We have long been known for our breadth and depth of experience in energy finance. Our experience with energy lending in the traditional sense includes first lien, second lien, subordinated and mezzanine credit facilities, limited or non-recourse financing mechanisms, and note and bond offerings of taxable and tax-exempt debt. In the more expansive view of energy finance, we are pleased to represent clients in matters ranging from structured debt and equity investments, joint ventures, long-term supply arrangements, hedges and derivatives, and securitizations.

We recognize that one size does not fit all when it comes to financing needs in the energy sector. Our diverse experience enables us to help our clients implement the financing arrangements that are best suited for their unique acquisition, construction, development, operation, and maintenance requirements.

Strategic planning and implementation

We start by discussing with clients their goals and working together to determine the optimal strategy for realizing those goals, while taking into account clients’ rate of return expectations, risk tolerance, regulatory limitations, long-term investment strategies, tax considerations and other such factors. Once a course of action is established, we work closely with the client to implement the desired structure, drafting and negotiating all necessary documentation and working seamlessly with attorneys in our other practice groups and outside service providers when appropriate to ensure that all relevant aspects of a transaction are efficiently and expertly addressed.

Value addition and practical solutions

In both the initial implementation of a financing strategy and its subsequent monitoring and modification, we look for opportunities to add value and implement practical solutions. For example, in the context of senior secured credit facilities, we regularly negotiate not only principal loan documents but also intercreditor agreements with outside hedge providers, thereby affording borrowers greater use of their cash flow through the elimination of margining requirements. Other channels for addition of value include managing debt holders’ meetings and negotiating with institutional debt holders, underwriters, rating agencies and credit enhancers. We also help our clients remain abreast of legal developments that could impact their business and financing arrangements through e-Alerts, newsletters and informal communications, empowering them to not only address known issues but proactively tackle developing matters that could create future obstacles.

Recovery assistance

We recognize that sometimes lending and investment strategies don’t go according to plan. Through our extensive representation of both lenders and borrowers in restructuring, workout and bankruptcy situations, we are able to guide our clients through the complex considerations faced when addressing distressed financing to ensure they receive the best possible recovery.

Ryan K. Holm

Associate, Dallas

Carl E. Glaze

Senior Counsel, Dallas

David G. Dunlap

Partner, Houston

Michael P. Pearson

Partner, Houston

Amanda Shaw-Castro

Partner, Houston

Jesse S. Lotay

Partner, San Antonio

S. Jordan Smith

Partner, Dallas

Arturo Cavazos, Jr.

Associate, San Antonio

Robert W. Harlow

Partner, Houston

Michael R. Shaw

Partner, Houston

David S. Stolle

Partner, Dallas

Paul E. Vrana

Of Counsel, Fort Worth

Oil and Gas Credit Facilities

  • Representation of borrowers and lenders in hundreds of secured and unsecured credit facilities for the acquisition, construction, development or operation of oil and gas properties, pipelines and gathering systems, power projects, plants and refineries, and similar assets
  • Facilities ranging in size from $500,000 to $1.5 billion
  • Facilities include collateral located across the U.S., including Texas, Alabama, Arkansas, California, Colorado, Kansas, Louisiana, Michigan, Mississippi, Nebraska, New Mexico, New York, North Dakota, Oklahoma, Pennsylvania, South Dakota, Utah, Wyoming and the Outer Continental Shelf in the Gulf of Mexico

Structured Oil and Gas Finance

  • Representation of publicly traded and private oil and gas producers and suppliers, investment funds, hedge fund lenders and other financial institutions in structured oil and gas finance transactions
  • Transactions include dollar-denominated production payments, volumetric production payments, net profits interests, overriding royalty interests, royalty trusts and long-term supply arrangements, including related hedges, guaranties, trust indentures, subordinations of lender liens, surety bond contracts, and other related agreements

Note/Bond Offerings

  • Representation of both public and private issuers of, and investors in, senior and subordinated secured and unsecured notes and bonds ranging in value from $1.3 million to $1.5 billion
  • Representation of individual and institutional investors in convertible secured debentures and subordinated notes with associated overriding royalty interests

Utilities

  • Representation of a utility provider and its subsidiaries in the $695 million financing of a portfolio of five power general plants, including a complex corporate reorganization, transfer of regulatory authorizations and new regulatory filings, entering into shared facilities agreements and intercompany arrangements, and due diligence relating to permitting, regulatory, environmental, real estate, contracts and other matters
  • Representation of an electric transmission and distribution utility in connection with refinancing of debt through bonds secured by substantially all property of the utility, as well as subsequent additional bond offerings
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