Mark Rae concentrates in commodities and derivatives, with particular focus on the energy sector. He represents energy dealers, producers and users, investment and commercial banks, private equity firms and hedge funds. He has significant experience in structuring trading, hedging and financing facilities, including those that derive credit support from Lien and covenant packages. He is a leading practitioner in the field of commodity intermediations through which financial institutions provide asset-based working capital solutions to energy companies.
— REPRESENTATIVE MATTERS
- Represented Merrill Lynch Commodities ("MLC") in a commodity intermediation with Bridger Trading, a Texas-based energy logistics company in which Riverstone is an investor. MLC provides commodity intermediation services to Bridger that are designed to enable Bridger to substantially expand its business.
- Represented JPMorgan Ventures Energy Corporation ("JPMVEC") in a commodity intermediation with Philadelphia Energy Solutions, a venture between the Carlyle Group and Sunoco that owns a refinery. JPMVEC provides, and finances, all of the crude oil requirements of the refinery and purchases, and finances, all of the refined product outputs of the refinery. JPMorgan Chase Bank also provides the company with an asset-based lending facility.
- Represented Petro Harvester, a Texas-based oil exploration and production company sponsored by TPG Capital in crude oil hedging transactions. Petro Harvester's obligations under such transactions are secured solely by first liens on the company's assets that are shared with the company's first lien lenders.
- Represented NRG Energy in a strategic electric power hedging program with multiple counterparties. Under this program, NRG hedges a significant portion of its anticipated power production on a rolling forward basis. Like Petro Harvester, NRG's obligations under these strategic hedging transactions are secured only by first liens on its assets.