White & Case advised on four transactions that were recently named 2014 "Deals of the Year" in Project Finance International's annual Year Book.
The winning deals were:
Americas Deal of the Year—Freeport LNG
We represented Freeport LNG Expansion, L.P. (Freeport LNG) and its subsidiaries FLNG Liquefaction, LLC (FLIQ1) and FLNG Liquefaction 2, LLC (FLIQ2) in five distinct transactions structured as a combined financing to fund 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. According to Project Finance International, this "landmark transaction brought together a wide range of equity and debt investors with aggregate commitments (including for contingencies and cost overruns) of approximately US$11 [billion], making it the largest financing of any project on any basis in 2014)."
Latam Power Deal of the Year—Kelar
We represented KEXIM and The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Natixis, New York branch, and Sumitomo Mitsui Banking Corporation as mandated lead arrangers and lenders, in connection with the design, engineering, procurement, construction, financing, ownership, operation and maintenance of Kelar S.A., an up to 517 MW combined-cycle gas power plant located in the province of Antofagasta, Chile. Project Finance International said this deal "highlights the importance of being nimble and flexible in putting together a successful deal in Latin America."
Europe Refinancing Deal of the Year—Budapest Airport
We represented the Budapest Airport in connection with one of the largest refinancings ever in Hungary: restructuring the airport's €1.6 billion debt, which matured in 2014. This debt dates back to the Budapest Airport's US$2.2 billion privatization in 2005, at which time we represented the bidder, BAA International Holdings (BAA). According to Project Finance International, "all parties agree this was a great success for such a large and complex infrastructure deal, involving multiple facilities, swap restructuring, an innovative implementation process and a large number of parties with conflicting objectives."
Europe Road Deal of the Year—A7
We advised the joint lead arrangers, lenders and institutional investors on the first project bond with European Investment Bank (EIB) credit enhancement in Germany to finance the extension and operation of the A7 federal highway between Hamburg and Bordesholm in the Federal State of Schleswig Holstein. This was the largest PPP project ever launched in Germany. The project, with approximately €600 million of construction costs, was awarded by the Federal State of Germany to the consortium of Hochtief, institutional investor Dutch Infrastructure Fund (DIF) and construction company Kemna with a 30-year term.