2018 Annual Review

Project development and finance and asset finance

We represented clients globally on groundbreaking project and asset financing matters

Highlights of our work in 2018

LAX Automated People Mover project
We represented the LAX Integrated Express Solutions consortium in the groundbreaking Automated People Mover (APM) project for Los Angeles International Airport (LAX). The APM is part of the US$5.5 billion LAX Landside Access Modernization Program being implemented in preparation for the Summer 2028 Olympic Games and the largest-ever contract awarded by the City of Los Angeles.

Latin America's largest gas-fired power generation project
We advised Goldman Sachs & Co. LLC, Inter-American Investment Corporation, International Finance Corporation and Swiss Export Risk Insurance in structuring US$1.8 billion in financing for the design, construction and operation of a 1,516 MW thermoelectric power plant in Brazil.

A65 motorway refinancing
We advised a lending syndicate on the €825.5 million refinancing of the A65 motorway concession in France.

Australian cogeneration power plant refinancing
We represented the financiers in the AUD 862 million refinancing of the Worsley Cogeneration Power Plant in Western Australia, providing electricity and steam to the Worsley Alumina Smelter. The financier syndicate comprised 14 international financiers from Australia, Asia and Europe.

Ecuador port project
We advised DP World PLC and its subsidiary DPWorld Posorja S.A. on the approximately US$377 million project financing for a new deepwater, multi-purpose port terminal to be located near Guayaquil, Ecuador.

Saudi petrochemicals complex
We advised the mandated lead arrangers in connection with the SAR 2.15 billion Islamic project financing for the construction of a new petrochemicals complex in Yanbu, Saudi Arabia.

US$3.036 billion bond financing for Abu Dhabi pipeline
We represented Abu Dhabi Crude Oil Pipeline LLC, a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC), in the inaugural issuance of the US$3.037 billion senior secured bonds in connection with ADNOC's program to monetize its midstream assets as well as the acquisition of the Abu Dhabi Crude Oil Pipeline.

€3.5 billion fiber optic network financing
We represented Open Fiber S.p.A., an Italian company that is building an ultra-broadband fiber network across Italy, in its €3.5 billion project financing, the largest-ever financing for a fiber optic network in the EMEA region.

Residential project in Saudi Arabia
We represented Saudi Aramco in the procurement and financing of a residential compound on a build, own, operate and transfer (BOOT) basis to serve the North Oil and Gas Productions and Operations Areas in the Fadhili region, Kingdom of Saudi Arabia.

World's first green power hub in Australia
We represented Neoen Australia Pty Ltd. in the development and AUD 350 million project financing of the Bulgana Green Power Hub, a 194 MW wind farm and 20 MW battery storage facility to be constructed in Victoria, Australia. An agribusiness industry world-first, it will generate electricity into the national electricity grid and provide emissions-free electricity in a behind-the-meter arrangement to an adjacent high-tech glasshouse producing pesticide-free fruit and vegetables.

Ethiopian Airlines' AFIC financing
We represented ING Capital and Société Générale in connection with a 12-year senior secured loan facility to finance Ethiopian Airlines Groups' first-five Boeing 737-MAX aircraft. Principal and interest on the senior loans were covered by an insurance policy issued by a group of insurers under the Aircraft Finance Insurance Consortium (AFIC) of Marsh Inc.

40-aircraft portfolio refinancing
We represented Vermillion, the leading Ireland-based aircraft leasing company, in a large-scale, US$950 million secured financing for the refinancing of a portfolio of 40 aircraft by a syndicate of international banks.

Avianca aircraft financing
We represented Avianca in connection with a US$100 million loan guaranteed by UK Export Finance to finance a Boeing 787-8 aircraft.


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