International law firm McDermott Will & Emery LLP represented ArcLight Capital Partners, LLC (“ArcLight”) in connection with a $430 million dividend recapitalization term loan B facility for Bronco Midstream Funding, LLC (“Bronco”). The transaction closed on August 15, 2013.
Bronco is an investment vehicle through which certain affiliates of ArcLight hold ownership interests in Enable Midstream Partners, LP (“Enable”), a partnership formed in May 2013 by OGE Energy Corp., CenterPoint Energy, Inc. and ArcLight that owns and operates more than 8,400 miles of interstate pipelines, 2,250 miles of intrastate pipelines and 11,000 miles of gathering lines in the south-central region of the United States, with the capacity to move more than 4 billion cubic feet of natural gas per day. Barclays Bank PLC served as arranger, administrative agent, collateral agent and as fronting lender for a syndicate of institutional investors. The proceeds of the loans will be used primarily for a special distribution to Bronco’s investors.
The McDermott team advising ArcLight on this transaction was led by Blake H. Winburne, partner and global head of the Firm’s Energy Advisory Practice Group, and finance partner Alex Choinski, based in the Firm’s Houston and Washington, DC offices, respectively. McDermott previously represented ArcLight in connection with the formation of Enable.
McDermott represents some of the biggest names in the energy, infrastructure and natural resources sectors across a broad range of transactional, regulatory, enforcement, litigation, tax and other matters. Current clients include large multinational companies, private equity investors, independent power and gas producers, financial institutions and investment banks, developers, industrial and commercial customers, commodity marketers, hedge funds and trade associations.
