2015 Annual Review

Devising structures

Investors and capital-intensive industries needing project and asset financing required innovative strategies and approaches in 2015. We advised clients worldwide on devising routes to success.

US$4.2 billion-plus Freeport LNG train 3 financing
We represented Freeport LNG in the successful close and funding of the mezzanine and senior secured debt financings of the third liquefaction train of their multi-train natural gas liquefaction and LNG export facility in Texas. The closing of the third train follows the closing in 2014 of the equity and debt financings for the facility’s first two liquefaction trains. With the third train’s closing, we have raised more than US$14 billion in equity, mezzanine and senior secured financings for the facility.

US$8 billion Saudi integrated petroleum complex expansion
We represented the Saudi Arabian Oil Company, as a sponsor, in all development and financing aspects of the US$8 billion expansion of its world-scale petroleum refining and petrochemicals complex in Rabigh, Saudi Arabia.

US$1 billion-plus in financing for Nigerian oil wells
We advised the lenders to Nigerian National Petroleum Corporation and Chevron in connection with the financing of more than US$1 billion to fund the drilling of new wells under a forward sale structure in Nigeria.

Solar power plant in Chile
We represented the lenders in connection with a long-term project financing for the development of a 146 MWp Solar Photovoltaic Plant in the Northern Interconnected System (SING) of Chile. The project is one of the world’s largest merchant solar power plants financed on a project finance basis.

US$1 billion Israeli thermal solar power project
We represented four financial institutions in the project financing of the Negev Energy thermal solar power project in the Negev desert in Israel. The financing consisted of an approximately US$800 million equivalent of term loans in three currencies, a short-term interest rate hedging facility, and cost overrun and working capital facilities.

Hydroelectric dam in Mali
We advised Eranove on a public-private partnership agreement, a power purchase agreement and related agreements to develop a 42 MW hydroelectric dam in Mali for an estimated €110 million.

US$815 million refinancing/financing of Turkish power plants and geothermal project
We advised Zorlu Enerji on the US$815 million combined refinancing of a portfolio of existing power plants, and financing of the development of the new Kızıldere III geothermal project of its subsidiary, Zorlu Doğal, in the Aegean Region of Turkey.

Alpha Trains €1.25 billion financing platform
We represented continental European rolling stock operating lessor Alpha Trains Group in establishing an investment-grade €1.25 billion common terms financing platform, comprising the issuance of €350 million bonds listed on the Luxembourg Stock Exchange (the first investment-grade continental European rolling stock bond issue), the raising of €525 million in secured bank financing, and a €250 million senior and a €125 million junior private placement offering.

Finnish E18 highway
We represented the European Investment Bank, Nordic Investment Bank and Pohjola Bank plc, as senior lenders, for the construction of the 32 km greenfield motorway leading to the Russian border.

€655 million Belgian offshore wind farm
We advised a consortium of senior lenders on the provision to Nobelwind of €460 million in funding for the €655 million construction and operation of a 165 MW offshore wind farm located 46 kms off the Belgian coast.

Precedent-setting ship financing
We advised the United Arab Shipping Company in a US private placement/Regulation S structured financing relating to various container vessels. The transaction adopted financing technologies used in other transportation sectors and is an important step in shipping companies’ efforts to access new sources of capital to address long-term capital expenditure requirements at a time when banks are reducing exposures to the sector.