Daryl L. Rice

Partner
Washington,  DC  U.S.A.
Phone202 862 2374

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Experience & Credentials
 

Practice Areas

  • Corporate
  • Derivatives & Structured Products
  • Energy & Commodities
  • Renewables
  • Energy & Commodities Regulation & Compliance
  • Energy & Commodities Transactions
  • OTC Derivatives
 
Contact InfoTelephone: 202 862 2374
Fax: 202 862 2400
http://www.cadwalader.com/professionals/daryl-rice
 
University University of California - Los Angeles, B.A.
 
Law SchoolWashington & Lee University School of Law, J.D.
 
Admitted1998, California; 2000, District of Columbia
 
Biography

Daryl Rice focuses his practice on representing investment banks, energy companies and other commodity traders in a variety of transactional, regulatory and risk management matters. He frequently advises clients on structured transactions related to energy as well as on risk management and internal control issues.

With considerable experience in the areas of energy-related secured transactions and acquisitions, Daryl has advised on mirror transactions and total return swaps to pass-through risks from seller to buyer of trading portfolio acquisitions; structuring hedges for the financing and acquisition of power generation facilities; and on full-requirements energy supply contracts. He also has advised clients on wholesale energy services and supply contracts and transactions, derivative transactions, master agreements (including the ISDA, EEI and NAESB) and retail aggregation efforts. In the areas of natural gas and electricity, he has counseled sellers in long-term pre-pay transactions with municipal special purpose entities and negotiated physical and derivative trading agreements with energy trading companies throughout Great Britain and Europe.

Daryl is recognized by Chambers USA as one of the leading lawyers in the field of energy and electricity. Prior to attending law school, Daryl was with a California-based financial services firm, where he was in charge of day-to-day operations and served as chief information technology officer.

He is a graduate of the University of California-Los Angeles and the Washington and Lee University School of Law. Daryl is admitted to practice in California and the District of Columbia.

Experience

Structured Transactions

Represented a financial institution in negotiating a hedging agreement in connection with a private equity fund's purchase of a power plant in California. The client provided the fund with a highly-structured tolling off-take agreement under which the financial institution provided natural gas and received power and other energy products.

Negotiated and drafted, on behalf of a major financial institution, a complex documentation package of a series of hedge transactions with a private equity fund. The hedges were secured by a flexible combination of letters of credit, first liens and third liens. These hedge transactions made possible the equity fund's multi-billion dollar purchase of several power generation projects, one of the largest acquisitions of energy assets ever completed by a private equity fund.

Negotiated the documentation and provided regulatory advice to a financial institution in a structured transaction in which a major power marketer's long-term contract with the California Department of Water Resources was transferred to a special purpose vehicle and securitized through the issuance of nearly $1 billion in notes.

Represented an investment bank in a structured transaction with a major power marketer in which the power marketer monetized certain power sales contracts with a New Jersey public utility through the issuance of over $800 million in notes.

Mergers/Acquisitions

Represented a foreign investment bank in the purchase of the entire portfolio of physical and financial trades of a Midwest energy trader.

Represented an investment bank in connection with its purchase of the equity of a large Houston-based energy trader and, with respect to certain affiliates, their trading assets, together valued at over one billion dollars.

Represented the power trading affiliate of an investment bank in its acquisition of the wholesale power trading portfolio of a major power marketer, and assisted the client in securing regulatory approvals, third-party consents and novating the transactions from the power marketer to the client.

Represented a financial institution in the purchase of all the interest in a special purpose vehicle with a valuable long-term contract to sell electricity from a specific facility to a New Jersey public utility.

News

News Releases

Cadwalader Advises Mercuria Energy Group in Acquisition of JPMorgan's Physical Energy and Commodities Business

Oct 03, 2014

Cadwalader Named 2014 Americas Derivatives Law Firm of the Year; Ray Shirazi Recognized as Top Derivatives Lawyer

Sep 19, 2014

Cadwalader Advises Mercuria on Acquisition of J.P. Morgan's Energy and Commodities Trading Company

Mar 19, 2014

Cadwalader Recognized for Excellence at 2013 Commodity Business Awards

Nov 21, 2013

More Than 25 Cadwalader Attorneys in 17 Practice Areas Recognized by 2013 Chambers Global Guide

Apr 08, 2013

Cadwalader Expands D.C. Office With Launch of Energy and Commodities Advisory Practice

Jan 20, 2011

Recognition

Cadwalader Named 2014 Americas Derivatives Law Firm of the Year; Ray Shirazi Recognized as Top Derivatives Lawyer

Sep 19, 2014

Cadwalader Recognized for Excellence at 2013 Commodity Business Awards

Nov 21, 2013

Chambers and Partners USA 2012

Jun 07, 2012

Chambers and Partners Global 2012

Mar 01, 2012

Resources

Clients & Friends Memos

New Jersey Appeals Court Interprets Force Majeure Clause in NAESB

May 07, 2014

Articles

The Latest On Natural Gas Force Majeure Provisions

May 20, 2014

Credit Requirements Under Energy Master Agreements - Enhancing Your Protection & Recovery

Mar 11, 2012

Events

2013 Energy & Commodities Conference

Oct 10, 2013

 
ISLN914020538
 

Documents by this lawyer on Martindale.com

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New Jersey Appeals Court Interprets Force Majeure Clause in NAESB
Sohair A. Aguirre,Kenneth W. Irvin,Daryl L. Rice, May 15, 2014
In a ruling of significant importance for those confronting force majeure (“FM”) issues in natural gas trades, and a win for Hess Corporation (“Hess” or “Plaintiff”), the Superior Court of New Jersey, Appellate Division ruled that Eni Petroleum US, LLC...
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Office Information

Daryl L. Rice

700 Sixth Street, N.W.
WashingtonDC 20001




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