PRACTICE AREAS


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 and other financial institutions.

Mr. Rae has experience in structuring trading, hedging and financing facilities that derive credit support from non-cash collateral, including structures that rely on combinations of liens and covenants. He currently is assisting clients in monitoring and evaluating the major financial reform rulemaking efforts that are underway in Washington.

He participated in the development by EEI, NAESB and ISDA of standard trading agreements and credit support arrangements for electric power and natural gas. He also has negotiated and documented power purchase agreements, the restructuring of power purchase agreements, spark-spread structures (physical and financial) and energy management agreements for generation assets owned or controlled by financial institutions.

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.

HONORS & AWARDS

Mr. Rae is listed in Chambers USA: America’s Leading Lawyers For Business and Chambers Global: The World’s Leading Lawyers for Business. He has also been recognized by Best Lawyers in America for his work in Derivatives and Futures Law and named to Super Lawyers for 2012-2016In addition, Mr. Rae has been nationally recommended by The Legal 500 United States.

SELECTED ACTIVITIES

  • Office of General Counsel, Commodity Futures Trading Commission, 1977–1981
  • Lecturer, ISDA Annual General Meeting
  • Lecturer, Practising Law Institute
  • Lecturer, International Bar Association

ADMITTED TO PRACTICE

New York, 1996; District of Columbia, 1977


EDUCATION

J.D., Rutgers University School of Law, Newark, 1977

A.B., Brown University, 1972

 

PUBLICATIONS

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