Catherine has experience acting on a wide range of international capital markets transactions, with particular focus on infrastructure. Catherine has advised on a wide range of infrastructure transactions including project bonds, private placements and corporate bonds. She acts for a broad range of market participants, including banks, institutional investors, sponsors and corporates.
Recent representative transactions include:
As counsel to Saudi Aramco as issuer on its debut five-tranche offering of global notes worth US$12 billion. The notes have been issued under its inaugural GMTN program established in 2019 and comprise US$1 billion notes due 2022, US$2 billion bonds due 2024, US$3 billion bonds due 2029, US$3 billion bonds due 2039 and US$3 billion bonds due 2049. J.P. Morgan and Morgan Stanley coordinated the issue. The notes were listed on the London Stock Exchange.
The sponsors on structuring the internationally privately placed notes as part of a c.$2 billion acquisition financing of a project.
Nord Stream AG, the Switzerland-based owner and operator of offshore gas pipelines between Russia and Germany, on its investment-grade €628 million senior secured notes by way of indirect issuance structure, refinancing certain bank facilities under its multi-source financing platform.
The structuring and placement agents on options for the c.€1 billion refinancing of a solar energy operator by way of internationally placed bonds.
Represented the State of Qatar, acting through the Ministry of Finance, as Issuer on the offering of US$12 billion fixed rate interest bonds over three tranches. The deal included the listing of "formosa" bonds on the Taipei Stock Exchange, the first of its kind for a sovereign Issuer.
Represented Abu Dhabi Crude Oil Pipeline LLP, a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC), on the inaugural issuance of US$3 billion senior secured bonds. The Rule 144A/ Regulation S bonds were the first capital markets issuance by the ADNOC group and part of ADNOC's program to monetize its mid-stream assets. The bond issuance was also one of the largest non-sovereign bond issuances in history in the Middle East.
Representation of Emirates Sembcorp Water & Power Company PJSC as the issuer of the US$400 million Reg S/Rule 144A bond used for the refinancing of the c. US$2 billion combined cycle power generation and seawater desalination plant in the Emirate of Fujairah.
Representation of Ruwais Power Company PJSC and its sponsors in connection with the Rule 144a/Regulation S offering of US$825 million 6 percent Senior Secured Bonds due 2036 and the related refinancing of the US$2.3 billion Shuweihat 2 IWPP. This transaction represents the first project bond offering by an independent power and water project in the Middle East.
Representation of Saudi Aramco in connection with a US$2 billion Sukuk issuance as part of the proposed US$20 billion financing plan for the construction of the Sadara petrochemical complex.