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AmericasAwards|Supplements|PFIe

ThomsonReuters

AmericasAwards
PFIYearbook2015
Readadetailed,freetoviewwriteupofeachAwardwinner
ToseethefulldigitaleditionofthePFIYearbook2015,pleaseclickhere(URL=http://edition.pagesuite
professional.co.uk//launch.aspx?eid=f69ea7baac224914be6b74cd0524c0cb).
TopurchaseprintedcopiesoraPDFofthisreport,pleaseemailgloria.balbastro@thomsonreuters.com
(URL=mailto:gloria.balbastro@thomsonreuters.com)

AmericasBankoftheYear
SocitGnrale
SocitGnralewastheoutstandingbankintheAmericasfor2014.Thebankmadeamajorcomebackfrommainly
advisoryworkandjustoverUS$550minlendingin2013toleadrolesintwoofthelargestandmostsignificanttransactions
oftheyear,CameronLNGandFreeportLNG.
ForCameron,SGactedasjointleadarranger,soledocumentationagentandintercreditoragentontheUS$7.4bnfinancing
tobackthedevelopment,constructionandoperationofathreetrain,13.5MTPAnaturalgasliquefactionfacilityin
Hackberry,Louisiana.
OnFreeport,SGwasjointleadarranger,bookrunner,costructuringleadandsyndicationagentontheUS$4.02bnfinancing
ofthesecondofuptothreetrainsoftheLNGexportfacilityinQuintanaIsland,Texas.Train2willhaveanexportcapacity
of4.89MMTPA.AninnovativefinancestructurewasemployedtocombineshorttermandlongtermfinancingacrossTrains
1and2.
ThebankalsoactedasexclusivefinancialadvisertotheI4MobilityPartnersteamcoveringbidstrategy,ratingsadvisory,
capitalraisingandhedgingstrategyonbehalfoftheI4UltimateProjectandactedasaleadonUS$484minseniorbank
projectfinancedebttobacktheFloridaroadP3.
Inbonds,SGactedasjointleadplacementagentonEnbridgePipelinesUS$1.06bnprivateplacementandjoint
bookrunner/coleadplacementagentonaC$352mCanadianprivateplacementtorefinancetheSouthernLightpipeline
projectthatrunsfromChicagotoEdmonton.ThedealwastheinauguralprojectbondforEnbridge.
OntheHammerheadSolartransaction,SGactedasjointleadarrangerandcodocumentationagentonaUS$250m
constructionloan/bridgetosolarassetbackedsecurity(SBS)forSolarCity.Thedealwasuniqueasitbackedrooftopsolar
photovoltaicsystemsexpansionforresidentialandcommercialcustomersandwasstructuredwithrefinancinginmindvia
thecapitalmarketsthroughasecuritisation.
SGwasinvolvedinanumberofthelargestdealsinLatinAmerica.Followingafewyearsofpullbackintheregionfrom
Europeanlenders,theFrenchbankhasslowlybeenbuildingitsactivityacrossarangeofsectors,includingrenewable
energy,miningandinfrastructure.
ThebankwasattheforefrontofanovelprojectfinancingbackingTorexGoldResourcesElLimonGuajesgoldminein
Mexico.ItsawaUS$375mdebtpackageclosedwiththebankactingasdocumentationagent,whereitmitigatedissues
surroundingtheprolongedconstructionperiodandacomplicatedgoldpricehedgingmechanism.
SGwasoneofthejointleadarrangersforaUS$300mseniorsecuredtermloansignedinJune2014tofinancethe
constructionanddeploymentofArcLightCapitalPartnersDeltaHousesemisubmersiblefloatingproductionsysteminthe
deepwaterGulfofMexico.Itwasafirstofakindfinancingstructurewherebyamajoroffshorefloatinginfrastructurevessel
wasfinancedonthebasisofitscashflowscomingfromtheunderlyinganchoroilfields,withoutthebenefitofan
investmentgradeleasingcounterparty.SGwasabletoleveragebothitsshippingandoffshorefinance,andreservebased
financeteamstocompletethefinancing.

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Thebankhasalsobeenakeyplayerinsomeofthemostnotabledealsintheregionthisyear.Itisoneofthebanksinthe
syndicatecommittingtothesevenyear,US$4.1bntermloanbackingtheSouthernGasPipelineinPeru.AlsoinPeru,the
bankislookingtofundpartoftheUS$400mcommercialloantrancheguaranteedbyItalianECASacealongsideItalian
stateownedlenderCDPandbyIntesaSanpaolobackingtheLimaMetroLine2project.
Onthepowerside,itwasoneofthebanksinthefourlenderclubbackingInkiaEnergyandEnergiadelPacificosSamayI
project.ItalsoledAbengoas144Abondissuancebackinggreenfieldprojectsintheregion,whichsawcouponsof5.5%for
the256meurodenominatedtrancheand6.5%fortheUS$300mdollardenominatedtranche.
ItsversatilityacrosssectorsinLatinAmerica,itsabilitytoleverageanumberofitsteamsanditsrampingupofactivityby
committinglargeticketsintheregionmadeitoneofthemostprominentplayersinthemarket.
AmericasDealofTheYear
FreeportLNG
TheUS$11bnFreeportLNGtransactionwasthemostsignificantdealin2014projectfinancebasedonnotonlyitssize,at
US$11bn,butalsobecauseofitscomplexstructuringwithseparatefinancingofTrains1&2andthechallengesit
overcamewithlenderstakingfullconstructionriskontheQuintanaIslandexportfacilitynearFreeport,Texas.
ThedealwasinthemarketatthesametimeasCameronLNG,testingprojectlendingcapacityanddefinitelythemore
difficultsell.UnlikeCameron,thefinancingwasabletogettofinancialclosewithoutcompletionguaranteesoramajor
corporatesponsorlikeSempra.
ThefinancingwasstructuredtogetbestofbothworldsbenefitswithlongtermNexibackeddebtforTrain1andmini
permdebtfromcommercialbanksonTrain2.Theinnovativefinancingstructurewithtwoseparatefinancingsforone
integratedfacilitymaximisedanddiversifiedavailablefinancingsourceswithexportcreditagency(ECA),commercialbank,
infrastructurefundandstrategicinvestorcontributionstotheproject.
OnTrain1,MacquarieCapitalactedasfinancialadviser.OnTrain2,MacquarieandCreditSuisseactedasjointfinancial
advisersandjointequityplacementagents.CreditSuisseactedassoleglobalcoordinatoroftheTrain2financing.
FreeportTrain1isaJapanesefinancedtrainwithOsakaGasandChubuElectricprovidingtheofftakeof2.2MTPAeach
andcashequityofUS$600meach.JapanBankforInternationalCooperation(JBIC)andNipponExportandInvestment
Insurance(Nexi)providedadirectloanof$2.7bnandinsurancecoveragetosixbanks.AUS$1.12bn,22year,112.5bploan
wasprovidedbyBTMU,ING,MitsubishiTrust,Mizuho,SMBCandSumitomoTrust.Feeswere80bpcommitmentand
70bp.ThedealincludedaUS$424mfiveyearletterofcreditpricedat200bpwithfeesof45bpand70bpandaUS$50m22
yearworkingcapitalfacility.
FreeportTrain2raisedUS$4.02bnthroughasyndicateof25commercialbanksunderasevenyearminipermconstruction
facilitypricedat225bpwithcommitmentfeesof90bpandotherfeesof250bpplusaworkingcapitalfacilityofUS$50m.
ThecommerciallyfinancedtrainwassupportedbyanofftakewithBPEnergyfor4.4MTPA,withIFMInvestorsproviding
thecashequityofUS$1.3bn.
Thebanksandallocationsincludethefollowing:CreditSuisse(US$188.49m),HSBC(US$237.10m),StandardChartered
(US$233.01m),BTMU(US$188.49m),ING(US$188.49m),RBC(US$152.50m),BBVA(US$152.50m),CreditAgricole
(US$233.01m),Mizuho(US$230m),Lloyds(US$233.01m),SG(US$188.49m),Scotia(US$188.49m),SMBC
(US$188.49m),RBS(US$152.50m),Santander(US$85.25m),BMO(US$85.25m),CIBC(US$85.25m),Barclays
(US$85.25m),ICBC(US$85.25m),MetLife(US$58.90m),GoldmanSachs(US$152.50m),Deutsche(US$152.50m),Intesa
(US$152.50m),Natixis(US$152.50m),GECapital(US$150m)andQBEInsurance(US$25.24m).
ThedealincludedafirstofitskindcontractualstructureintheLNGindustryutilisingliquefactiontollingagreementswhere
theprojecttakesnoupstreamordownstreamrisk.Thecontractualandfundingstructureensuresthateachtrainonlyfunds
50%ofthefacilitybuthastheappropriatesecurityfromtheothertraintoensureatleastonetraincanbebuiltwithout
doublecommitments,alleviatingprojectonprojectconstructionrisk.
TheUS$3.9bnECAfinancingfromJBICandNexiforTrain1representedthefirsteverLNGprojectfinancingwithouta
completionguaranteefromthesponsorsforboth.The3xoversubscribedcommercialloanfinancingwasreverseflexed
severaltimes.
TheprojectwillbeoperatedasoneintegratedfacilitywithFreeportLNGasoperator,witheachentityhavingaccesstothe
entirefacilitytoserveitscustomers.
FreeportLNGwasadvisedbyWhite&Caseasfinancingcounsel.JBIC,NexiandtheotherTrain1lenderswere
representedbyHunton&Williamsastransactioncounsel.TheTrain2lenderswererepresentedbyChadbourne&Parkeas
transactioncounsel.
AmericasTransportationDealoftheYear
I4UltimateProject
TheUS$2.3bnI4UltimateProjectintheurbanOrlandoareawasthelargestavailabilitypaymenttransactionever
undertakenintheUSandwasalsonotableasthelargestgreenfieldP3intheUStodate.
TheFloridaDepartmentofTransportation(FDOT)awardedthecontracttoI4MobilityPartnersOpCo,aconsortiumledby
SkanskaInfrastructureDevelopmentandJohnLaingInvestments,todesign,construct,finance,maintainandoperatethe
projectfor40years.
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Theprojectinvolvesreconstructionof21milesofI4fromwestofKirkmanRoadinOrangeCountytoeastofStateRoad
434inSeminoleCounty.TheprojectwillprovideachoicetomotoristsbyaddingfourvariabletolledExpressLanestotheI
4whilemaintainingtheexistingfreegeneraluselanes.ThroughthePPPdeliverymodel,theconcessionairewasableto
providesignificanttechnicalenhancements,includingdirectconnectionsfromtheExpressLanestoSR408,additional
auxiliarylanesandanadditionalpedestrianbridgealongthefacility.
I4MobilityPartnersfinalbidwasapproximatelyUS$860mlessthanthehighestfinancialproposalFDOTreceived.The
projectwasabletosecureaUS$2bnprivateactivitybond(PAB)allocation,thelargestallocationundertheprogrammeto
date.ItalsoreceivedaUS$949mTIFIAloan,thelargestloaneverundertakenundertheTIFIAprogrammeforanavailability
paymentP3transaction.Designactivitiesarecurrentlyunderwayandconstructionisexpectedtobeginin2015,with
completionforeseenin2021.
TheI4projectalsosawtheimplementationofthenewstreamlinedTIFIAloanprocessunderwhichproposerteamsare
providedwithauniformtermsheetuponwhichtobasetheirassumptionsregardingTIFIAloantermsandconditions.The
processwasinstrumentalingettingfromanawardtofinancialclosewithinthefourmonthsremainingintheproposal
validityperiod.WiththehelpofamotivatedteamattheUSDOTsTIFIAoffice,thepartieswereabletoreachfinancial
closeinaperiodoffavourableinterestrates,resultinginsavingsinfinancingcostsofaboutUS$70mcomparedwiththe
interestrateassumptionsbuiltintoI4MobilityPartnersfinancialmodel.
SG,MUFG,CIBC,KfWIPEX,ABSvenskExportkredit,andCreditAgricoleledtheconstructionloanportionofthedeal.
Theinterestrateontheloanamountedto4.04%withsixbanks.Atthetimeofclose,35yearTIFIAloanswereoffering
interestratesof3.17%.Nossamanactedascounseltothestate.Latham&Watkinsactedascounseltolenders.Ashurst
actedascounseltothesponsor.
AmericasPetrochemicalDealOfTheYear
SasolLouisiana
TheSasolLouisianapetrochemicalplantexpansionfinancingraisedUS$4bninbankdebtthatistobefollowedupwitha
bondissueearlynextyear,allbackingconstructionofanUS$8.1bnethanecrackerandderivativescomplexatanexisting
siteinLakeCharles,Louisiana.Theprojectwillproduce1.5mtonsofethylene.
BanksinthedealincludeadminagentBTMU,accountbankBofAML,securitytrusteeHSBC,Mizuho,SMBC,JPMorgan,
DeutscheBank,BNPParibas,Barclays,Citigroup,KfWIPEX,EDC,ING,Intesa,KoreaDevelopmentBank,ICBCand
UniCredit.RBSisadvising.
Thedealisuniqueasitleavesopenafundingriskfortheschemeifthecreditmarketsturn.Thedealwillbenefitfrom
existingcashflows,theeconomicsofanexpansionasopposedtoagreenfieldplantandcheaplocalethaneprices.
Thefinancingplanwasdesignedtoleaveflexibilityforapossible96,000bbl/dgastoliquids(GTL)investmentatthesame
LakeCharlescomplex.TheGTLprojectwouldinvolveaninvestmentofbetweenUS$11bnandUS$14bnbutafinal
investmentdecisionisnotexpecteduntiltheendof2016.
Debt/equitysplitontheexpansionfinancingis50/50andthecoveragesareabove2x.Pricingisaroundthe200bpmark.
Thetermsheetwasrecentlyrevisedtogivegreatersponsorbackingontheproductpricemarginstosupportthe
investmentgraderating.Thecomplexincludessixchemicalmanufacturingplants.
Approximately90%ofthecrackersethyleneoutputwillbeconvertedintoadiverseslateofcommodityandhighmargin
specialitychemicalsformarketsinwhichSasolhasastrongposition,underpinnedbycollaborativecustomerrelationships.
AnadditionalUS$800mwillbeinvestedininfrastructureandutilityimprovements,aswellaslandacquisition,toestablish
theLakeCharleslocationasanintegrated,multiassetsite.Sitepreparationisunderway,andthecompanyexpectsthat
thefacilitywillachievebeneficialoperationin2018.Latham&WatkinsactedfortheprojectcompanyandSkaddenacted
forthelenders.
AmericasBondDealoftheYear
AbegoaTransmissionSur
PowertransmissioncompanyAbengoaTransmisionSurs(ATS)projectbonddealinPeruwasabletocapturethezeitgeist
inthemarketbutalsoshowwhatwaspossiblewithdealsofthisnature.Thetransactionendedupbeingthelongest
greenfieldprojectbondissuedfromLatinAmericainhistory.
TheAbengoasubsidiarysolditsamortisingUS$411.6m2043senior144A/RegSissuethroughBNPParibasandHSBCat
Treasuries+333.3bptoyield6.875%.BooksreachedanenthusiasticalmostUS$2bnthatsawtheparticipationof115
accounts,whichallowedthebondtobepricedatthetightendofthe7%plusorminus125bpguidance.Thebonddeal
followedonfromaJune2010US$190mbridgeloanandaMarch2012US$344mtermloan.
Anuptickininstitutionalinvestorappetiteisallowingcompaniestoincreasinglyuseprojectbondsasafinancingsourceand
thisdealreallypushedthelimitsonbothtenorandpricing.Institutionalinvestorsarebecomingincreasinglyattractedto
infrastructure,whichoffershigheryieldsthantheymightgetfromtraditionalinvestmentsininvestmentgradesovereignand
corporatedebt,whilealsosatinganeedtomatchlongtermassetsandliabilities.Abengoawasabletotapintothatappetite
successfully.

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Theamortisingstructurehasa21yearaveragelifeand,accordingtoFitch,willcarryasixmonthreserveaccountfordebt
service,aswellasacashtrapmechanismtoensuretimelydebtservice.Theaveragedebtservicecoverratiois1.39xand
theminimum1.24x.Thedealalsosawtwocashflowtrappingmechanisms:onedrivenbyDSCRperformanceand
applicableduringtheentirelifeofthetradeandtriggeredatDSCRslessthan1.2xandanothernotsubjecttoDSCR
performanceactivatedfiveyearspriortofinalmaturity.
ATSwasawardeda30yearconcessionin2010fromthePeruviangovernmenttoconstruct,operateandmaintainone
500kVpowertransmissionline883kminlengthalongthePeruviancoastline,twonew220kVtransmissionlines32kmin
length,threenew500kVsubstationsnamedPoroma,OcoaandMontalvoandtoexpandoneexisting500kVsubstationat
Chilcaandtwoexisting220kVsubstationsatMarconaandMoquegua.Shearman&SterlingadvisedATSandMayerBrown
representedtheunderwriters.
AmericasOil&GasDealoftheYear
LosRamonesSur
TheAmericashaveseenaboominpipelineactivityonthebackofcheapshalegascomingoutoftheUSandtheproject
financingoftheLosRamonesIISurprojectwasthemostprominentthisyear.Itwasthefirstdealclosedonthebackof
themuchhypedMexicanenergyreforms.
ThesponsorgroupofGDFSuezandTAGPipelines,asubsidiaryofPemex,closedUS$890minfacilitiessupportingthe
constructionandoperationofthissectionofthepipeline.TheprojectfinancinginvolvesaUS$864.7m,20yeartermloan
andaUS$25.94mstandbyfacility.BNPParibasandBancoSantanderwerefinancialadviserstothesponsorgroup.
Thefinancingstoodoutforanumberofreasons.Thetransactionwasstructuredduringtheoverhauloftheenergysectorin
thecountry,withtheregulatoryframeworkchangingoverthecourseofthefinancing.Itisthefirstpipelinetransactioninthe
countrywithasignificantportionofrightsofwayoutstandingatclosing,whichwillgiverisetoacomplexacquisition
processduringconstruction.
Thedealfeaturescontingencyforregulatoryriskwithonetimetariffadjustmentintheoperationperiod.Thetermloanalso
sawtheinvolvementofaraftoflenders,withinternationalbanks,localbanksandagenciesallcommittingtothedebt
package.TheprojecthasatotalcostofUS$1.081bn,meaningleverageofroughly80%.
CreditAgricolewasmandatedleadarranger,administrativeagentanddocumentationagent.BBVABancomer,Mizuho,
Natixis,andSumitomoMitsuiBankingCorporationwerethecommerciallenders,cominginwith60%ofthedebt,with
BanobrasandNafinthedevelopmentbanklendersfillingintheother40%.DeutscheBankMexicowasthetrusteeonthe
deal.RitchMuellerHeather&NicolauadvisedthelendersinMexicoandShearman&Sterlingadvisedthelendersfromthe
US.
LosRamonesisaprojectofnationalimportancetotheMexicangovernmentandrelatedcompaniessuchasPemexand
CFE.BothRamonesSurandRamonesNortewillbenefitfrom25yeartransportationservicesagreementswithPGPB,a
100%subsidiaryofPemex.Itisoneofthelargestinfrastructureprojectstobecarriedoutinthecountryindecades.
Thepipelinewillbe291.7kmlongandhaveadiameterof42inches,runningthroughthestatesofSanLuisPotos,
GuanajuatoandQuertaro.Itwillhaveatotalcapacityof1,420mcubicfeetperdayandwillbecompletedinthesecond
quarterof2016.
NorthAmericanPowerDealofTheYear
CPVStCharlesEnergyCenter
CompetitivePowerVentures(CPV)sStCharlesdealdemonstratedreturningmarketappetiteformerchantpowerin2014.
AUS$549.6mfinancingbackedtheUS$775m,725MWCPVStCharlesEnergyCenterinWaldorf,CharlesCounty,
Maryland.TheprojectwasoneofthefirstgasfiredmerchantpowerplantstobefinancedinthegrowingPJMmarketin
recentyearsandmadeittofinancialclosedespiteongoinglitigationsurroundingthepowerpurchaseagreements.
ThelendinggroupincludedGeneralElectricCapitalCorporationasadministrativeagent,mandatedleadarranger,leftlead
andbookrunnerCITFinance,CreditAgricole,ING,Natixis,MUFGandNordLBasmandatedleadarrangers,bookrunners,
andcosyndicationagentsandCMLifeInsurance,DeutscheBank,MassachusettsMutualLifeInsurance,Mizuho,
SiemensandSGaslenders.
Thefinancingrequiredtheuseofanewer,moreefficientfullyfundedletterofcreditfacility,aswellasasophisticated
approachtonaturalgaspurchasingandhedgingandcomplicatedelectricityofftakearrangements.StCharlesalsoreflected
theincreasinglycomplexnatureoftheequitysideofprojectfinance,resultinginaverycomplicatedseriesofequity
documentsandsubstantial,lastminutenegotiationsoverthechangeofcontrolprovisionsinthefinancingdocuments.
Additionalchallengesincludedtheintroductionofmezzaninedebtthathadtobeharmonisedwiththeprovisionoftheother
financingandtaxequitydocuments,especiallythoserelatingtodefaultsandchangeofcontrol.
Theprojectwillsellitscapacity,energyandancillaryservicesintothetransmissionconstrainedSWMAACzoneofthePJM
market.TheprojectsproximitytoPEPCO230kVtransmissionlinesandtheDominionCovePointnaturalgaspipeline
makeitextremelycostcompetitive.
CPVanditspartnersMarubeniandToyotaTsushobrokegroundontheprojectinearlyDecember.Latham&Watkinsacted
ascounseltothesponsorChadbourne&Parkeactedascounseltothelenders.
LatinAmericanPowerDealoftheYear
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Kelar
LatinAmericahasseenalotofgrowthinthenumberofprivateofftakersforpowerplantsandthisyearthedebtpackage
backingthe517MWKelargasfiredprojectinChileshowcasedjustwhatispossiblewiththistypeoftransaction.
BHPBillitoncommissionedtheprojectforitsmininginterestsinthecountryanditwasawardedtothesponsorgroupof
KoreaSouthernPowerCorporation(Kospo)andSamsungC&TCorporation.TheprojectfinancingbackingtheUS$602m
gasfiredproject,whichwillalsousedieselasabackupoption,featuredUS$477mofseniorsecuredcreditfacilities,
includingaUS$196m,17yeardirectloanfromKexim,aUS$160m,17yearcommercialbanktrancheguaranteedbyKexim,
aUS$89m,17yeartrancheinuncoveredcommercialbankdebtandaUS$32letterofcreditandworkingcapitalfacility.
Thisrepresentsleverageofroughly80%andattractivetenors.
NatixiswasfinancialadvisertoKospoandSamsungC&Tandmandatedleadarranger,KeximwasanotherMLA,SMBC
wassolecoordinatingleadarrangerforthebanks,andMUFGandMizuhotheothercommercialbanklenders.Thedeal
alsofeaturedaUS$40mVATfacilityprovidedbyBancoSantanderChile.Pricingonthecommercialbanktranchecamein
ataroundtheLiborplus200bp250bp.
OfthecoveredUS$160mtranche,thefourcommercialbanksprovidedequalticketsofUS$40m.Similarly,onthe
uncoveredUS$89mtranche,thefourbankscameinwithequalticketsofUS$22.25m.TheUS$32mfacilityfeatureda
sevenyear,US$12mrevolverprovidedinequalticketsofUS$3mandasevenyear,US$20mrevolverprovidedinequal
ticketsofUS$5m.
Kelarpushedtheboundariesontenorandthebanksinvolvedwereabletoplaceanumberofdifferenttrancheswithinan
overallsolidpackage.Theinvolvementofcommercialbanks,alocalbankandanECAaretestamenttothis.Kelarisalsoa
landmarkdealasitisthefirstever100%SouthKoreanconsortiumtopenetratetheChileanpowermarket.Itisalsothe
maidenBHPcaptivepowerprojectandthefirsteverIPPinChileinwhichKeximwasthesoleexportcreditagencyonthe
deal.
LinklatersandCariolaadvisedthesponsorsonthetransactionandWhite&CaseandClaroyCiaprovidedlendercounsel.

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