Jason Webber | White & Case LLP International Law Firm, Global Law Practice
Jason Webber
Jason Webber

Jason Webber

Partner, New York

T +1 212 819 8230

T +1 212 819 8200

E jwebber@whitecase.com

in LinkedIn profile

“He is very constructive, very easy to deal with and very good at managing complex transactions.”

Chambers USA 2015

Overview

Jason focuses on United States and international corporate and financial transactions, particularly those related to the tender, development, financing, acquisition, and divestiture of energy, infrastructure, and natural resource projects.

He was named "Dealmaker of the Year" by the American Lawyer in 2016. His ability to structure innovative solutions that meet the business needs of his clients was also recognized by the Financial Times in its FT North America Innovative Lawyers 2015 report where Jason's representation of Freeport LNG won first place in the category of "Innovation in Legal Expertise: Enabling Clients' Business" and Jason himself was personally lauded by the Financial Times for his leadership of these ground breaking transactions.

Jason is the Co-Head of the Oil & Gas Industry Group, one of the Firm's four key global industries. In that context, he has been very active representing sponsors and lenders in the development and financing of midstream energy infrastructure, LNG export and import facilities, petroleum refineries, and petrochemical projects in North America and globally. He is also a member of the Firm's Private Equity Group, where he focuses on mergers & acquisitions in the oil & gas, power, transportation/PPP, and other traditional and emerging infrastructure sectors.

Jason's sponsor clients look to him to effectively and efficiently guide them through the life cycle of their projects and portfolio companies. Jason works shoulder to shoulder with his clients to develop or acquire, finance, and ultimately exit their investments. He has represented clients in the negotiation of complex joint venture arrangements, the structuring of multi-billion dollar competitive auctions for cash equity financings, the structuring of bankable construction and commercial arrangements for new projects, the acquisition of infrastructure and natural resources concessions, and the sale and purchase of energy and infrastructure projects and portfolio companies. Jason has also represented both sponsors and lenders in the negotiation and structuring of a wide array of debt financings, including commercial bank debt, mezzanine financings, tied and untied export credit facilities, acquisition financings, privately-placed notes, and underwritten project bonds.

Bars and Courts

  • New York State Bar

Education

  • JD, Duke University School of Law
  • LLM, International & Comparative Law, Duke University School of Law
  • BA, The University Professors Program, Boston University

Languages

  • English

Experience

Freeport LNG – 2016 Train 2 Project Bonds

Jason led our representation of FLNG Liquefaction 2, LLC (FLIQ2), a subsidiary of Freeport LNG and IFM Investors, in the private placement of US$1.25 billion of investment grade project bonds. The proceeds of the issuance were used to refinance a portion of the US$4.025 billion senior secured loans incurred by FLIQ2 to initially finance the development and construction of the second liquefaction train of the multi-train natural gas liquefaction and LNG export facility being constructed at Quintana Island near Freeport, Texas. The 4.125% Senior Secured Notes due 2038 were rated BBB by both S&P and Fitch.

Macquarie Infrastructure Partners – InSite Wireless Acquisition

Jason led our representation of Macquarie Infrastructure Partners III in its acquisition of a controlling equity interest in InSite Wireless Group in consideration of approximately $280 million. InSite owns, operates, and manages wireless telecommunications tower site facilities and distributed antenna systems (DAS) across the United States, Puerto Rico, U.S. Virgin Islands, Canada, and Australia. Following the acquisition, InSite is owned by Macquarie Infrastructure Partners III, Cox Enterprises, and Catalyst Investors IV, L.P.

Fortis Inc. – ITC Holdings Corp. Cash Equity Offering

Jason led our representation of Fortis Inc. (TSX: FTS), a leader in the North American electric and gas utility business, in the structuring of a competitive auction of a minority interest in ITC Holdings Corp. (NYSE: ITC). An affiliate of GIC Pte Ltd, a sovereign wealth fund of the Government of Singapore, was the successful bidder in the auction and agreed to provide approximately US$1.2 billion in consideration for a 19.9% equity interest in ITC upon the closing of Fortis' underlying $11.3 billion acquisition of ITC. ITC is the largest independent electric transmission company in the US based in Novi, MI.

Freeport LNG – Train 3 Mezzanine and Senior Secured Debt Financings

Jason led our representation of Freeport LNG Expansion, L.P. (Freeport LNG) and its subsidiaries FLNG Liquefaction 3, LLC (FLIQ3) and FLIQ3 Super Holdco, LLC (FLIQ3 Super Holdco) in the successful close and funding of the third train of the Freeport LNG multi-train natural gas liquefaction and export facility being constructed at Freeport LNG's existing LNG regasification facility at Quintana Island near Freeport, Texas. Approximately $3.64 billion of non-recourse senior secured debt for the project was provided to FLIQ3 by a syndicate of 27 commercial banks. The remaining $ 0.925 billion of train 3 project costs was funded through a mezzanine note issued in lieu of project equity by FLIQ3's indirect parent FLIQ3 Super Holdco.

Underbidder – Ni America Water

Jason led our representation of a global infrastructure fund in its unsuccessful bid for Ni America, a multi-state regulated water business ultimately acquired by Pacolet Milliken from Metalmark Capital.

Freeport LNG – Train 1 and Train 2 Equity and Senior Secured Debt Financings

Jason led our representation of Freeport LNG and its subsidiaries FLNG Liquefaction, LLC (FLIQ1) and FLNG Liquefaction 2, LLC (FLIQ2) in the successful close and funding of the third party equity and senior secured debt financing of the initial two liquefaction trains of Freeport LNG multi-train natural gas liquefaction and export facility being constructed at Freeport LNG's existing LNG regasification facility at Quintana Island near Freeport, Texas. The individual liquefaction trains comprising the facility are separately owned and financed by partially-owned subsidiaries of Freeport LNG. The four transactions comprising the third party equity and senior secured debt financing of the first two liquefaction trains, which raised over $11 billion, were the largest fully non-recourse project financing in history and were collectively named "2014 Global Deal of the Year" by IJGlobal, "2014 Americas Deal of the Year" by Project Finance International magazine, and one of the "2014 Americas Deals of the Year" by Trade Finance magazine.

Isolux Infrastructure – I-69 Section 5 Highway

Jason led our representation of Citigroup Global Markets and Jefferies as the underwriters and initial purchasers of $252 million of investment grade tax-exempt private activity bonds (PABs), the proceeds of which were used to finance Isolux Infrastructure's winning bid to design, construct, operate and maintain the I-69 Section 5 highway project under a Public-Private Agreement with the Indiana Finance Authority.

Saudi Aramco – Petro Rabigh Petrochemical Project

Jason represented Saudi Aramco with respect to the offtake and other commercial arrangements governing the multibillion-dollar expansion of Petro Rabigh's petrochemical complex at Rabigh, on Saudi Arabia's Red Sea coast. Petro Rabigh is a joint venture that was established between Saudi Aramco and Sumitomo in 2006 to develop the existing petrochemical complex. Petro Rabigh is now partially owned by the Saudi investing public.

GDF Suez – Renewable Portfolio

Jason represented the Japan Bank for International Cooperation (JBIC), The Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, and Sumitomo Mitsui Banking Corporation in connection with the US$795 million project financing of a portfolio of five wind and solar projects located in British Columbia and Ontario, Canada (with an aggregate capacity of 270 MW) developed by GDF Suez Canada (also doing business as International Power Canada) and partially divested, at substantial completion, to Mitsui & Co. Ltd. and Fiera Axium Infrastructure.

Recurrent – Solar Portfolio

Jason represented The Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank, as mandated lead arrangers, lenders and swap counterparties, in a US$410 million acquisition and 20-year term financing facility in favor of a subsidiary of Mitsubishi Corporation, Osaka Gas Co. Ltd., and Sharp Corporation in respect of a portfolio of nine photovoltaic solar energy generation projects with an aggregate direct current (DC) capacity of 450 MW.

Saudi Aramco – Yanbu Export Refinery

Jason represented Saudi Aramco in the commercial arrangements and equity financing of a 400,000-barrel-per-day export petroleum refinery, located at Yanbu on Saudi Arabia's Red Sea coast. The project has been developed as a joint venture between Saudi Aramco and Sinopec.

NRG Energy – El Segundo Energy Center

Jason represented Crédit Agricole, Mizuho and RBS, as mandated lead arrangers and lenders in the US$688 million project financing of NRG Energy's 550 MW combined cycle power plant in El Segundo, California. This fast-start, rapid-response CCGT power generating facility is capable of generating more than half its capacity in less than 10 minutes and was developed specifically to enable the greater use of intermittent renewable technology.

Grupo Cobra – Hualapai Valley CSP

Jason represented Grupo Cobra in connection with the acquisition and proposed financing of the 340 MW Hualapai Valley Solar concentrating solar power (CSP) generation facility with molten salt storage in Mohave County, Arizona.

Goldman Sachs Infrastructure – Farac 1 (Red de Carreteras de Occidente)

Jason represented Goldman Sachs Infrastructure Partners and Ingenieros Civiles Asociados (ICA) in connection with their successful MXN 44.05 billion (US$4.1 billion) bid to refurbish, operate and maintain the Maravatio–Zapotlanejo and Guadalajara – Aguascalientes - León toll roads in the Mexican states of Michoacán, Jalisco, Guanajuato and Aguascalientes, including with respect to the negotiation of a MXN 37.1 billion (US$3.4 billion) "mini-perm" bank debt facility and associated interest rate hedges, which was the largest toll road privatization in the Americas to date and the largest Mexican peso-denominated bank facility ever made.

Macquarie – Chicago Midway Airport

Jason represented Macquarie in their bid to acquire a 50-year concession and lease to operate the Chicago Midway International Airport, the first privatization of a major hub commercial airport in the United States.

Macquarie/Cintra – Pennsylvania Turnpike

Jason represented a consortium led by Macquarie and Cintra in their bid for the right to enter into a 75-year concession and lease to operate, maintain and refurbish the 531-mile Pennsylvania Turnpike.

Babcock & Brown – Construction Portfolio Workout

Jason represented the construction lenders in the workout of Babcock & Brown's defaulted 2008 construction portfolio, including the sale in lieu of foreclosure and concurrent refinancing of the 283 MW Texas Gulf Wind Project to Pattern Energy and the private sale in foreclosure and concurrent refinancing of the 101 MW South Trent Wind Project to NRG Energy.

Publications

  • Freeport Sets LNG Benchmark, 2015 Yearbook, (co-author with Clark Wohlferd of White & Case LLP and Brent Wahl, Nicholas Gole, and Aaron Neus of Macquarie Capital, Project Finance International)

Awards & Recognition

Leading Lawyer, Chambers Global 2015

Projects - USA