Orrick Represents Basin Electric in its First Global Private Placement

July.09.2015

A cross-practice and office Orrick team recently represented long-time client Basin Electric Power Cooperative (“Basin Electric”), a wholesale electric generation and transmission cooperative based in North Dakota, in the issuance of US $1.5 billion in bonds. The bonds were offered on three continents (Europe, North America and Asia), and the proceeds will be used, among other things, to buy out its debt to the United States Rural Utilities Service.

Orrick has represented Basin Electric on numerous transactions in the past, including 144A offerings, private placements, bank loans, lease transactions and acquisitions, including a private placement of US $475 million senior secured notes in May 2015 for its subsidiary Dakota Gasification Company.

“We are extremely thrilled that we were able to assist Basin Electric in such a groundbreaking transaction, and hope to continue working with both Basic Electric and many other cooperatives in their future success as well,” said Carl Lyon, partner of Orrick’s Energy & Infrastructure group, who led the transaction.

The Orrick team also included Kyle Drefke (partner), Victoria Boyne (managing associate), Bob Lawrence (senior counsel), Chris Hutchison (associate), Michael Shiu (associate) and Zach Huey (associate) of the Energy & Infrastructure group, Susan Gottlieb (of counsel) of the Public Finance group and John Narducci (partner) and Jamie Larkin (senior associate) of the Tax group.

Related Lawyers

Carl Lyon Partner, Energy & Infrastructure, Public Power Financing

New York

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D:+1 212 506 5180
E: [email protected]

Practice:

Energy & Infrastructure Sector
Finance Sector
Energy & Infrastructure
Public Power Financing
Structured Finance
Power
Mergers & Acquisitions

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Carl Lyon Partner

New York

He has long-standing relationships with a great number of utility clients that span many years and complex transactions, advising them on numerous taxable, tax-exempt, and tax-advantaged financings of all types for electric, gas, water and waste water projects and in restructuring and work-outs. These projects include five different nuclear plants, with financing through both the public capital market and through the U.S. Department of Energy.

Carl was one of the leaders in the development of joint action agencies among municipal utilities. He worked on legislation in 20 states to authorize their formation and testified before legislatures and legislative committees in many of these states. He drafted the first modern indenture for cooperative utilities which served as the model that is currently used by almost every generation and transmission cooperative. He worked with TVA in their exit from the Federal Financing Bank program in the 1980’s and in their financings since then. Carl worked with the major generation and transmission cooperatives that have exited the RUS program in structuring and financing their exit.

Carl has also worked with virtually every major investment banking firm and most major domestic and international banks.

Kyle Drefke Partner, Energy, Infrastructure

Washington, D.C.

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D:+1 202 339 8434
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy
Infrastructure
Renewable Energy
Mergers & Acquisitions

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Kyle Drefke Partner

Washington, D.C.

Kyle has represented clients in domestic and international financings, including syndicated credit facilities, private placements, and registered securities offerings. He has extensive experience in the development and structuring of long-term power purchase agreements with respect to thermal (nuclear, coal and natural gas) and renewable generation facilities. He has also represented clients in mergers and acquisitions (M&A), auctions, joint ventures, corporate restructurings and other general corporate matters.

Kyle has represented clients in various matters relating to the development, construction, ownership and operation of electric generation facilities in the United States, South America and Europe. His practice also includes the representation of clients seeking and obtaining substantial financing from the U.S. Department of Energy (DOE).