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Lending

A Premier Global Lending Practice

Bracewell has one of the most highly respected and diverse global lending practices of any law firm in the world. Our energy finance lawyers have a stellar reputation for advising borrowers and lenders on billions of dollars in financings every year. We are consistently ranked by Chambers, IFLR1000, and Legal 500 as a leading law firm with capabilities in the United States, Europe, Africa, and the Middle East. We also hold the distinction of being the only firm to be ranked Band 1 in Texas Banking and Finance in Chambers USA for 14 years in a row.

We advise clients in various secured and unsecured transactions, including:

  • project finance
  • acquisition finance
  • syndicated lending
  • structured finance
  • leveraged finance
  • reserved-based lending
  • bridge financings
  • equipment finance and leasing

Our energy finance lawyers are involved in every stage of a lending transaction, including refinancings and restructurings (both in and outside of bankruptcy) of existing loans, debtor in possession (DIP) financings, and exit financing for both borrowers and lenders. For example, we recently represented Wells Fargo in connection with the Chapter 11 reorganization of Diamond Offshore Drilling, including the exit financings entered upon emergence from bankruptcy. We also represented Crédit Agricole as agents to the lenders in the exit finance for McDermott International.

We represent lending clients in various industries but have particular strengths in the energy sector. Our esteemed energy finance lawyers represent major non-US banks and all of the US money center banks that lend in North America, including Citibank, Crédit Agricole, Deutsche Bank, JP Morgan Chase, Macquarie, MUFG, Société Générale, and Wells Fargo. At the same time, we represent major energy companies and private equity funds with energy investments, including The Carlyle Group, Phillips 66, and Targa Resources. These clients rely on our deep knowledge of the energy industry, and we get to know our clients’ business to better help them with commercial as well as legal decisions.

Clients consistently agree that we stand at the forefront of the finance market. As one client told Chambers USA (2020), Bracewell is “best in class in terms of responsiveness, communication, thoughtfulness, and strategy.”

Recognition for Global Excellence

Our global finance team is recognized for excellence by leading legal publications, including Chambers, Legal 500 and IFLR1000.

  • Chambers Global – Africa-wide Projects & Energy; Middle East-wide Projects & Energy; USA Electricity Finance
  • Chambers UK – UK-wide Projects
  • Chambers USA – Nationwide Projects: Oil & Gas; Nationwide Projects: Power & Renewables: Transactional; Texas Banking & Finance (Band 1)
  • IFLR1000 – UK Bank Lending: Borrower Side; UK Bank Lending: Lender Side; UK Project Development: Oil & Gas (Tier 1); UK Project Development: Power; UK Project Finance; US Banking; US Project Development: Oil & Gas; US Project Development: Power; US Project Finance
  • Legal 500 UK – Bank Lending: Investment Grade Debt and Syndicated Loans
  • Legal 500 US – Commercial Lending: Advice to Borrowers; Commercial Lending; Advice to Lenders; Project Finance: Advice to Lenders; Project Finance: Advice to Sponsors
  • U.S. News – Best Lawyers – National Banking & Finance Law (Tier 1); National Project Finance Law (Tier 1); Houston Banking and Finance Law (Tier 1); Houston Project Finance Law (Tier 1); New York Banking and Finance Law

commercially minded about protecting the interests of the client while getting the deal done.

Chambers USA, 2021

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Market-Leading Engagements

We advise our finance clients on a broad range of high-profile matters.

  • Bank of Oklahoma Financial, N.A., as administrative agent, in connection with a debtor-in-possession superpriority senior secured credit facility in favor of Unit Corporation, a publicly traded oil and gas exploration and production company, and other affiliate borrowers, to provide working capital during the pendency of its bankruptcy cases
  • The Carlyle Group in connection with its $825 million acquisition of Occidental’s entire onshore portfolio in Colombia, advising on the reserve-based lending facility to part fund the acquisition which was entered into with, among others, BNP Paribas and Natixis as mandated lead arrangers
  • Citibank, N.A., as administrative agent, in an amendment and borrowing base increase to its $900 million secured revolving credit facility to Chisholm Oil and Gas Operating, LLC
  • Citibank, N.A., as administrative agent, in connection with a senior secured reserve-based revolving credit facility to Lonestar Resources America Inc., including as special counsel during the restructuring of the revolving credit facility and subsequent Chapter 11 restructuring of Lonestar in the US Bankruptcy Court for the Southern District of Texas
  • Cloud Peak Energy Resources LLC in a $150 million secured revolving credit facility by PNC Bank, National Association, as administrative agent, secured by substantially all assets of the borrower, a coal production company
  • Cloud Peak Energy Resources LLC in $70 million accounts receivable securitization facility and letter of credit facility with PNC Bank, National Association, as administrator, secured by all assets of the special purpose entity comprised solely of the receivables originated by eight originators and related assets
  • Crédit Agricole Corporate and Investment Bank in a $4.65 billion senior secured facility consisting of a $1 billion revolving facility, a $1.39 billion senior secured letter of credit facility, and a $2.26 billion senior secured term facility, each subject to certain increases, in favor of McDermott International, Inc., as parent, and its subsidiaries
  • DCP Midstream Operating, LP, as borrower, and DCP Midstream Partners, as guarantor, in connection with an unsecured, revolving credit facility of $1.4 billion with Mizuho Bank Ltd., as administrative agent