Norton Rose Fulbright advises on US$225 million financing to a $1.25 billion infrastructure investment…

Banking, Energy, Finance, Legal, Markets, Oil Industry, Oil Platforms and Rigs, Technical, Technology — By on September 24, 2014 at 9:37 AM
Ben Rose

Ben Rose

Norton Rose Fulbright advises on US$225 million financing to a $1.25 billion infrastructure investment joint venture between energy-focused private equity leader First Reserve and oilfield services giant Petrofac

Global legal practice Norton Rose Fulbright advised Natixis Singapore Branch as sole mandated lead arranger and underwriter on a US$225 million limited recourse project financing facility to finance two floating production facilities for PetroFirst Infrastructure Limited, a joint venture between energy-focused private equity leader First Reserve and oilfield services giant Petrofac. The joint venture, announced on 26 June 2014, will deploy $1.25 billion of equity capital both in purchasing a number of existing floating production, storage and offloading assets from Petrofac’s Integrated Energy Services (IES) sector, as well as in new infrastructure projects.

The new debt facilities have been provided to two special purpose companies, one holding a mobile offshore production unit “MOPU West Desaru” operated by Petrofac Group offshore Labuan, Malaysia and the other holding a floating production, storage and offloading facility “FPF-003” (formerly “Jasmine Venture”) operated by Mubadala Petroleum offshore Thailand.  Proceeds from the financing will allow for the repayment of inter-company debt and shareholder loans.

Norton Rose Fulbright acted as lenders’ counsel, acting out of its Singapore and London offices.  Slaughter and May and Freshfields in London advised First Reserve and Petrofac respectively.

Norton Rose Fulbright partner Ben Rose, who led the team advising the Mandated Lead Arranger and lenders, commented:

“This was a complex financing transaction, put in place following extensive corporate and commercial due diligence on behalf of the lenders and equity providers.  Multifaceted arrangements had to be put in place between the lenders, sponsors and First Reserve as equity provider, including put option arrangements.” 

Norton Rose Fulbright is a global legal practice. We provide the world’s pre-eminent corporations and financial institutions with a full business law service. We have more than 3800 lawyers based in over 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia. 

Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.  

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP, Norton Rose Fulbright South Africa (incorporated as Deneys Reitz Inc) and Fulbright & Jaworski LLP, each of which is a separate legal entity, are members (‘the Norton Rose Fulbright members’) of Norton Rose Fulbright Verein, a Swiss Verein. Norton Rose Fulbright Verein helps coordinate the activities of the Norton Rose Fulbright members but does not itself provide legal services to clients.

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