Locke R. McMurray

Of Counsel

New York + 1.212.326.3774

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Locke McMurray's practice focuses on derivatives, securitization, and other financial products and spans the full spectrum of transactional, regulatory, and dispute resolution matters.

Locke regularly counsels foreign and domestic banks, swap dealers and other financial institutions, financial market utilities (FMUs), investors, and corporate clients on regulatory matters, transaction structuring and documentation for swaps, repos, and exchange-traded futures. He has significant experience with the generation and trading of carbon credits and with capital relief transactions involving credit default swaps and credit-linked notes.

Locke additionally analyzes financial transactions from a litigation perspective, particularly in relation to derivatives termination and valuation questions, the Uniform Commercial Code, fraudulent conveyances, and the rights and obligations of various securitization deal participants, including investors, collateral managers, trustees, and swap counterparties. He has rendered many legal opinions on a variety of netting, legal isolation, and secured transaction matters and was a founding member of Jones Day's LIBOR (London Interbank Offered Rate) transition team.

Prior to Jones Day, Locke served as global legal head for fixed income and equity derivatives, rates trading, and securitized products at Merrill Lynch; as regional head for the Americas for the sales and trading and investment banking platform at BNP Paribas; and as global head of derivatives legal at the Lehman Brothers Chapter 11 bankruptcy estates. He also participated in a foundational study for the United States government of public key infrastructure in the early 1990s and in multiple global legal reform efforts.

Experience

  • Corpay acquires GPS Capital MarketsJones Day advised Corpay, Inc. in the acquisition of GPS Capital Markets, LLC and its subsidiaries, a group that provides business-to-business cross-border and treasury management solutions, in Corpay’s third largest deal ever.
  • Fortune 100 company enters 15-year virtual power purchase agreement (VPPA) with global renewable energy developer for wind energy project in CanadaJones Day advised a Fortune 100 company in entering into a 15-year virtual power purchase agreement (VPPA) with a global renewable energy developer for a wind energy project in Canada with an expected capacity of over 130 MW.
  • Lamb Weston obtains €200 million term loan facility and increases revolving credit facility to $1.5 billionJones Day represented Lamb Weston Holdings, Inc., a leading global producer, distributor, and marketer of value-added frozen potato products, in connection with obtaining a new €200 million term loan facility and increasing its multicurrency revolving credit facility to $1.5 billion.
  • Procter & Gamble signs 10-year VPPA with Renewable Power Capital for wind energy project in SwedenJones Day advised The Procter & Gamble Company (P&G) in entering into a 10-year virtual power purchase agreement (VPPA) with a subsidiary of renewable energy developer Renewable Power Capital (RPC) for a wind energy project in Sweden with an expected capacity of 140 MW.
  • Financial institution receives swap dealer compliance manual adviceOn behalf of a financial institution, Jones Day reviewed a swap dealer compliance manual for legal sufficiency and advised on product characterization, foreign exchange swaps and forwards, and eligible contract participant issues.
  • Procter & Gamble enters into long-term VPPAs with EDP Renováveis, S.A. for two solar energy projects in ItalyJones Day advised The Procter & Gamble Company (P&G) in entering into long-term virtual power purchase agreements (VPPAs) with a subsidiary of renewable energy developer EDP Renováveis, S.A. (EDPR) for two solar energy projects in Italy with an aggregate capacity of around 110 MW.
  • Diversified multinational company amends and restates credit agreement with revolving commitments in amount of $4 billionJones Day represented a diversified multinational company in connection with the second amended and restated credit agreement with revolving commitments in the amount of $4 billion.
  • Diversified multinational company obtains $2 billion revolving credit facilityJones Day represented a diversified multinational company in connection with a $2 billion 364-day revolving credit facility.
  • MassMutual enters into approximate $840 million transaction for purchase and financing of natural gas assets located in Pennsylvania and West VirginiaJones Day represented Massachusetts Mutual Life Insurance Company and MassMutual Ascend Life Insurance Company in connection with (a) the acquisition and financing of asset-backed notes and certificates the proceeds of which were used to acquire proved, developed, and producing ("PDP") natural gas assets in Pennsylvania and West Virginia and (b) the formation of a limited partnership and the subsequent acquisition of six proven-undeveloped natural gas wells located in Pennsylvania and West Virgina.
  • Subsidiary of diversified multinational company enters into $1.25 billion credit facilityJones Day represented a subsidiary of a diversified multinational company in connection with a $1.25 billion unsecured and syndicated revolving credit facility.
  • Kaiser Aluminum amends credit agreementJones Day represented Kaiser Aluminum Corporation, a leading North American manufacturer of semi-fabricated specialty aluminum mill products, and affiliated companies in connection with an amendment to its credit agreement.
  • Agriculture company obtains $2 billion credit facilityJones Day represented an agriculture company in connection with a $2 billion credit facility.
  • Diversified multinational company obtains $2 billion credit facilityJones Day represented a diversified multinational company in connection with a $2 billion 364-day syndicated revolving credit facility.
  • Diversified global manufacturer of industrial components obtains $1.2 billion senior secured credit facilityJones Day represented a diversified global manufacturer of industrial components in connection with its $1.2 billion senior secured credit facility.
  • Wells Fargo-led syndicate of lenders successfully negotiate secured $1.1 billion restructuring credit facility for Pennsylvania Real Estate Investment Trust (PREIT)Jones Day represented Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, in connection with the Chapter 11 financial reorganization plan of Pennsylvania Real Estate Investment Trust (“PREIT”), a publicly traded real estate investment trust that owns and manages a portfolio of shopping malls totaling over 23 million square feet of retail space.
  • Global systemically important bank (GSIB) conducts risk assessment to determine impact of LIBOR transition on enterprise-wide portfoliosJones Day is advising a GSIB with respect to enterprise-wide portfolios impacted by the LIBOR transition, including conducting portfolio-wide risk impact assessments, analyzing various consumer products, and developing litigation contingency plans.
  • Corporate trustees seek advice relating to LIBOR transitionJones Day is advising two U.S.-based corporate trustees with respect to portfolios impacted by LIBOR transition and COFI cessation, including conducting portfolio-wide risk impact assessments, analyzing various consumer products, and developing litigation contingency plans.
  • Companhia Brasileira de Distribuiçao sells Ordinary Shares of Via Varejo S.A.Jones Day represented Casino Guichard-Perrachon SA, as a counterparty, in connection with the sale by Companhia Brasileira de Distribuiçao (GPA) of 50,000,000 Ordinary Shares of Via Varejo S.A., representing 3.86% of its share capital, in the form of total return swap entered into with a Brazilian financial institution.
  • JPMorgan Chase and Scotiabank-led syndicate provide $300 million financing to TigoJones Day advised JPMorgan Chase Bank and The Bank of Nova Scotia and certain of their respective affiliates as joint-lead arrangers and as lenders in connection with a $300 million term loan financing provided to Colombia Móvil S.A. E.S.P. (Tigo), a subsidiary of the Colombian state-owned company UNE EPM Telecomunicaciones S.A., a leading telecommunications company in Colombia and the guarantor of Tigo's obligations under the loan facility.
  • Euronext attempts to acquire LCH.Clearnet SAJones Day advised Euronext N.V. in its attempted €510 million (US$530 million) all-cash offer to LCH.Clearnet Group Limited and London Stock Exchange Group plc to acquire LCH.Clearnet SA, a leading EMIR-authorized central counterparty serving Euronext's markets, pan-European electronic trading platforms, and OTC markets, which is headquartered in Paris with branches in Amsterdam and Brussels, as well as a representative office in Porto.
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    JUNE 2025 Commentary

    CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location

    March 2024 Commentary

    The CFTC Proposes Expansive Business and Governance Rules for Registered Derivatives Markets

    January 2024 Reprint

    Aggressive In The Endgame: The U.S. Bank Regulators’ Proposals Would Hike Bank Capital (The Review of Banking & Financial Services)

    December 2023 Commentary

    The CFTC Proposes Operational Resilience Framework for Swap Dealers and Futures Commission Merchants

    DECEMBER 2023 Commentary

    The CFTC Proposes Rules to Protect Clearing Member Funds Held by DCOs

    December 2023 Alert

    Wait, There's More: The CFTC Proposes Additional Swap Reporting and Recordkeeping Amendments

    October 2023 Commentary

    Federal Banking Agencies Propose Long-Term Debt Requirements for Large Banks

    October 2023 Reprint

    The Long Farewell: Is USD LIBOR Finally in the Rearview Mirror?

    October 2023 Commentary

    FDIC Proposes Toughening CIDI Resolution Plan Rules

    SEPTEMBER 2023 Commentary

    CFTC Lacks Jurisdiction Over TRS on ETFs and Custom Baskets
    View All

    October 23-24, 2023 Speaking Engagements

    PLI's Advanced Swaps & Other Derivatives 2023

    Additional Speaking Engagements

    • October 18-19, 2022
      PLI's Advanced Swaps & Other Derivatives 2022
    • October 20-21, 2020
      PLI's Advanced Swaps & Other Derivatives 2020
    • October 19-20, 2021
      PLI's Advanced Swaps & Other Derivatives 2021
    • June 21, 2021
      Jones Day's 2021 Speaker Series: The End is (Still) Near but the Path to the End Continues to Change: The Current State of the LIBOR Transition
    • April 25, 2019
      Jones Day's 2019 Speaker Series - The End Is Near: Are You Prepared for the Cessation of the London Interbank Offered Rate (LIBOR)?
    • October 23-24, 2018
      PLI's Advanced Swaps & Other Derivatives 2018
    • October 22-23, 2019
      PLI's Advanced Swaps & Other Derivatives 2019
    • October 24-25, 2017
      PLI's Advanced Swaps & Other Derivatives 2017
    • October 25-26, 2016
      PLI's Advanced Swaps & Other Derivatives 2016
    • October 20-21, 2015
      PLI's Advanced Swaps & Other Derivatives 2015
    • May 7, 2015
      Turmoil in the Oil Patch: Risks and Opportunities for Oil & Gas Companies and Investors
    • April 29, 2015
      Turmoil in the Oil Patch: Risks and Opportunities for Oil & Gas Investors and Companies
    • October 16-17, 2014
      PLI’s Advanced Swaps and Other Derivatives 2014
    • April 23, 2014
      New York City Bar Program: Mortgage Notes & the Future of Home Finance
    • November 8, 2013
      New York City Bar Program: Cross-Border Regulation of Derivatives under Dodd-Frank
    • October 17-18, 2013
      PLI's Advanced Swaps & Other Derivatives 2013
    • April 20, 2013
      World Bank/ABI: Working Group on Bankruptcy Treatment of Financial Contracts
    • May 25-26, 2011
      Financial Markets Lawyers Group/Financial Markets Law Committee/European Financial Markets Lawyers Group/Financial Law Board
    • November 30, 2006
      SIFMA: Innovations and Trends in Master Agreement Negotiations for Over-the-Counter Markets
    • November 17, 2005
      ISDA: How to Read ISDA Netting and Collateral Opinions
    • November 19, 2004
      BMA: Improving Master Agreement & Related Trading Agreement Negotiations
    • June 10, 2004
      Financial Markets Lawyers Group/Financial Markets Law Committee/European Financial Markets Lawyers Group
    • February 12-14, 2004
      ABA Committee on Regulation of Futures and Derivative Instruments
    • June 13, 2003
      BMA: Cross-Product Master Agreement Symposium

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