White & Case represents Freeport LNG in financial close

Global law firm White & Case represented Freeport LNG  in the close and funding of the Freeport LNG multi-train natural gas liquefaction and export facility being constructed at Freeport LNG’s existing LNG regasification facility at Quintana Island near Freeport, Texas.

Total anticipated project costs, including financing costs, exceed US$9.64 billion.

Each of the debt facilities for Train 1 and Train 2 of the Freeport Facility was structured without completion support from the sponsors, making the combined debt financing the largest fully non-recourse construction project financing in history. With total committed debt and equity commitments in excess of US$11 billion, the financing was also the largest financing of any project on any basis in 2014.

White & Case effectively structured five distinct transactions in the combined financing, which were all closed and funded concurrently on November 25, 2014.

White & Case is also representing Freeport LNG in the equity and debt financing of Train 3 of the Freeport Facility, which is expected to close in the second quarter of 2015. SK E&S and Toshiba are the offtakers for the committed firm capacity of Train 3.

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Press Release; Image: White & Case