October 08, 2014
Latham & Watkins advised the Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and a group of 29 commercial banks on the US$7.4 billion debt financing for the Cameron LNG liquefaction-export project in Hackberry, Louisiana. The financing consisted of a JBIC loan of US$2.5 billion and a commercial bank loan of US$4.9 billion, with NEXI providing insurance for US$2 billion of the commercial bank tranche.
The project, with a total cost of approximately US$10 billion, is being developed by Sempra, GDF SUEZ, Mitsui and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabashiki Kaisha (NYK), and will consist of three liquefaction trains capable of exporting up to 12 million tonnes per annum (Mtpa) of liquefied natural gas.
The Latham & Watkins finance team included partners Bill Voge in London, Matthew Henegar in New York, Joel Mack in Houston, Joseph Bevash, Michael Yoshii and Hiroki Kobayashi in Tokyo, with associates Richard Chul Kim, Saori Kawakami, Daniel Senger and Richard Fleming in Tokyo, Kelann Stirling in New York and James Franklin and Lucy Wilson in London. New York partner Warren Lilien and associate Lily Sayagh represented the agents to the financing. New York counsel Veronica Relea and associate Katie Day represented the issuing bank in connection with the LC Credit Facility. Advice was also provided on environmental and regulatory matters by partners James Barrett, Kenneth Simon and Michael Gergen, counsel Sara Orr and associates Eli Hopson and Joshua Marnitz in Washington, D.C. Advice on real estate matters was provided by partner David Shapiro and associate Nathan Logan in Chicago.