Global law firm White & Case LLP has advised Goldman Sachs and EIG—acting as structuring agents, lead bookrunners and lenders—on a US$420 million refinancing of an external turret, extended well test floating production, storage and offloading unit (FPSO) stationed off the coast of Brazil.
The financing comprises a fixed-rate term loan facility, a floating rate term loan facility, a revolving letter-of-credit facility and hedging arrangements with respect to the floating rate term loans.
The FPSO Pioneiro de Libra is owned by a joint venture asset equally owned by Altera Infrastructure and Ocyan S.A.
The White & Case team was led by Project Development and Finance partners John Anderson (São Paulo) and Anna Andreeva (Miami) and Capital Markets partner Rafael Roberti (New York), and included Project Development and Finance partner Paul Harrison (Tokyo), counsel Ana Arias (Miami) and associates Maria Julia Pinto (São Paulo), Emily Jiang (Tokyo) and Rodrigo Vieira (São Paulo); Capital Markets partner Ian Cuillerier and associates Elle Cotzomi (both in New York), and Clara Carvalho (São Paulo). Trainee solicitor Dominic Oben also advised on the matter.
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