They say there’s a credit crunch, but you wouldn’t know that to look at the $775 million in loans that IntercontinentalExchange, Inc., just landed with the help of a team of lawyers from Locke Lord Bissell & Liddell.
According to an 8-K for the Atlanta-based company, which operates Internet-based marketplaces to trade futures, over-the-counter energy and commodity contracts and derivatives, the publicly-traded ICE swapped some outstanding credit facilities for the new $775 million in loans provided by a syndicate of banks. The syndicate was led by Wachovia Bank, N.A., and Bank of America, N.A.
Locke Lord partner Philip A. Cooper was lead outside counsel on the deal, working with ICE’s Associate General Counsel Andrew J. Surdykowski and Assistant General Counsel David C. Clifton, as well as Locke Lord associates Valerie Barton and Alexis Summers.
The banks were represented by partner Jeffrey A. Henson and associate Neill G. McBryde Jr. with Robinson Bradshaw & Hinson in Charlotte.
The new credit facilities provide for a 364-day senior revolving credit facility in the aggregate principal amount of $300 million, a three-year senior revolving credit facility in the aggregate principal amount of $100 million, a three-year senior term loan facility in the aggregate principal amount of $200 million and an amended senior term loan facility in the aggregate principal amount of $175 million.