Erland Modesto

The Firm advised the underwriters, led by J.P. Morgan Securities LLC, with respect to the offering by Nine Energy Service, Inc. (“Nine”) of 300,000 units, or $300 million aggregate stated amount, with each unit consisting of (i) $1,000 principal amount of Nine’s 13.000% Senior Secured Notes due 2028 (the “Notes”) and (ii) five shares of Nine’s common stock. The Firm also represented JPMorgan Chase Bank, N.A., as arranger and administrative agent, in connection with the amendment and extension of Nine’s existing asset-based revolving credit facility (the “ABL”).~~The Notes are secured by first-priority liens on the Notes priority collateral, which includes most of Nine’s assets other than ABL priority collateral, which includes most of Nine’s accounts receivable, inventory, equipment and other current assets. The ABL is secured by first-priority liens on the ABL priority collateral and second-priority liens on the Notes priority collateral.~~Nine used the net proceeds of the offering, together with borrowings under its ABL and cash on hand, to redeem all of its outstanding 8.750% Senior Notes due 2023 and to pay fees and expenses associated with the refinancing transactions.~~Nine is an oilfield services company that offers completion solutions within North America and abroad. Nine brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.~~The Simpson Thacher team included David Azarkh, Brian Rosenzweig, Richie Ragusa, Braxton Pitts and Alexandra Speiss (Capital Markets); Brandan Still, Erland Modesto and Brandon Barton (Banking and Credit); Jon Pall (UCC); Jon Cantor and Ruoxi Zhang (Tax); Courtney Welshimer, Bobbie Burrows and Mark Natividad (Intellectual Property); Alan Fenyes (ECEB); Jennie Getsin (Blue Sky); and Tim Mulvihill (Environmental).

Feb 2

1 min

Corporate Partner Erland Modesto was profiled in Law360 as a “Rising Star” in Energy for 2023. Erland was recognized for guiding numerous clients on high-profile transactions, including advising on the financing aspects of DT Midstream’s spin-off from DTE Energy; representing SunPower in its entry into a $100 million revolving credit facility and $100 million term loan facility; and advising numerous banks on important energy-related financing matters. Erland told Law360 he enjoys the “fast-paced, diverse workload” in the energy space: “Being an energy lawyer in Houston, you have a wide variety of transactions you get to be part of,” he said. “The depth and breadth of that is exciting and keeps me engaged.”~~To read the full article, please click here (subscription required).

Jul 18

1 min

The Firm represented JPMorgan Chase Bank, N.A., as arranger and administrative agent, in connection with the refinancing of TechnipFMC plc’s (NYSE: FTI) existing senior secured multicurrency revolving credit facility (the “Credit Agreement”). The Credit Agreement increased the commitments available to the Company to $1,250,000,000 and extended the maturity date. Concurrently with the Credit Agreement, the Firm represented DNB Markets, Inc., as arranger, and DNB Bank ASA, New York Branch, as administrative agent, in connection with a new $500,000,000 five-year senior secured multicurrency performance letter of credit facility (the “PLOC”) for FTI.~~FTI is a leading technology provider to the traditional and new energies industries, delivering fully integrated projects, products, and services. As a global leader in the traditional and renewable energy industry, FTI delivers innovative technologies, systems, and services to meet the world’s energy needs now and in the future.~~The Simpson Thacher team included Erland Modesto, Brandon Barton, Jacob Sims, Christine Robb and Enzo Salamone (U.S. Banking and Credit); Antti Pesonen, Li Lin and Sungjoo Ahn (U.K. Banking and Credit); Jon Pall (UCC); Andrew Purcell and Jacqueline Clinton (U.S. Tax); Yash Rupal, Sarah Lindley, Chris Dorman and Darius Meehan (U.K. Tax); Courtney Welshimer (Intellectual Property); Pasco Struhs (ECEB); and Mike Isby (Environmental).

Apr 26

1 min

Simpson Thacher represented the initial purchasers in connection with a 144A/Regulation S offering of $600 million aggregate principal amount of 4.3% Senior Secured Notes due 2032 by DT Midstream, Inc. (“DT Midstream”), a non-utility natural gas pipeline, storage and gathering business. The notes are guaranteed on a senior secured basis by certain of DT Midstream’s subsidiaries.~~DT Midstream used the net proceeds from the notes offering to partially repay outstanding indebtedness under its term loan facility.~~DT Midstream is an owner, operator, and developer of an integrated portfolio of natural gas midstream assets. DT Midstream provides multiple, integrated natural gas services to customers through its interstate pipelines, intrastate pipelines, storage systems, lateral pipelines and related treatment plants and compression and surface facilities, and gathering systems and related treatment plants and compression and surface facilities.~~The Simpson Thacher team included Hui Lin, Julie Ledermann and Carlie Marks (Capital Markets); Alexandra Kaplan, Erland Modesto, Nicholas Baker, Zachary Banks and Sara Daniel (Credit); Jonathan Pall (UCC); Michael Mann and Lina Pan (Tax); Melanie Jolson (Intellectual Property); Timothy Gallagher (Real Estate); Pasco Struhs (Executive Compensation and Employee Benefits); Adeeb Fadil and Tim Mulvihill (Environmental); and Andrew Pagliughi (Blue Sky).

Nov 4

1 min

Partners Jessica Asrat, Michael Chao, Deb Gruen, Erland Modesto, Mark Skerry and Spencer Sloan were selected as Law360 “Rising Stars” for 2023. Law360’s “Rising Stars” series honors attorneys under the age of 40 across a wide variety of practice areas based on their career accomplishments in their respective disciplines. The winners were chosen from more than 1,300 submissions.~~Simpson Thacher Partners were recognized in the following areas:~~To read the full article, please click here (subscription required).

Jun 20

1 min