Energy Finance
Overview
Locke Lord 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 large midstream MLP in a $3.5 billion syndicated revolving credit facility.
- Represented a major MLP in establishing a new $200 million revolving credit facility and terminating its existing $1.45 billion term loan facility and $500 million revolving credit facility in connection with the issuance of $1.8 billion of senior notes.
- Represented a midstream private side company in a $300 million revolver and a $525 million term loan.
- Represented three major diversified energy companies in a $175 million secured credit facility for an offshore midstream joint venture.
- Represented a hedge fund in a $300 million refinancing of an offshore drilling vessel.
- Represented a major MLP in the amendment and restatement of its credit facility in connection with and to permit the acquisition of the 100% of the general partner of another major MLP.
- Represented a private equity portfolio company as borrower in a $75 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 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 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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