Extensive experience in corporate finance and securities matters.
Particular skill in structuring complex financing arrangements and analyzing debt investment opportunities.
Advisor to underwriters in more than 75 debt and equity offerings and issuers in more than 100 securities offerings.

Chip Cowell represents companies, underwriters and investors in corporate finance and securities matters, with particular experience in structuring complex financing arrangements and analyzing debt investment opportunities.

A seasoned indenture practitioner, Chip brings to his practice in-depth market knowledge and a practical, solution-oriented focus. He advises issuers in achieving state-of-the-art enhancements in new financings. Chip also assists companies in ongoing covenant compliance matters, using work-around techniques to engineer solutions.

Focusing on debt finance, Chip handles matters related to:

High-yield and investment-grade debt offerings, including 144A offerings and private placements
Revolving and term loan credit facilities
Commercial paper and medium-term note programs
Chapter 11 reorganizations and restructurings
Securitizations.

Chip assists clients in designing and implementing complex financing structures, including shared/tiered collateral arrangements and multiparty subordination and intercreditor arrangements. He also has wide experience in using debt tender and exchange offers and consent solicitations to achieve covenant modifications or lien releases.

Representative Work

Assisted a private equity client in developing a market-standard, cross-border secured financing structure for Canadian oil and gas exploration companies, translating investor protections and liquidity benefits of U.S. public securities.
Used seasoned market know-how to achieve state-of-the-art covenant package for a first-time secured bond issuer, implementing significant issuer-favorable enhancements to ensure operational flexibility.
Harnessed deep securities and debt experience to devise practical solutions under existing debt of power generation holding company, using innovative analysis in complex indenture matters to achieve company-favorable solutions.
Utilized extensive experience in engineering covenant workarounds to unlock $20 million of liquidity for a new restructuring client, using a buried loophole in asset sale restriction, an exception overlooked by predecessor law firm.
As a “go-to” partner for convertible equity transactions, negotiated significant provisions for a midstream master limited partnership (MLP) issuer of preferred securities.

Education
J.D., Yale Law School, 1982
B.A., Yale University, summa cum laude, 1979

Clerkships
U.S.C.A., 9th Circuit

Bar Admissions
New York
Texas

Recognitions

IFLR1000, Notable Practitioners, 2020.
IFLR1000 United States, Notable Practitioner, Banking, Capital Markets: Debt and Capital Markets: High Yield practice areas, and the Energy and Oil & Gas industry sectors, 2019.

Affiliations and Public Service

Councilmember, City of Hunters Creek Village.
Board of Trustees, Chapelwood United Methodist Church.
Board of Directors, Tennis Committee Chair, Houston Racquet Club.
Member, Board of Directors, Yale Club of Houston.
Member, Inclusion Council, which promotes diversity in Akin Gump’s ranks, Houston office and firm-wide.