A team of Haynes and Boone, LLP lawyers, working with attorneys from Shearman & Sterling LLP, assisted Citigroup and Goldman Sachs on state regulatory and environmental aspects of two exchange offers for Energy Future Holdings Corp. (EFH) and Energy Future Intermediate Holding Company (EFIH) for $1.3 Billion in New Notes and an Unsecured Exchange Offer for $124 Million.
The Haynes and Boone team was led by San Antonio Partner Diana Liebmann of the firm’s energy and power practice group as lead regulatory counsel and Austin Partner Jeff Civins of the firm’s environmental practice group as lead environmental counsel. The team also included Austin of counsels James Braddock and Patrick Sullivan and Washington, D.C. Partner Ken Hurwitz and Consultant Jim Stanfield.
The $1.3 billion collective principal amount of the exchange offer included new 10 percent Senior Secured Notes due 2020 of EFIH and EFIH Finance, Inc. for any and all outstanding debt such as the 9.75 percent Senior Secured Notes due 2019 and 10 percent Senior Secured Notes due 2020 both of EFH Corp., and 9.75 percent Senior Secured Notes due 2019 of EFIH and EFIH Finance, Inc.
Additionally, EFIH and EFIH Finance Corp. are beginning exchange offers to exchange about $124 million, the aggregate principal amount of 11.25 percent/12.25 percent Senior Toggle Notes due 2018 of the companies for any and all outstanding debt such as the 10.87 percent Senior Notes due 2017 of EFH Corp., and 11.25 percent/12 percent Senior Toggle Notes due 2017 of EFH Corp. The offering company will exchange New Senior Toggle Notes for Existing Unsecured Notes on the terms set forth in the exchange offer agreement, subject to the conditions of the Unsecured Exchange Offers.
Haynes and Boone lawyers have completed more than a dozen similar notes and exchange offer transactions for clients Citigroup and Goldman Sachs since the firm’s initial representation of them, JP Morgan and Morgan Stanley in the 2007 private leveraged buyout of TXU, the predecessor of EFH and EFIH.
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