Walter Buchanan is a member of Winstead’s Business Restructuring/Bankruptcy Practice Group. Walter represents lenders and borrowers in complex domestic and international financing transactions, as well as in other banking and corporate matters. Walter’s practice is concentrated in structuring, negotiating and documenting complex commercial lending, structured finance and asset finance transactions, as well as structuring, negotiating and documenting complex distressed debt refinancings and workouts.
Walter has been involved in representing various domestic and international lenders and borrowers in senior and subordinated, secured and unsecured, single lender and syndicated loan facility transactions. In addition, he has substantial experience in representing syndicated lenders in the refinancing or workout of domestic and international loan facilities involving borrowers in the areas of electric power generation, oil and gas production and storage and commodities financing.
Walter also has significant experience in security/collateral issues under Article 9 of the Uniform Commercial Code, debt trading under The Loan Syndications and Trading Association, Inc., and the negotiation, documentation and presentation (drawing) of stand-by letters of credit.
In addition, Walter is a native Spanish speaker, reader and writer (specifically, Mexican dialect). Walter is licensed to practice law in the states of Texas and New York.
- Representation of the administrative agent for a syndicate of French, Spanish, Portuguese and Italian banks who extended a $750 million construction loan facility for the southern 40 miles segment of the SH 130 toll road highway located in Central Texas.The representation included representing the administrative agent in its capacity as the administrative chair of a lender steering committee.Five lenders in the syndicate were also counterparties to the borrower in interest rate swaps which when terminated generated an aggregate termination claim of approximately $500 million. Restructure negotiations included the negotiation with TIFIA (an agency of the US Transportation Department) in its capacity as a subordinated lender of the borrower which, through an intercreditor arrangement, shared in the common collateral of the indebtedness under the syndicated loan. The restructure also involved the coordination with the Texas Department of Transportation, in its capacity as grantor of the borrower’s concession for the development and maintenance of the toll road.A restructure of the borrower’s indebtedness was effectuated through a Chapter 11 filing in Austin, Texas including transfers of virtually all of the syndicated indebtedness to private equity funds.
- Representation of a lender and predecessor administrative/collateral agent on a $360 million syndicated loan facility to a cocoa trader/processor in the United States with a global footprint through affiliates in Europe, Asia, West Africa and Ecuador.The borrower filed Chapter 11 bankruptcy in the Southern District of New York which was subsequently converted to a Chapter 7 and the borrower’s German affiliate was liquidated in Germany. The banking syndicate contracted with a litigation manger to manage the civil fraud claims against a number of the borrower’s directors and officers as well as undertake other recovery analysis and claims prosecution.
- Representation of the administrative agent in a $125 million syndicated loan facility of a sugar trader and processor having a global footprint and with facilities in several areas of North America. Operational losses in the processing business created the need to restructure the borrower’s indebtedness which was ultimately resolved through a refinancing to a private equity investor.
- Representation of the administrative agent and lender in a $100 million syndicated loan facility to an oil trader and service provider to oil producers which had lost its entire equity base in a two week period due to price disruption in a constrained delivery zone in the north mid-Atlantic region.The syndicated loan facility was successfully restructured after a five month forbearance period and capital injections by the borrower’s equity holders.
- Significant experience in the negotiation, documentation and execution of debt trading under The Loan Syndications and Trading Association, Inc.
- Significant experience in the negotiation, documentation and presentation (drawing) of stand-by letters of credit.