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Bracewell’s structured and commodity finance lawyers negotiate and document the purchase  and hedging of  financial and physical assets, the financing of multi-national commodity trading businesses, and commodity processing, transportation, and storage businesses.  Underlying assets range from receivables and other revenue  streams, inventory financing and storage,  energy production payments and synthetic leases.  Our work in this area also encompasses hedging arrangements, credit sleeves, partnership financing and preferred stock issuances.  We also advise clients in highly specialized financings, including arrangements in which physical or financial assets are securitized.  These transactions often include the use of derivatives and financial and physical commodity trading arrangements. 

Experience

Recent Notable Matters

Macquarie Bank Limited — $80 million revolving credit facility in favor of agricultural commodities trading companies Ceres Global Ag Corp. and Riverland Ag Corp., as borrowers, secured by substantially all personal property of the borrowers and their subsidiaries, as administrative agent

Macquarie Bank Limited$130 million uncommitted senior secured revolving Letter of Credit / Advance facility in favor of supplier and trader of physical commodities

Société Généraleextension and increase to the secured uncommitted revolving credit and letter of credit facility to an energy and commodities trading company, resulting in an aggregate facility amount of $100 million, as administrative agent

First Reserve Corporation — long term hedge arrangement to enable the acquisition and financing of the 298 MW Kingfisher Wind Project located in Oklahoma; named Commodities Deal of the Year at the 2015 Commodity Business Awards, 2015 Financial Deal of the Year at the Platt s Global Energy Awards and Deal of the Year at the 2016 Energy Risk Awards

J.P. Morgan Commodities Canada CorporationTransaction with St. Paul Park Refining Co. LLC (“SPPR”) to supply crude oil and enter into certain profit sharing and related arrangements of the refinery acquisition, financing and operations. Negotiated and drafted the crude oil supply agreement between these parties, as well as various ancillary documents including purchaser-supplied crude oil sales confirmations, crude oil tank leases, and transportation agreements to complete this complex transaction that was part of a larger deal in which SPPR financed its acquisition of the St. Paul Park refinery.

Delek Logistics Partner LPAdvised on the administration of and regulatory compliance with various inventory supply and offtake agreements with J. Aron & Company. The agreements together comprise a working capital financing arrangements whereby J. Aron provided supply for Delek’s refineries and market of the products produced from those refineries

Macquarie Bank Limited$35 million term loan agreement for a canola seed processor and marketer of canola seed products, secured by all assets of the company including certain leased and owned real property in the state of Washington and the equity of the borrower

Merrill Lynch Commodities Inc.committed crude oil supply and inventory financing agreements and related storage tank arrangements with Delta Airlines and BP plc with respect to the Monroe Pennsylvania refinery

Leading global French bank and its affiliated energy trading companycrude oil purchase, sale and repurchase liquidity facility and related storage tank arrangements and credit support arrangements, and related hedging transactions and arrangements involving the exchange of NYMEX crude oil futures for physicals and over-the-counter crude oil and refined products swap transactions for a super major integrated oil and gas company

Macquarie Bank Limited$160 million revolving credit facility, secured hedge facility, and secured repurchase facility provided to a sponsor-backed agricultural commodities company, as administrative agent with Hedge Provider, and Secured Product PSA Counterparty

Affiliate of a major U.S. financial institutionProvided structured financing to an entity acquiring a crude oil refinery in Hawaii. Client provided working capital for the conduct of the refinery’s business, and was entering into a series of swap agreements to hedge commodity price risk from the crude oil in which the client was taking a lien interest

A private equity firmstructuring and documentation of a structured finance vehicle to guarantee certain cash flows for one of the world’s largest industrial companies

Citigroup Energy, Inc.hedge provider to numerous energy, manufacturing, and other companies, in connection with hedges secured by shared liens on assets and related intercreditor agreements

Topaz Power Group, LLC, and other portfolio companies of Riverstone Holdings LLCphysical and financial hedging, energy management, and fuel supply arrangements for their respective natural gas and coal generation facilities located in ERCOT and PJM with an aggregate generation capacity in excess of 5,000 MW

Société Généraleapproximately $1.5 billion secured revolving credit, swing line, letter of credit, and daylight overdraft facility to an energy and commodities trading company, secured by a subset of all personal property asses of Mercuria Energy Trading, Inc., Mercuria Commodities Canada Corporation, Mercuria Energy America, Inc., and Mercuria Energy Gas Trading LLC

Macquarie Bank Limited$210 million senior secured ABL revolving credit facility to United Energy Trading, LLC, United Energy Trading Canada, ULC, and UET CanaRail, ULC, US and Canadian commodity trading and transportation companies operating the Bakken, secured by substantially all assets of the Borrower, administrative agent

A leading global financial and trading companylong-term committed crude oil purchase and sale facility and related storage arrangements providing for the supply of crude oil from Canada and the U.S. to a refinery in the northern United States, and the structuring of related inventory financing elements, pipeline and regulatory issues and underlying direct crude oil purchase contracts with sellers

A foreign bank$70 million uncommitted facility to a biofuels, crude oil and petroleum producer, secured by all assets of the borrowers and their subsidiaries, as administrative agent

Société Générale$55 million secured uncommitted revolving credit and letter of credit facility to an energy and commodities trading company, secured by all personal property asses of the borrower, as administrative agent

Commercial suppliers and wholesale distributors of refined petroleum and energy products and other commodities$400 million facility for the sale and purchase of receivables

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