Banking & Finance: Texas

THE FIRM This group is best known for its focus on energy-related finance matters, but has significant experience in advising both borrowers and lenders in project finance, structured finance and syndicated lending. Working alongside a strong bankruptcy practice, the team is well equipped to deal with the restructurings and related issues arising from the current economic climate. Its impressive client list includes Bank of America, RBS and UBS Securities.

Sources say: "This large Houston firm has provided some wonderfully creative solutions to our problems."

KEY INDIVIDUALS William Hayes provides senior counsel on transactional work, giving guidance on complex arrangements. His peers describe him as "a terrific lawyer." Dewey Gonsoulin earns acclaim as an upstream expert, overseeing credit facilities relating to energy exploration and production. According to peers, he is an "outstanding lawyer – very smart and very good to work with." Heather Brown works closely with the bankruptcy team, handling oil and gas financings in addition to other structured deals requiring tax and regulatory expertise. Interviewees were quick to comment on her business acumen and efficiency. Mark Evans now acts as a managing partner, but has kept up his finance practice and relationships with clients such as Société Générale, BNP Paribas and Crédit Agricole. Peers suggest that "the incredible sophistication of Bracewell's practice is largely due to Mark Evans." Alan Rafte heads the energy and finance practices. He represents utilities, financial institutions and commodity traders in transactions involving upstream oil and gas projects, electric utilities and energy commodity trading with regard to structured, leveraged and project finance. Stephanie Song recently represented Wells Fargo Bank and Wells Fargo Securities in connection with a senior secured revolving borrowing base credit facility for Alta Mesa Holdings. Clients comment that "she needs no hand-holding, offers unbelievably quick responses and shows fantastic commitment to the deal in question."

THE FIRM This top-tier firm has seen a recent shift away from the now commonplace workouts, insolvencies and distressed transactions, and is seeing an uptick in M&A and financing activity. The team's general practice area is that of energy finance, and particularly matters concerning upstream and midstream clients. Clients include Hudson Capital Management, JPMorgan Chase Bank and Wachovia Bank.

Sources say: "The 800 lb gorilla on any transaction. It's the very, very best because of its talent and numbers."

KEY INDIVIDUALS Larry Barbour has an impressive reputation among peers owing to his extensive experience in complex syndicated bank transactions, representing both lenders and borrowers. His practice also covers acquisition, structured and energy finance. Craig Murray is described by peers as "a true senior statesman who continues to bring in important business." His practice primarily involves corporate and energy-related finance, particularly in the areas of structured finance, asset securitization and project finance.

THE FIRM A stellar client list, including names such as Morgan Chase Bank, Wells Fargo and Capstead Mortgage, attests to the enduring stature of this banking and finance practice, in spite of the challenging financial climate. Recent work highlights include representing a major rating agency in a review, analysis and rating of CMBS.

Sources say: "It is our first port of call when we need outside counsel – our 'go-to' firm in Texas. We're extremely pleased with the service."

KEY INDIVIDUALS David Barbour represents issuers and underwriters in public and private offerings of equity and debt securities, with an emphasis on structured and restructured issuances of mortgage-backed and asset-backed securities. Thomas Perich has expertise in a number of areas, including documentation of domestic and international commercial and other loans, leasing and project finance, and monetization and structured finance. Peers describe him as "a really practical guy, who's really interested in seeing the deal get done, filtering out what's important and what's not – he solves problems with a business mindset." 

THE FIRM This firm's power base is in the energy sector, although it has recently moved into other areas, including technology and retail. In addition to the flow of refinancings associated with the economic downturn, the firm reports a recent uptick in new financings and a renaissance in mezzanine financing in particular. It is also noted for its securities practice. Recent work includes advising Babcock & Wilcox on a $700 million revolving credit facility.

Sources say: "We have the highest regard for the firm. We have dealt with many different lawyers there, and all have been excellent."

KEY INDIVIDUALS Roderick Goyne is widely recognized as one of the very best banking and finance lawyers in Texas, with peers describing him as "an excellent lawyer and a fine fellow." He recently represented Dell in connection with a $1 billion revolving credit facility. Alison Boren has more than 25 years' experience in commercial transactions, and is described by sources as "a reputable practitioner who has done a lot of DIP lender representations." Bill Hart represents major banks, underwriters, borrowers and issuers in placements of high-yield debt securities, project finance, syndicated bank transactions, oil and gas financings, asset-based financings and acquisitions, and split-off financings. Peers observe that he is "very good on energy-related work." The "fantastically smart" Luke Weedon focuses on bank financings, private placement of securities, high-yield debt offerings, project financings, structured financings, and debt restructurings. He led in the Babcock & Wilcox work mentioned above.

THE FIRM This 50-strong team handles a broad range of financing work, including syndicated lending, cross-border financings and project finance. It is also well equipped to deal with the workouts and restructurings prevalent since the economic crash, both in real estate and in other areas in which the firm operates, including energy, telecom, healthcare and insurance. The firm reports an increase in new financings stemming from private equity funds. Representative clients include Guggenheim Partners, Bank of America Merrill Lynch and Sumitomo Mitsui Banking.

Sources say: "I use it for specific deal work and hold it in very high regard. It has great attorneys."

KEY INDIVIDUALS The excellent Scott Night, practice head, focuses on real estate and corporate finance, for both lenders and borrowers. Recent work includes advising Bank of America on the amendment and restatement of a $347.5 million secured revolving credit and a term loan facility to a privately-held real estate investment trust. Timothy Powers spends the majority of his time handling lending related to private equity funds, and much of his work is international in scope. He recently advised Bank of America on a $2 billion secured credit facility for Lone Star Fund VII and Lone Star Real Estate Fund II.

THE FIRM The group here earns some high marks for the quality of its financing work, which includes secured and unsecured lending, acquisition and project finance, and refinancing and restructuring. The energy space remains a stronghold for the firm, with the continued fluctuations and developments in oil and gas proving a steady flow of work. Notable recent engagements include representing Barclays Bank in the acquisition of $1.15 billion volumetric production payment from Chesapeake Energy.

Sources say: "A strong practice with some truly fine lawyers."

KEY INDIVIDUALS Tristan Propst specializes in finance transactions within the energy space. Peers describe him as "a rising star – a very intellectual attorney with a client-oriented approach."

THE FIRM This nine-attorney practice assists clients with raising or providing capital through credit facilities, securities placements, mezzanine financings, asset securitizations and various other complex finance transactions. It has a strong presence in oil and gas, and has continued to be occupied with financing transactions involving borrowers in the energy space.

Sources say: "Tremendous resources and a great team. It has experts in all areas that are right there to deal with your issues."

KEY INDIVIDUALS James McKellar "knows the oil and gas industry as well as you can know it," said one source. "He really understands the art of negotiation and has great rapport on both sides of the table." Sources are also full of praise for John Rain, who is hailed as "the production payment guru" and "one of the finest lawyers around." He advises lenders and borrowers on a range of finance matters. Andrew Flint also handles oil and gas financing matters, with an emphasis on syndicated credit. Sources describe him as "a nice fellow and a really good, practical lawyer."

THE FIRM Weil Gotshal's banking and finance team handles a wide range of capital-raising work, including acquisition finance, mezzanine finance and subordinated debt finance. It integrates with the firm's corporate, capital markets, structured finance and restructuring teams in highly complex, structured transactions, and is well equipped to deal with matters at a national level, often competing with leading New York firms.

Sources say: "They're involved in nearly every meaningful deal here in Texas. You'd be hard pressed to do a transaction and not bump into them at some point."

KEY INDIVIDUALS "Very aggressive and smart," Angela Fontana is lauded for her "great knowledge of the market" and for being "a fantastic advocate for her clients." She is noted for her work with private equity sponsors and on bank credit agreements. She recently advised General Growth Properties on a $300 million revolving facility and $1.5 billion backstop term loan. Kelly Dybala is described as "very smart, very creative and extremely likable." She is noted for handling sophisticated matters, including the recent representation of Fifth Third Processing Solutions, the third largest US merchant transaction acquirer, in connection with refinancing $1.65 billion of debt and providing capital for its acquisition of NPC.

THE FIRM This team is particularly well regarded for its financing work within the oil and gas sector. It reports seeing a slowdown in new transactions due to the strain on market liquidity, but has remained busy with restructurings, lender-borrower discussions and several larger capital-raising transactions, such as the recent $1.75 billion credit agreement for Weatherford International.

Sources say: "They worked very well as a team; we're very happy with the work. Technically strong; good drafters; their knowledge of the market is extremely strong – they have great experience and have all the relationships."

KEY INDIVIDUALS Dallas-based Courtney Marcus is praised by clients for her "strong personality and tenacious negotiating style." She mainly represents public and private borrowers, but also does some lender work. Recent work includes acting for U.S. Renal Care on a $155 million senior secured credit facility and a $47.5 million subordinated unsecured term facility relating to its purchase of Dialysis Centers of America. Gary Clark mainly represents lenders in energy-related transactions, and takes the lead on some of the group's most high-value matters. Frank Garcia focuses on public company work and debt financings. He is described by sources as "a first-rate guy who is very well versed in legal opinions."

THE FIRM The team here offers experience in a range of banking and finance matters, including conventional commercial loan and asset-based financings, acquisitions and recapitalization financings. It continues to develop relationships with lenders, and has recently seen a steady flow of asset-based credit work representing the likes of The Riverside Company and Wells Fargo.

Sources say: "One of the very best firms in Dallas."

KEY INDIVIDUALS Katherine Ettredge focuses on asset-based lending and syndicated leveraged finance. She is responsible for the firm's relationship with Wells Fargo, recently representing it in connection with a senior secured revolving credit facility provided to a borrower in the crane service business. "She's an excellent and very client-friendly attorney, and is extremely strong for understanding all aspects of the transaction, documents and lending agreements," said one source. 

THE FIRM The addition of several banking and finance lawyers to this firm's new office in Charlotte, North Carolina gives the team greater capacity, and demonstrates a continued commitment to the practice. Clients can expect assistance with an array of secured and unsecured lending, asset-based lending, real estate finance, CMBS, energy finance and other matters.

Sources say: "It truly is a partnership, and that has allowed us to develop and collaborate our efforts."

KEY INDIVIDUALS James Littlejohn earns the respect of clients, who trust his excellent documentation: "Even if I miss something, he will have covered it. Not all lawyers give me this much confidence." Practice head Michael Hilliard is "an excellent lawyer who knows what's important and what's not." Both men handle a mix of syndicated, bilateral and asset-based lending, and have recently been busy on various workouts, restructurings and new transactions.

THE FIRM The group here spans the firm's Houston and Dallas offices, and incorporates attorneys from the firm's financial institutions, public finance, and structured finance and derivatives practices. Recent work includes representing Macquarie Bank in connection with a $100 million revolving and term credit facility to fund the acquisition and development of oil and gas assets in Oklahoma.

Sources say: "We have an excellent relationship with the team and are provided with excellent service."

KEY INDIVIDUALS Francis Bradley advises both commercial lenders and corporate clients in financing transactions and private placements of debt. He also counsels on loan and credit restructurings, and when necessary assists clients with reorganizations and workouts. Peers recommend him as "an excellent practitioner whose stock is still rising."

THE FIRM The team here handles both litigation and transaction-related banking and finance work. On the litigation side, it specializes in representing banks and financial institutions in usury, lender liability and bank powers cases, while on the transactional side, it assists lenders and borrowers in various capital-raising ventures. It is noted by sources for its relationship with JPMorgan Chase.

Sources say: "It has really good people and a large presence in the area." 

KEY INDIVIDUALS Buddy Haas' recent work highlights include representing key client JPMorgan Chase in a $133 million secured financing for a major distributorship in Ohio. "He's an excellent lawyer – a real veteran of the scene," say sources. Robert Mowrey focuses on litigation, and has represented numerous mortgage companies in individual and class action cases in state and federal court.

THE FIRM This team is experienced in the fields of commercial lending and energy finance, representing borrowers and lenders in a variety of sophisticated transactions. Recently it has seen a fair amount of bankruptcy-related work, debt restructurings and asset sales.

Sources say: "It's a trusted oil and gas firm and deserves recognition."

KEY INDIVIDUALS Nick Sorensen is lauded as "smart, practical and client-oriented." His areas of expertise include syndicated bank loans, asset-based loans, and oil and gas reserve-based credit facilities. Neal Kaminsky "does a nice job" and is "a good up-and-comer," according to sources.