White & Case Advises on US$990 Million Project Financing of Bahrain LNG
Global law firm White & Case LLP has advised the sponsors on the financial close of the US$990 million project financing of the Bahrain LNG import terminal. The sponsors were a consortium that included the Gulf Investment Corporation, Samsung C&T Corporation and Teekay LNG Partners L.P.
"The import terminal will help Bahrain secure its supply of natural gas to meet growing domestic demand" said White & Case partner, Matthew Wood. "It has been very satisfying supporting the sponsors to get this complex and challenging project through to financial close. It has been a real demonstration of teamwork across our network of offices in supporting clients from across the world."
The US$655 million debt financing was provided by a diverse group of regional and international banks including the following mandated lead arrangers: Ahli United Bank, APICORP, Banco Santander, CA-CIB, Korea Development Bank, Natixis, Société Générale and Standard Chartered Bank. 80% of the debt was covered by K-Sure.
The build, own, operate and transfer project will consist of a floating storage unit (FSU), an offshore LNG receiving jetty and breakwater and an onshore gas receiving and nitrogen production facility. Once operational, the terminal will have a capacity of up to 800 million standard cubic feet per day. Construction of the terminal is now being undertaken by the Korean contractor GS Construction and Engineering Corporation and is expected to be completed in early 2019.
The White & Case team was led by partner Matthew Wood, supported by partner Antoine Cousin and counsel Luke Robottom in Abu Dhabi, with associates Adrian Lawrence and Dann Irving in London. Support was also provided by associate Khawla Al Atiyat (Abu Dhabi) and associates Gareth Oxley and Saghar Khodabakhsh (all London).
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