Project Finance Team Advise on Global and Asia-Pacific "Deals of the Year"

Project Finance

April 02, 2013

Highlighting the firm’s unmatched project finance capability in the Asia-Pacific region, Latham & Watkins advised on three transactions named “deals of the year” by Project Finance magazine in their 2013 Asia-Pacific awards held on March 21, 2013, including:

  • Global Deal of the Year and Asia-Pacific Multisourced Deal of the Year – Latham represented eight export credit agencies from Japan, Australia, Korea, France, Germany and The Netherlands, and a syndicate of 24 commercial lenders in the US$20 billion project financing of Ichthys liquefied natural gas project in Australia, sponsored by Inpex Corporation and Total SA. This is the largest project financing ever arranged in the international finance market. The deal signed in December 2012, “going into the project finance books with a rocket,” according to Project Finance.
  • Asia-Pacific Oil & Gas Deal of the Year – Latham represented sixteen lenders in the financing of the Australia Pacific LNG project, a two train 9.0 mtpa LNG plant in Queensland, Australia. This is “the first limited recourse debt financing for an unconventional liquefied natural gas project,” according to the magazine and “the first coal seam gas LNG to be project financed,” according to a participant in the deal.
  • Asia-Pacific Refinancing Deal of the Year – Latham represented Marubeni and Tokyo Electric Power Corporation (TeaM Energy) as sponsors in the refinancing of the subordinated debt financing for the acquisition of a 2,203MW power portfolio in the Philippines. “It is one of the first times a fully foreign sponsor closed a project financing in the local markets – and is believed to be the first instance in which Philippine banks have approved providing subordinated debt on a project financing,” according to Project Finance.

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