Freeport LNG’s $1.27 Billion Train 2 Refinancing

Kirkland & Ellis advised lenders on an approximately $1.27 billion refinancing for Train 2 of the Freeport LNG facility, including an approximately $180 million debt service reserve facility and an approximately $50 million working capital facility.

The Joint Lead Arrangers were BBVA USA, Canadian Imperial Bank of Commerce, New York Branch, Crédit Agricole Corporate and Investment Bank, ING Capital LLC, Intesa Sanpaolo S.p.A., New York Branch, HSBC Bank USA, National Association, MUFG Bank, Ltd., Mizuho Bank, Ltd., National Australia Bank Limited, Natixis, New York Branch, Santander Bank, N.A., Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

The Documentation Agents were MUFG Bank, Ltd., Mizuho Bank, Ltd., Natixis, New York Branch, and Société Générale. Fourteen banks participated in the financing.

The proceeds of the financing was used to pay down the existing bank debt for Train 2 and hedge termination costs.

The Kirkland team was led by debt finance partners Brian Greene (Picture) and Rohit Chaudhry and associates Mateo Aceves and Camila Bourguignon; with assistance from corporate partner Drue Santora; regulatory partner Brooksany Barrowes and of counsel Nicholas Gladd; environmental transactions partner Alexandra Farmer and associate James Dolphin; tax partner Scott Cockerham; and asset finance and securitization partner Jeffrey O’Connor.

Involved fees earner: Mateo Todd Aceves – Kirkland & Ellis; Brooksany Barrowes – Kirkland & Ellis; Camila Bourguignon – Kirkland & Ellis; Rohit Chaudhry – Kirkland & Ellis; Scott Cockerham – Kirkland & Ellis; James Dolphin – Kirkland & Ellis; Alexandra Farmer – Kirkland & Ellis; Nicholas Gladd – Kirkland & Ellis; Brian Greene – Kirkland & Ellis; Jeffrey O’Connor – Kirkland & Ellis; Drue Santora – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: BBVA USA; Canadian Imperial Bank of Commerce; Crédit Agricole Corporate and Investment Bank; HSBC Bank USA; ING Capital LLC; Intesa Sanpaolo S.p.A.; Mizuho Bank; MUFG Bank, Ltd.; National Australia Bank; Natixis; Santander; Société Générale; Standard Chartered Bank; Sumitomo Mitsui Banking Corporation;

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Author: Ambrogio Visconti