Senoko Power - senior and mezzanine debt financing

• 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.

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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.