© 2015 The Texas Lawbook.
By Brooks Igo
(Feb. 1) – Vinson & Elkins recently announced that Houston corporate finance expert Trevor Wommack has joined the firm as a partner.
Wommack, who joins the firm from Bracewell, focuses his practice on syndicated lending in the energy sector with a particular emphasis on upstream exploration and production reserve-based findings.
He says he had worked opposite the firm in a number of deals and is excited about the opportunity to join the V&E team.
“V&E has a great reputation in energy and finance,” he said.
Wommack has represented Bank of America, JPMorgan, Macquarie, Societe General and Wells Fargo.
In one deal, he represented Wells Fargo as an administrative agent in connection with a $1 billion revolving credit agreement subject to an oil and gas reserve-based borrowing base to Triangle USA Petroleum Corporation.
Wommack says 2015 was characterized by distressed events, and “it doesn’t look like there is a light at the end of the tunnel.
“There has been a shift from ‘wait and see’ to what can we do to survive, even at the short term, at these [oil] prices,” he said. “You’re going to see a differentiation in the quality of assets.”
He notes that more companies in 2016 will have their hedges expire, which will cut off the last bit of financial support for some businesses.
“Companies with stronger balance sheets, quality assets and hedges can hang in there,” he added.
The University of Texas School of Law graduate is hopeful there will be good opportunities to work on acquisition financing.
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