Morrison & Foerster has been honored for its work on the Freeport LNG project financing, which The American Lawyer named the Global Project Finance Deal of the Year.
The firm advised Osaka Gas Co., Ltd. and Chubu Electric Power Co., Inc., in the debt and equity financing of the Freeport LNG Liquefaction Project—the transaction was also awarded Deal of the Year for the Americas by Project Finance International and 2014 North American Oil & Gas Deal of the Year by IJ Global. We also represented Osaka Gas and Chubu as long-term offtakers of the entire production (4.4 mtpa) of the first train.
A total of $11 billion in debt and equity financing was committed to the development of the first two liquefaction trains of the project, with approximately $4.4 billion in debt financing being provided by Japan Bank for International Cooperation (JBIC) and a club of commercial banks, and $1.2 billion in equity financing being provided by Osaka Gas and Chubu, to FLNG Liquefaction, LLC (FLIQ1) – the owner of the first of the liquefaction trains.
The multi-office, cross-disciplinary team was led by Tokyo partners Mike Graffagna and Jeff Schrepfer, together with Moto Araki as the relationship partner coordinating with clients on the project.
The Global Legal Awards honor law offices that played a substantial role in the most distinguished international work performed between Jan 1, 2014 and April 15, 2015, across a wide range of disciplines. The winners were selected from among 225 submissions.
The honorees will be recognized at an event on September 28, 2015, at Gotham Hall in New York City, where the four grand prizes will also be selected.