Debt & Claims Trading
LIBOR Preparedness Team
Duke University School of Law - J.D., 1986
Williams College - B.A., 1982, cum laude
Chris McDermott's principal practice involves the representation of commercial banks and other financial institutions in commercial lending and other financing transactions, including general secured and unsecured lending transactions, syndicated bank financings, refinancings, leveraged buy-outs and other acquisition financings, commodity, energy and other asset-based lending transactions, hedge fund financings, and distressed, debtor-in-possession and exit financings. Chris is also focused on innovation and emerging technologies impacting financing transactions, including blockchain technology. He serves financial clients in New York, Charlotte and other markets.
He graduated from Williams College, cum laude, where he was elected to Phi Beta Kappa. He received his J.D. from Duke University School of Law, where he was Managing Editor of the Duke Law Journal. Chris has been recognized by IFLR 1000 and The Legal 500 in the Bank Lending practice area.
Chris is admitted to practice in the States of New York and North Carolina and is a member of the Association of the Bar of the City of New York, the New York State Bar Association, and the North Carolina State Bar.
Recent representative transactions in which Chris had a leading role include:
- Representing the administrative agent on three concurrent refinancing facilities for a global commodities trading and financing company: a $2.565 billion secured committed and uncommitted first lien asset based facility, a $100 million secured second lien asset based term loan facility, and a $50 million unsecured holding company revolving credit facility.
- Representing the collateral agent in connection with a $350 million committed, asset-based credit facility for an affiliate of a major private equity firm investing in energy-related products and services, to support its acquisition of the natural gas retail business of a domestic energy delivery company.
- Representing BNP Paribas, as global coordinator and administrative agent, in a $3.15 billion borrowing base facility, and BNP Paribas, as global coordinator, and Citibank, as administrative agent, in a $375 million unsecured revolving credit facility, both for Castleton Commodities International LLC, a global commodities merchant.
- Representing MUFG Bank, Ltd., as administrative agent to a large group of international commodity finance banks, in the successful out-of-court workout of $2 billion of debt under the U.S. borrowing base credit facility of Noble Americas Corp. (NAC), the U.S. oil trading subsidiary of Noble Group Limited, in a process that included Noble’s sale of various NAC assets to a subsidiary of Mercuria Energy Group, Noble’s sale of NAC to a subsidiary of The Vitol Group and a full recovery for the lending syndicate.
- Representing BNP Paribas, as administrative agent, collateral agent and a lender, in the amendment and upsize of an approximately $1.8 billion (expandable to $2.4 billion) syndicated secured multicurrency committed working capital credit facility for a leading physical commodities and merchant finance firm.
- Representing ING Capital LLC, as administrative agent, in a $300 million syndicated senior secured revolving credit facility, with a $50 million accordion feature, for GT Commodities LLC, the North American trading hub for Gerald Group, the world's largest employee owned metals merchant.
- Representing The Renco Group, Inc. and certain subsidiaries in various asset-based credit facilities, term loan facilities and related financings.
- Representing Monocle Acquisition Corporation in its pending $430 million merger with AerSale Corp.
- Representing Société Générale, as administrative agent, collateral agent swingline lender and issuing lender, in a $500 million cross-border secured uncommitted soft commodity credit facility for an international coffee exporter.
- Representing Natixis, New York Branch, as administrative agent, collateral agent, and letter of credit issuer, in connection with committed borrowing base credit facilities to a major airline financing fuel inventories.
- Representing BNP Paribas, as administrative agent, collateral agent and a lender, in the amendment and upsize of an approximately $1.5 billion (expandable to $2 billion) syndicated secured multicurrency committed working capital credit facility for a leading physical commodities and merchant finance firm.
- Representing MUFG Bank, Ltd., as arranger and administrative agent, in connection with a $700 million committed revolving asset-based credit facility for a global merchant commodities firm.
- Representing BNP Paribas, as administrative agent, collateral agent and a lender, in a $400 million (expandable to $640 million) syndicated secured multicurrency uncommitted working capital credit facility for a global commodities logistics and trading company.
- Representing ING Capital LLC, as administrative agent and collateral agent, in a $55 million senior secured uncommitted syndicated revolving credit facility for an independent supplier of ferroalloys in North America.
- Representing ABN AMRO Capital USA LLC, as purchaser, in a $150 million uncommitted limited recourse accounts receivable discounting facility for an international commodity trading company with respect to certain USD accounts receivable generated by the sale of petroleum products by the company.
- Representing JPMorgan Chase, as administrative agent, in two revolving credit facilities aggregating $325 million for ESH Hospitality, Inc., the largest owner/operator of company-branded hotels in North America, in connection with its IPO as a REIT, and for Extended Stay America, Inc., an affiliate.
- Representing BNP Paribas as administrative agent and collateral agent, and BNP Paribas Securities Corp., as sole lead arranger and sole bookrunner, in the amendment and restatement of a $500 million syndicated secured working capital facility (expandable to $700 million) for an energy trading and terminal company.
- Representing BNP Paribas, as administrative agent and collateral agent, in connection with $750 million in uncommitted secured working capital facilities and $100 million secured term loan facilities for an energy marketer and owner and operator of energy storage terminals.