Press Release

White & Case Represents Freeport LNG in $3.85 Billion Debt Financing

Global law firm White & Case LLP represented Freeport LNG Expansion, L.P. (Freeport LNG) and its subsidiary FLNG Liquefaction, LLC (FLIQ1) in its recently signed $3.85 billion debt financing for the development of the first liquefaction train (Train 1) of Freeport LNG’s multi-train liquefaction and export facility at Quintana Island near Freeport, Texas.

The Train 1 debt financing is being provided by Japan Bank for International Cooperation (JBIC) through a direct loan, a loan insured by Nippon Export and Investment Insurance (NEXI) to be funded by The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation, and ING Bank N.V., Tokyo Branch, and certain uncovered working capital loans provided by such commercial banks. Concurrently with the initial disbursement under the debt financing, Osaka Gas Co., Ltd. and Chubu Electric Power Co., Inc. are expected to make a $1.2 billion equity investment in FLIQ1.

Freeport LNG also expects to sign the definitive documents for the debt financing of the second liquefaction train (Train 2) of the facility shortly and to thereafter fund, concurrently with Train 1, the debt and equity financing of Train 2 through its subsidiary FLNG Liquefaction 2, LLC (FLIQ2). The $1.3 billion equity financing for Train 2 is being provided by Industry Funds Management (IFM) pursuant to agreements executed in late 2013.

White & Case acts as financing counsel to Freeport LNG for the debt and equity financings of Train 1 and Train 2 and the associated commercial arrangements among FLIQ1, FLIQ2, and the owners of subsequent liquefaction trains.

"The successful signing of the Train 1 financing documentation is a critical milestone in this world-class project," said partner Jason Webber, who leads White & Case’s multiple teams of attorneys. "We are pleased to have played a central role in structuring the Train 1 debt financing and look forward to finalizing the remaining documentation to enable the debt and equity financing of both Train 1 and Train 2 in short order."

The White & Case team advising on the Train 1 debt financing includes Jason Webber, Clark Wohlferd, Amiko Sudo, Alec Johnson, and Julia Bell. The broader team includes additionally Michael Shenberg, Hazem Derhalli, Scott Greissman, Richard Burke, Frank Schoen, Melinda Baglio, Katherine Spenner, Hamad Al-Hoshan, Alexandra de Padua, Katherine Draper, Cristian Blumm, Elijah Gjeltema, Marten Olsson, John Lillis, Olga Bogush, and Ian Silverbrand.

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