Michael Niebruegge

Houston
Willkie Farr & Gallagher LLP
600 Travis Street
Houston, TX 77002

Michael Niebruegge is a member of the Finance Group and focuses on corporate, finance, bankruptcy and workout matters, primarily in the energy and mining industries.  He has substantial experience representing the leading global credit providers and financial advisors to oil and gas producers, refiners, midstream businesses and oil field service providers, as well as companies engaged principally in service and extractive businesses. 

Michael regularly negotiates and documents secured lending transactions, including senior, second lien, third lien and mezzanine loans; syndicated loans; project loans; securitizations; volumetric production payments and net profits interests; and structured commodity agreements. He frequently negotiates and documents complex intercreditor arrangements. He also manages disputes among creditors and debtors; negotiates and documents debt restructurings; and advises on lease acquisitions and sales, joint operating agreements, and other energy issues. 

Michael is ranked in Chambers Global - USA, Chambers USA - Nationwide, and Chambers USA - Texas (Band 1); he is noted as an “outstanding” lawyer and “an icon in finance” who “knows the market terms and is very practical and user-friendly.” He has been consistently ranked in Chambers directories since 2003, having previously been described as "an obvious top-tier choice" and "second to none in the market.”  He has also been recognized for excellence in the areas of Banking and Finance, Corporate, Energy, and Project Finance by Best Lawyers (2017), and was named Best Lawyers’  “Lawyer of the Year - Project Finance Law” in 2015 and “Lawyer of the Year – Banking” in 2010. 

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Michael Niebruegge is a member of the Finance Group and focuses on corporate, finance, bankruptcy and workout matters, primarily in the energy and mining industries.  He has substantial experience representing the leading global credit providers and financial advisors to oil and gas producers, refiners, midstream businesses and oil field service providers, as well as companies engaged principally in service and extractive businesses. 

Selected Significant Matters

Reserve-Based Borrowing Base Credit Facilities

  • Represented Citibank, N.A. as Administrative Agent in a $1.7 billion Reserve-backed borrowing base loan to Fieldwood Energy.
  • Represented a major Canadian bank as Administrative Agent under a $500 million borrowing base credit facility with a Gulf of Mexico producer.
  • Represented a major French bank as Administrative Agent in several reserve-based borrowing base credit facilities.
  • Represented a lending affiliate of a major money center bank as Administrative Agent in a $500 million borrowing base exit credit facility with Energy XXI Gulf Coast, Inc., secured by oil and gas properties in the Gulf of Mexico.
  • Represented major Canadian bank as Administrative Agent in a syndicated $300 million acquisition financing of oil and gas properties in Colorado.
  • Represented Citibank, N.A. as Administrative Agent in a $1 billion syndicated borrowing base credit to a privately-held oil and gas producer secured by oil and gas properties in the Gulf of Mexico.
  • Represented Wells Fargo Energy Capital, Inc. as Administrative Agent in second lien term loan credit agreements with various energy producers secured by oil and gas reserves in various states.
  • Represented a lending affiliate of a major money center bank in a series of reserve-based loans to a Gulf of Mexico producer.
Structured Commodities Transactions
  • Represented hedge counterparty in connection with a secured net profits interest in natural gas properties held by a trust.
  • Represented hedge counterparty in the unwind of a structured forward sale of natural gas.
  • Represented a major US bank in a repurchase agreement for ethanol.
  • Represented a major US bank in a repurchase agreement for cotton.

Second Lien Transactions

  • Represented a lending affiliate of a major money center bank as Administrative Agent in $150 million second lien credit facility with a privately held producer secured by oil and gas properties in several states.

Project Financing

  • Represented developer in construction financing of several segments of the Community Renewal Enterprise Zone (CREZ) in Texas. The CREZ is the high- voltage transmission line designed to connect west Texas wind farms to the electric grid.

Service Companies

  • Represented borrower in $1.2 million acquisition financing of a publically-held drilling company.

Leveraged Financing

  • Represented Bank of New York as collateral agent in financing for US Shipping LP.



* Michael advised on some of these matters prior to joining Willkie.