Orrick Advises Aerodom on $533 Million Debt Refinancing with Concurrent Notes Offering and Credit Facility
Most recently, our work had included the US$2 billion Maryland Purple Line transit project in the U.S.; the €620 million Marseille bypass toll road in France; the US$1.4 billion Vinh Tan 1, a 1,200MW power plant in Vietnam; and the US$2.4 billion privatization of the Central Terminal Building at LaGuardia Airport - the first U.S. PPP project involving an airport that includes both design and reconstruction.
We have been named “Project Finance Group of the Year” four times by Law360 and are regularly recognized by leading industry and legal publications, including Project Finance magazine, Infrastructure Journal, Legal 500, and Chambers, where we are ranked in Band 1 for U.S. projects and PPP work.
Lower commodities prices, changes in access to funding for projects, and global political shifts mean that Orrick lawyers are continually working with clients to create innovative structures and meet business goals in an ever changing landscape. These trends have also led to increased project finance activity in emerging markets across Africa and Latin America. Orrick is at the forefront in those regions, advising clients on projects that increase access to power and develop critical infrastructure and helping to identify sources of capital to bring projects to completion.
We handle finance, development and associated corporate, tax, regulatory and operational matters for global market participants, including sponsors, developers, strategic and financial investors, investment banks, private equity firms, governments and public agencies, tax-equity investors and municipalities across a wide range of industries. We represent our clients in all types of debt and equity transactions, including equity placements, tax equity financings, nonrecourse construction and term debt, lease financings, taxable and tax-exempt debt, private placements, Rule 144A offerings and multilateral and export credit agency financings. Additionally, we have a market-leading public-private partnership (PPP) practice, where we are particularly active in the renewable energy space.
The team also regularly works with the firm’s M&A and litigation lawyers to assist clients involved in the acquisition or sale of interests, joint ventures and JOAs and in disputes or arbitration matters that can arise throughout the lifecycle of a project.
CCI Cote d'Opale Port de Calais │ €900 million project bond financing of the Ports of Calais and Boulogne- sur-mer concession project. This is the first French project to benefit from the support of the European Union Juncker Plan and was the year’s largest project finance transaction in France. Named 2016 "Port deal of the year" by Thomson Reuters Project Finance International (PFI) Yearbook.
Sempra Energy | Tax equity financing for a portfolio of three solar projects with a value of over US$850 million – the single largest tax equity financing of a portfolio of utility scale solar projects that has occurred to date.
Allianz Global Investors, Bayern LB, BTMU, HSBC │ €127 million financing of the City of Music Project in Ile Seguin, a unique musical facility that combines concert halls, spaces for teaching music and training, recording studios and shopping centers. This was the first PPP financed using securitization in France.
Banco Bilbao Vizcaya Argentaria and DEPFA Bank │US$900 million financing of the acquisition of the SR-125 toll road in San Diego, CA.
VINCI Airports │ Acquisition of the Dominican airport company Aeropuertos Dominicanos Siglo XXI, SA (“Aerodom”) and subsequent refinancing of the company. Aerodom has a concession contract with the Dominican government and the Airport Commission to operate six out of the nine airports on the island.
Government of the Democratic Republic of Congo │ Financing for the 4,800 MW Inga III hydroelectric project. This project is the first phase of a 40,000 MW continental project (“Grand Inga Dam”), currently the largest energy project in the world – declared one of four priority projects on the continent by the World Bank and IMF.
Monterra Energy | Development and financing of two storage terminals and a pipeline for transportation of refined petroleum products from the Port of Tuxpan, Veracruz to Central Mexico.
Macquarie Capital, First Solutions and Ledcor | Financing of a fiber optic PPP project with the Commonwealth of Kentucky. The Kentucky Wired project is the first PPP concession for constructing a fiber optic network in the United States.
Sberbank and VTB | RUB70 billion (US$1.1 billion) financing for Telmamskaya HPP LLC, a subsidiary of EuroSibEnergo Group, which is part of a leading Russian energy and natural resources industrial conglomerate. The deal financed the 40% acquisition of a Russian energy company.