2022 Year in Review
In 2022 , we handled exciting and important financings for industry leaders — both lenders and borrowers — in the midstream space . Over the course of the year , we assisted our clients with a wide array of financing structures to finance the acquisition ( including seller financings , buy-ins , and back-levering of investments ), monetization , construction , recapitalization , and operation of midstream assets and entities . We are grateful for our clients ’ trust in us , the successes we have helped our clients achieve , and the new challenges in the year ahead that we will tackle together . Some of our favorite midstream financings from 2022 include :
• Targa Resources Corporation — Represented the borrower in a ( i ) $ 2 billion bridge loan commitment and $ 1.5 billion term loan for the Lucid Energy Delaware acquisition with Mizuho Bank Ltd ., as administrative agent and ( ii ) $ 2.75 billion revolving credit facility , with Bank of America as administrative agent
• Guardian Pipeline L . L . C . — Represented the administrative agent in connection with a $ 120 million unsecured term loan facility in favor of a subsidiary of natural gas midstream services provider ONEOK , Inc .
• DCP Midstream Operating , LP — Represented the borrower , a midstream petroleum services company , in a $ 1.4 billion unsecured , revolving credit facility with ESG-linked pricing , with Mizuho Bank Ltd . as administrative agent .
• Phillips 66 Company — Represented ( i ) the borrower in a $ 5 billion revolving credit agreement with Mizuho Bank , Ltd . as administrative agent replacing ( a ) the previous $ 5 billion amended and restated credit agreement , under which Phillips 66 was the borrower and Phillips 66 Company was the guarantor and ( b ) the $ 750 million amended and restated credit agreement for Phillips 66 Partners LP (“ PSXP ”) as the borrower , ( ii ) the issuer in the exchange of up to $ 3.2 billion of seven series of notes issued by PSXP for new notes issues by Phillips 66 Company in connection with the buy-in of PSXP , and ( iii ) various facilities for its operated joint ventures . Bracewell also represented the borrowers in the previous credit facilities .
• Sunoco LP — Represented the administrative agent in connection with a $ 1.5 billion revolving credit facility for one of the largest independent fuel distributors in the United States , an affiliate of Energy Transfer , secured by a first priority lien on substantially all personal property of the Borrower and subsidiary Guarantors .
• Boardwalk Pipelines LP — Represented the administrative agent in an unsecured $ 1 billion revolving credit facility for a natural gas and liquids pipeline and storage company subsidiaries of the Loews Corporation .
• KMI — Represented ( i ) the borrower in a ( a ) $ 3.5 billion 5-year revolving credit facility and ( b ) $ 500 million 364-day revolving credit facility , each with Barclays Bank PLC as administrative agent , ( ii ) the issuers in offerings of registered and 144A senior notes aggregating $ 1.8 billion , and ( iii ) various facilities for its operated joint ventures . bracewell . com