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Firm Wraps Two Billion-Dollar Loans for Lender Client Bank of America

July 25, 2006

(HOUSTON) July 25, 2006— On behalf of one of the world's largest financial institutions and longtime client Bank of America N.A., Bracewell & Giuliani LLP closed two billion-dollar syndicated loans within a one-week period.

A Bracewell finance team, led by business partner Heather Brown, represented Bank of America as administrative agent and lead lender in syndicated loan facilities in excess of $1 billion to Helix Energy Solutions Group Inc. in connection with its acquisition of Remington Oil and Gas Corporation.  The deal closed July 3. 

Bracewell handled the deal involving approximately 250 banks and institutional investors, a $300 million revolving credit facility and a $835 million term B facility to the energy services/exploration and production company. 

"Collateral for this loan included an interesting mix of assets, including oil and gas properties, vessels, and foreign subsidiary stock," said Brown.  "Bank of America is a longtime client, and this was a great opportunity for us to assist them with a complicated transaction."

Bank of America has been a client since 1992.

Also, a Bracewell team led by business partner Catherine Ozdogan represented Bank of America in another combined $1 billion syndicated loan facility to Crosstex Energy LP for general corporate purposes.  The deal closed June 29. 

Bracewell enjoys a national reputation in the syndicated loan arena.  For 2005, Reuters' Loan Pricing Corporation ranked Bracewell No. 14 in the nation by volume of syndicated loan financing deals handled on behalf of corporate borrowers, No. 22 by volume for lead lenders, and No. 21 by volume overall.   Since 2003, Chambers USA: America's Leading Lawyers for Business has named Bracewell's finance practice among the Top 2 leading firms in Texas.