Energy Finance
Overview
Locke Lord Bissell & Liddell can provide you with decades of experience in energy financing transactions, large and small, complex and simple, nationwide and beyond.
We serve some of the world’s leading financial institutions, as well as a variety of regional and local banks, in their many roles as arrangers of syndicated credits, lenders, issuers of letters of credit, and investors. We also advise some of the industry’s major public and private borrowers and issuers, many mid-size and smaller companies and businesses, and individuals.
We structure, negotiate, document and close financings for clients:
- working to explore for, develop, and acquire oil, natural gas, electricity, wind, water, and alternative fuel resources
- acquiring, financing and operating energy companies in all sectors of the energy industry
- construction of greenfield or expansion projects and assets in all sectors of the energy industry
- founding, acquiring and operating chemical companies
- providing services and equipment to the energy industry
We have structured, negotiated and documented energy financings involving enterprises with operations and assets both onshore and offshore throughout North America, as well as in Central and South America, Europe, Asia, and Oceania.
Our experience includes private equity, mergers and acquisitions, project financings, asset based lending, production payments, pipeline through-put agreements, tax-exempt bonds, letters of credit, payment and performance bonds, subordinated debt, and financings for the collection, treatment, storage and transportation of tax-advantaged fuels under Section 29 of the Internal Revenue Code.
We have represented both arrangers and borrowers with respect to both secured and unsecured revolving credit facilities, pro rata term loans, term loans B, first- and second-lien facilities, asset backed loans and exploration and production financings, including borrowing base credits.
Solving the problems to get the deal done often requires a team of lawyers whose experience extends from energy finance to energy mergers and acquisitions, tax, international law, regulatory law, public law, and litigation. We draw on the strength of more than 60 attorneys practicing energy law with attorneys from every applicable area of practice in the firm that can assist in energy financing transactions. Whether you provide capital or put it to work, you need experienced, optimistic, hard-working and innovative counsel with the understanding to get the deal done. Locke Lord has been at work in the energy industry for the last 100 years. One of our lawyers founded a company that remains one of the biggest pipeline companies in America. Another spearheaded the importing of LNG into the United States.
- Represented a group of borrowers with three separate revolving credit facilities totaling $650 million each secured by separate oil and gas properties governed by a borrowing base in connection with a material acquisition of additional properties.
- Represented a private equity portfolio company as borrower in a $250 million revolving credit facility secured by oil and gas properties governed by a borrowing base in connection with a material acquisition of additional properties.
- Represented an MLP as borrower in an amend and extend transaction with respect to its $900 million revolving credit facility resulting 100% of the commitments being extended to the new maturity date.
- Represented joint venture borrower and an MLP as the JV partner/guarantor in $1.1 billion pipeline construction financing.
- Represented the arranger in a private equity sponsored acquisition financing with a $125 million term loan facility and a $30 million revolving credit facility for the purchase of midstream assets from an MLP. This was one of the first private equity acquisition financings to occur after the financial market crisis.
- Represented an interstate pipeline company in $350 million private placement.
- Represented a leading energy company in a $350 million senior secured term loan and revolving credit facility.
- Represented an MLP in obtaining amendments allowing a major investment in a joint venture to construct a $600 million pipeline expansion project and a separate major asset exchange.
- Represented the administrative agent in a workout/restructuring, obtaining a 100% vote to extend the maturity resulting in payoff at par a few months later.
- Represented co-arrangers in a $500 million revolving credit and acquisition facility for an MLP and in a subsequent major amendment thereto to provide for dropdown transactions between the MLP and the owner of its general partner.
- Represented the arrangers in a C$2.25 billion acquisition, bridge facility for the acquisition by the borrower of a major gas distribution company in Canada.
- Represented a private equity sponsor in its original acquisition financing of a midstream gas company, including first- and second-lien facilities, and represented the portfolio company in several subsequent increased refinancings including in connection with its offering of MLP interests; and an acquisition and bridge financing for $850 million.
- Represented a global energy company as borrower regarding its $1.3 billion flagship revolving credit facility.
- Represented the arranger regarding a $5.9 billion restructuring of existing indebtedness of a global energy company.
- Represented the arranger regarding 364-day and 5-year facilities totaling $1.3 billion with domestic and foreign borrowers and multi-currency options to a global energy company and its subsidiaries.
- Represented the arranger regarding 364-day, 5-year, and bridge facilities totaling $3 billion to a petrochemical, refining, and energy company.
- Represented the arranger regarding a $400 million structured financing for a Canadian borrower that was a subsidiary of a U.S. energy company.
- Represented the arranger regarding a $300 million structured financing funded through a commercial paper conduit for a Canadian borrower that was a subsidiary of a U.S. energy company.
- Represented the arranger regarding a $500 million bridge facility to a petrochemical and energy company.
- Represented the arranger regarding a $900 million bridge facility to a global energy company.
- Represented the Chinese office of a foreign bank as the arranger regarding a $100 million revolving credit facility to the Chinese subsidiary of a domestic energy company.
- Represented the arranger regarding a $200 million revolving credit facility to an industrial equipment manufacturing company with sponsor support from its Japanese parent.
- Represented the arranger regarding a $600 million revolving credit facility to a company that owns and operates several offshore pipelines.
- Represented the arranger regarding a $120 million credit facility to an MLP in conjunction with its creation and initial public offering.
- Represented the arranger regarding a $115 million project financing providing construction financing for an offshore platform and pipeline project.
- Represented a publicly traded natural gas distribution, marketing, and energy services company in connection with a $1 billion syndicated credit facility.
- Represented a California bank on various syndication leases, off-balance sheet financings, and sale-leaseback financings, for the Calpine Geothermal Projects, The Arrowhead Pond, Metrolink and other large project financings, involving amounts ranging from $100 million to $250 million.
- Represented natural gas supplier to power plant in Georgia in credit extended under NAESB forward contract and secured by a portion of power plant receivables and subject to existing structured financing.
- Represented a major international bank in structuring, negotiating and documenting a credit to a worldwide construction company and six of its subsidiaries specializing in the energy industry. Among other features, the credit permitted the company to add or drop borrowers and obligors around the world from time to time as its operations required.
- Represented a Dallas-based energy company with holdings in (and offshore) Texas and Louisiana in a tender offer for another company, including a $350 million senior credit facility secured by substantially all of the oil and gas properties of the company and its six subsidiaries and the target and its two subsidiaries.
- Represented an energy company in restructuring debt obligations through a private placement of debt securities to qualified institutional buyers through a large investment bank.
- Represented the arranger in establishing two parallel syndicated credits totaling $625 million to an operator of refined products pipelines in the Mid-Atlantic U.S.
- Represented the pipeline company subsidiary of a Fortune 500 company in the issuance of $300 million of Senior Unsecured Notes.
- Represented a growing energy company in concurrent financings from two bank syndicates and a mezzanine lender to finance the acquisition of $130 million in offshore reserves that doubled its size.
- Represented the arranger in a $75 million financing, and later loan work-out, for an owner of carbon black facilities.
- Represented the arranger in connection with a $205 million credit facility for a group of oilfield servicing companies, including a credit facility requiring lending in Norwegian kroner.
- Assisted the arranger in a $90 million credit facility for a supplier of valves in the oilfield servicing industry.
- Represented an international financial institution in issuance of letters of credit to support the construction of gas-fired cogeneration facilities in the U.S., Latin America and Southeast Asia.
- Negotiated and documented many reserve-based credits, including an acquisition credit for $150 million subject to restrictions in a previously placed series of notes.
- Served as bond counsel and company counsel in a tax-exempt bond financing of a facility to convert cattle manure to electricity for sale to a Texas city.
- Represented a U.S. corporation in connection with issuance of bonds pursuant to contract for design, construction, financing and operation of a biosolids recycling facility in California.
- Represented a U.S. public company as the borrower in the financing of an acquisition of a coal mine.
- Represented the project developer in the development and financing of a major copper and cobalt mining project in central Africa.
- Represented the Moroccan state-owned refinery in the financing and construction of a $900 million upgrade of its oil refinery involving SACE, the Italian export credit agency; African Development Bank; Proparco; international commercial lending institutions; Moroccan lending institutions; and hedge providers.
- Represented a joint venture in the financing of a $750 million cold water port terminal for the storage of crude in Russia, which involved U.S. Overseas Private Investment Corporation (OPIC) financing.
- Represented the project developer in the financial restructuring of a major power project in Colombia, including the renegotiation of certain loans held by OPIC and the U.S. Export Import Bank (Ex-Im).
- Represented the project developer in the development and financing of a refinery transforming waste oil into usable lubricants.
- Advised the Government of Liberia on various investment agreements with foreign private investors for the lease and development of oil palm plantations, including the construction of processing mills and related infrastructure.
- Represented a multilateral financing agency in drafting and negotiation of various financing and security documents in connection with limited-recourse financing of 56 MW combined cycle power plant in Senegal.
- Represented a publicly traded gas utility company in connection with its $1 billion syndicated credit facility.
- Represented a biofuel technology company in all aspects of the development and project financing for a new biodiesel facility. The financing will constitute one of the first uses of a Sharia’a (Islamic law) compliant structure for project finance in the U.S.
- Represented the developer in the project financing for a $90 million power plant in Southeast United States.
- Represented the developer in connection with its $95 million project financing from Credit Lyonnais and Teachers Insurance and Annuity Association of America for an electric generating plant near Baconton, Georgia.
- Represented a preeminent distributor of natural gas in the U.S. as lead counsel in several project finance deals.
- Represented a private energy company in connection with the development and project financing of a natural gas liquids project involving the recovery of natural gas liquids from “off-gases” from petroleum refineries.
- Represented the issuer in $380 million alternative fuels power generation non-recourse facility.
- Represented the arranger in connection with $250 million syndicated revolving credit and letter of credit facility for a recycling company, secured by substantially all real and personal property and subsidiary equity interests.
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