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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. 

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Recent Notable Matters

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

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

Macquarie Bank Limited — $20 million uncommitted, asset-based revolving credit facility for a canola seed processor and marketer of canola see 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

NRG Energy, Inc. — long-term power purchase agreement with Dow Chemical Company to sell power and environmental attributes from a 150 MW wind farm located in Texas

Pattern Energy Group LP — project secured hedges that, together with power purchase agreements with corporate offtakers such as Walmart, enabled the debt and tax equity financing of 800 MW of wind production

Private equity firm — structuring and documentation of a structured finance vehicle to guarantee certain cash flows for one of the world’s largest industrial companies

Société Générale — approximately $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 assets of Mercuria Energy Trading, Inc., Mercuria Commodities Canada Corporation, Mercuria Energy America, Inc., and Mercuria Energy Gas Trading LLC

Topaz Power Group, LLC, and other portfolio companies of Riverstone Holdings LLC — physical 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

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