January 21, 2026
Willkie represented the commodities business of JPMorgan in another municipal bond commodity prepayment transaction with The Black Belt Energy Gas District (“BBE”). The transaction involved the issuance of $786 million of municipal bonds by BBE, the proceeds of which were used by BBE to prepay Pierpont Energy Prepay 4 for the delivery of natural gas over a 30-year period. The firm previously advised JPMorgan on a similar transaction with BBE in July 2025.
The gas delivered to BBE is sold to the Louisiana Community Development Utility Commission. In connection with its delivery obligation over the 30-year period, Pierpont Energy Prepay 4 entered into a natural gas swap with BP Energy Company, a funding agreement with Pacific Life Insurance Company, and a natural gas purchase, sale and service agreement with J.P. Morgan Ventures Energy Corporation. The municipal bonds were assigned a rating of AA- by S&P. The transaction priced and closed in January.
The Willkie team was led by partner John R. Thomas and included associates Kara Ryczek and Lisa Shakhnazaryan.
The gas delivered to BBE is sold to the Louisiana Community Development Utility Commission. In connection with its delivery obligation over the 30-year period, Pierpont Energy Prepay 4 entered into a natural gas swap with BP Energy Company, a funding agreement with Pacific Life Insurance Company, and a natural gas purchase, sale and service agreement with J.P. Morgan Ventures Energy Corporation. The municipal bonds were assigned a rating of AA- by S&P. The transaction priced and closed in January.
The Willkie team was led by partner John R. Thomas and included associates Kara Ryczek and Lisa Shakhnazaryan.
