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Senoko Power - senior and mezzanine debt financing

US$1,800.00 m

Entry date - Monday, 4 January 2010
Jurisdiction - Singapore
Practice - Debt Market
Complex structure of senior term debt, mezzanine debt and multi-currency loans which also led to the requirement for swap contracts.

Firm Allen & Overy Client Lenders Lead Lawyers Role International counsel	Firm Clifford Chance Client Development Bank of Japan Lead Lawyers Role Int. counsel	Firm Latham & Watkins Client Senoko Power Lead Lawyers Joseph Bevash Role International counsel
Firm Rajah & Tann Client Senoko Power Lead Lawyers Role Singaporean counsel	Firm TSMP Client Lenders Lead Lawyers Role Singapore counsel

DEAL SUMMARY

Senoko Power finance made up of complex structure of senior term debt, mezzanine debt and multi-currency loans which also led to the requirement for swap contracts.

Incorporating the swap contracts into the deal required complicated intercreditor arrangements to accommodate the needs of both debt and hedging counterparties.

“The level of complexity keeps increasing, and also the sheer size – with major projects commonly arranging raising multi-billion dollar aggregate debt facilities. As a result, everyone is encountering matters of first impression that require novel thinking and novel solutions,” Latham & Watkins’ Joseph Bevash

Latham & Watkins also represented shareholders in their acquisition of Senoko Power for S$3.65bn and the related financing for the transaction in 2008.

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