2009 Annual Review - Latham & Watkins

Senoko Power LimitedAsian Power Plant RefinancingLatham & Watkins 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 Latham 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 2009.PracticesBankingProject Development & FinanceOffices InvolvedAsiaHong Kong, Singapore, TokyoEuropeLondonUnited StatesNew York47 Latham & Watkins • 2009 Annual Review