2009 Annual Review - Latham & Watkins
2009 Annual Review - Latham & Watkins
2009 Annual Review - Latham & Watkins
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Senoko Power LimitedAsian Power Plant Refinancing<strong>Latham</strong> & <strong>Watkins</strong> advised Senoko Power Limited, Singapore’slargest power generation company, in its successful refinancing ofbridge loan facilities used in its acquisition from Temasek Holdings(Private) Ltd in 2008. Senoko, which is owned by a consortium ofsponsors comprising Marubeni Corporation, GDF Suez S.A., TheKansai Electric Power Co., Inc., Kyushu Electric Power Co., Inc.and Japan Bank for International Cooperation, made use of aninnovative non-recourse structure including a SGD $2.35 billion(US $1.9 billion) senior debt facility.A group of 16 commercial banks acted as mandated lead arrangersfor the financing, which included complex currency and interestrate hedging arrangements. The <strong>Latham</strong> team successfullynavigated multiple jurisdictional issues with Belgian and Japanesesponsors, Dutch and Singaporean borrowers, as well as Japanesegovernment-owned parties participating in the financing. Thiscross-border deal was recognized by Project Finance Internationalas the “Asia-Pacific Power Deal of the Year” in <strong>2009</strong>.PracticesBankingProject Development & FinanceOffices InvolvedAsiaHong Kong, Singapore, TokyoEuropeLondonUnited StatesNew York47 <strong>Latham</strong> & <strong>Watkins</strong> • <strong>2009</strong> <strong>Annual</strong> <strong>Review</strong>