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Latham Advises San Miguel Corporation on the Financing of Land Development Works for New Manila International Airport

April 8, 2022
Cross-border team represents the sponsor on the US $2.17 billion transaction.

Latham & Watkins has advised San Miguel Corporation (SMC), one of the Philippines’ largest and most diversified conglomerates, on the US $2.17 billion financing of the land development works for the first implementation phase of a new airport to be developed in Bulacan, Philippines.

SMC is building a new, world-class international airport capable of handling up to up to 35 million passengers per year for the first implementation phase (and ultimately up to 100 million passengers per year), with two independent parallel runways initially and enough space to expand to four. It will be part of a larger infrastructure ecosystem that will connect seamlessly with existing expressways and mass rail transits. The project, which is expected to create jobs and boost local economies, aims to provide a long-term solution to the country’s airport congestion problem and make it a more viable and competitive tourist and investment destination.

The Latham team was led by Singapore finance partner Stephen McWilliams, with Hong Kong corporate partner Benjamin Carale, Tokyo finance counsel Richard Fleming, and Tokyo finance associate Alexander Ross.