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Bracewell consistently ranks in the top tier of firms representing borrowers and lead arrangers in the U.S. syndicated loan markets.  We enjoy a solid reputation in the syndicated loan markets for knowledgeable lawyers with deep experience on both sides of the table. We take a pragmatic and highly skilled approach to structuring, negotiating and documenting deals. With our global finance capabilities, we can help clients arrange syndicated financing structures virtually anywhere in the world. We represent domestic and international lending institutions money center, foreign, and regional banks that regularly act as the lead arrangers in these types of financings. We also advises corporate borrowers each year on billions of dollars in syndicated loans. Our deals include traditional corporate revolving and term loans, complicated structured financings, private equity backed acquisition financings, reserve based loans, investment grade loans, highly leveraged secured loans, project financings, bridge loans, and commercial paper back-stop facilities.

Experience

Recent Notable Matters

Wells Fargo Bank, N.A.$325 million secured revolving credit facility to Comfort Systems USA, Inc., an HVAC installation and service provider, secured by substantially all assets of the borrower, as administrative agent

One of the leading global financial institutions$650 million credit facility consisting of a $500 million revolving credit facility and a $150 million term loan, to Benchmark Electronics, Inc., a publicly traded global provider of engineering services, integrated technology solutions, and manufacturing services for complex products, as administrative agent

Targa Resources Partners LP$2.2 billion revolving credit facility by and among Targa Resources Partners LP, as Borrower, each Lender from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender, and an L/C Issuer

Cloud Peak Energy Resources LLC$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

Wells Fargo Bank, N.A.$955 million unsecured revolving credit facility to RDC Holdings Luxembourg S.à r.l. supported by guarantees from certain subsidiaries of Rowan Companies plc, a publicly traded offshore drilling company, as administrative agent

Crédit Agricole Corporate and Investment Bank$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

MUFG Union Bank$1.5 million unsecured revolving credit facility to Continental Resources, Inc., as administrative agent

Citibank, N.A.$1.75 million unsecured, revolving credit facility to Enable Midstream Partners, LP, a midstream oil and gas company, as joint lead arranger and administrative agent 

Apache Corporation$4 billion senior revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent

ZB, N.A. DBA Amegy Bank$125 million secured revolving credit facility to a sand producer and supplier, secured by all assets of the borrower and its subsidiaries, as administrative agent

Wells Fargo Bank, N.A.Second Amendment to $425 million secured revolving credit facility to Oil States International, Inc., an oilfield services company, secured by substantially all assets of the borrower, as administrative agent

Citibank, N.A.amendment and extension of $2 billion unsecured revolving credit facility, to publicly traded offshore drilling company, Ensco plc, in connection with the acquisition of Atwood Oceanics, Inc. and for general corporate purposes, as administrative agent

Wells Fargo Bank, N.A. and Wells Fargo Bank, N.A., Canadian Branch$75 million credit facility to Pioneer Investment, Inc., as U.S. borrower, and NCS Multistage Inc., as Canadian borrower, secured by substantially all assets of the borrowers, as U.S. administrative agent and Canadian administrative agent

JPMorgan Chase Bank, N.A.$1 million credit facility to Caerus Operating LLC, as borrower, secured by substantially all assets of the borrower, as administrative agent

One of the leading global financial institutions$250 million senior secured amended and restated credit facility consisting of $150 million in revolving credit loans and a $100 million term loan, to Helix Energy Solutions Group, Inc., a public oil and gas services company, as administrative agent

Coöperatieve Rabobank U.A., New York Branch$120 million senior secured revolving credit and letter of credit facility to Spark Energy, Inc., an independent retail energy services provider that currently operates in 19 states and serves 91 utility territories. The facility includes a borrowing base supported by Spark’s working capital including accounts and inventory, as administrative agent

Phillips 66$900 million credit facility, consisting of a 364-day Term Loan in an amount of $450 million and a 3-year Term Loan in an amount of $450 million with Toronto Dominion (Texas) LLC, as administrative agent

Cloud Peak Energy Resources LLC$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

Macquarie Bank Limited$45 million revolving credit facility for Agspring, LLC, as administrative agent and lender in an amendment and increase of commitments

Wells Fargo Bank, N.A.$1 billion secured, revolving credit facility to Jagged Peak Energy LLC, an oil and gas exploration and production company, secured by substantially all assets of the borrower and its subsidiaries, including its oil and gas properties in Texas, as administrative agent

Seplat Petroleum Company Plc$1.7 billion term and revolving facilities comprising of a reserve-based financing with Nigerian banks and a corporate facility with international banks, each secured against Nigerian oil and gas assets

One of the nation’s leading financial institutions$600 million amended and restated revolving credit facility and a $900 million dropdown credit facility to Tesoro Logistics LP, a crude oil and refined products company, secured on a pari passu basis by all personal property and material real property of the borrower and the guarantors, as administrative agent

Leading North American pipeline and midstream companyunsecured $2.5 billion revolving credit facilities and $1 billion revolving credit facilities, with Citibank, NA and JPMorgan Chase Bank, NA as agents, respectively

Group of 25 lenders$2.5 billion secured loan and letter of credit facility for Lundin Petroleum, based on oil and gas assets in France, Indonesia, Norway and The Netherlands; the transaction was coordinated by HSBC as documentation bank and BNP Paribas as facility agent and security trustee, along with 15 other lead arrangers

Foodservice marketing and distribution company£1.725 billion unsecured, 364-day term loan bridge facility with Deutsche Bank AG Cayman Islands Branch, as administrative agent

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LIBOR: The End of The World As We Know It (And I Feel Fine?)

November 15, 2017

A few months ago, the head of the UK’s Financial Conduct Authority announced that it will stop requiring the reference banks to submit sterling quotes for LIBOR, the interbank lending rate, by the end of 2021. The acronym refers to the London-based unsecured wholesale market rates for jumbo deposits between major banks that...

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