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Daryl L. Rice is a partner in the law firm of McDermott Will & Emery LLP based in the Washington, D.C. office. He is a member of the Firm's Energy and Derivatives Markets Practice Group, where he focuses his practice on representing investment banks, energy companies and other commodity traders in a variety of transactional, regulatory and risk management matters.
Daryl frequently advises clients on structured transactions related to energy, as well as risk management and internal control issues. Daryl has considerable experience advising clients on energy-related secured transactions and acquisitions, including structuring hedges for the acquisition of power generation facilities. Daryl also advises clients on wholesale energy services and supply contracts and transactions, derivative transactions, master agreements (including the ISDA, EEI and NAESB) and retail aggregation efforts. Recently, Daryl has represented natural gas and electricity sellers in long-term pre-pay transactions with municipal special purpose entities. Daryl was previously seconded to McDermott's London office, primarily to negotiate physical and derivative trading agreements with energy trading companies throughout Great Britain and Europe.
Prior to attending law school, Daryl was an officer in a financial services firm in Irvine, California. He was in charge of day-to-day operations of the company as well as being its chief information technology officer.
Daryl is admitted to practice in California and the District of Columbia.
Representative 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 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.
Education
Washington and Lee University School of Law, J.D., 1998
University of California-Los Angeles, B.A., 1989 | 