 “I have worked with Steve Carman for more than 20 years on a variety of sophisticated, novel financings. Steve led a capable team to develop and advocate sound approaches which could be relied upon by other professionals, creating positive long-term relationships for our company."

Dave Schulte, CEO, CorEnergy


Industry

Services

Recognition

  • The Best Lawyers in America, Corporate Law, Leveraged Buyouts and Private Equity Law, 2005-2019
  • The Best Lawyers in America, Lawyer of the Year, Kansas City Corporate Law, 2015, 2018; Leveraged Buyouts and Private Equity, 2012, 2016
  • Chambers USA, Corporate/Mergers & Acquisitions Law, 2008-2014
  • Martindale-Hubbell AV Preeminent
  • Missouri & Kansas Super Lawyers, Securities & Corporate Finance, 2005-2015

Education

  • J.D., University of Pennsylvania Law School
  • M.B.A., The Wharton School of the University of Pennsylvania
  • B.A., Hamilton College

Admissions

  • Texas
  • Missouri
  • New York

Professional Associations and Memberships

  • The Missouri Bar
  • State Bar of Texas
Featured Case Study

CorEnergy Advances REIT Strategy With $228 Million Acquisition

CorEnergy Infrastructure Trust Inc., which was a business development company, sought to convert to a real estate investment trust (REIT) focused on high-quality energy infrastructure assets. Acquiring the Pinedale Liquids Gathering System in Wyoming, located in one of the top five U.S. natural gas fields, was a key step in the company’s strategy.

Steve advised CorEnergy all through the $228 million acquisition, which included negotiation and documentation of a $78 million public stock offering led by Bank of America Merrill Lynch, a $70 million credit facility from KeyBank and a $30 million co-investment from a subsidiary of Prudential Insurance.


Additional Experience

Mergers and Acquisitions

  • Supervised public registration and exchange listing of $500 million real estate company.
  • Advised CorEnergy Infrastructure Trust Inc. in $40 million acquisition of petroleum products terminal in Portland, Oregon.
  • Represented independent directors on Conflicts Committee of Inergy LP in its merger with Inergy Holdings LP, creating an entity with $6 billion in enterprise value.
  • Represented CorEnergy Infrastructure Trust Inc. in completion of its $125 million acquisition of an interstate natural gas pipeline company from its private equity backer with cash obtained in part from a secondary offering of common stock.
  • Guided PhoneFactor Inc. as it was acquired by Microsoft Corp. for $47 million.
  • Advised buyers and sellers of banks and bank holding companies, including Kansas-based Blue Valley Ban Corp. in its acquisition of Unison Bancorp Inc. and its subsidiary Western National Bank.
  • Guided acquisitions and divestitures for public and private companies in numerous industries, ranging in size from $500,000 to $1.2 billion.

Securities & Corporate Governance

  • Represented closed-end fund Tortoise MLP Fund Inc. in $1.2 billion initial public offering.
  • Represented independent directors of Inergy LP Conflicts Committee on $192.5 million drop-down of US Salt LLC.
  • Represented independent members of boards of directors of mutual funds, bank holding companies and insurance companies on fundamental transactions, including board of directors of Bannister Bancshares in sale by its sole subsidiary, Union Bank, of substantially all of its assets.

Investment Management

  • Led several public equity and debt offerings by registered investment companies, including initial public offerings, direct offerings and at-the-market offerings totaling in excess of $3 billion.
  • Advised investors on PIPE transactions resulting in more than $400 million of investments in MLPs.
  • Advised and assisted in numerous venture capital investments, representing recipient companies and venture investors.
Outside the Office

Steve is an avid hiker, both on vacation and on weekends closer to home.

He’s not particular about his destinations and is equally happy walking in a national park or a local park. His only requirements are that he be outdoors, with family and away from crowds.

Community Leadership

Steve serves on the board of directors for the Andy Roddick Foundation, which works to enrich children’s lives by providing high-quality out of school programming. He loves providing greater opportunity to kids—as ARF often says, opportunity matters.