Haynes Boone advised O.G. Energy on a landmark $1.35 billion multicurrency reserve-based lending (RBL) financing spanning the United States and Australia, underscoring the complexity of this cross-border energy transaction.
The new financing includes a revolving credit facility, a letter of credit facility and an accordion feature. It also involved refinancing an existing facility agreement and negotiating a replacement facility that expands the lending structure to include the client's U.S. assets while increasing the overall borrowing capacity.
The firm represented the O.G. Energy group, including the borrower entities in the United States and Australia, in connection with an English law-governed syndicated facility agreement supported by a global syndicate of eight lenders.
Structured as a reserve-based lending financing, the borrowing base comprises of U.S. and Australian offshore oil and gas assets.
A cross-border Haynes Boone team led the transaction, featuring Kim Mai and Ellen Conley in Houston working closely alongside a team in London that saw key contributions from Kayley Rousell and Katherine Alexander.
"We were pleased to help the company navigate a complex, first-of-its-kind transaction that brings together assets, lenders and stakeholders across multiple jurisdictions," said Mai.
The transaction required extensive coordination among parties across the United States, Europe and Australia, with Haynes Boone lawyers in Houston and London working across multiple time zones throughout the deal to keep the transaction moving efficiently.
The matter reflects Haynes Boone's growing track record advising clients on sophisticated cross-border energy transactions. In July, the firm represented Helix Exploration in its acquisition of the Keyes Helium Plant, another transaction that brought together lawyers across multiple offices and disciplines to navigate complex international and cross-border issues.
Haynes Boone’s market-leading Energy Practice Group consistently ranks among the most active legal advisors for U.S. deals in the energy industry. The group represents domestic and foreign public and private companies that conduct operations both internationally and across the United States.
