HOUSTON – December 20, 2005 – LAWFUEL – Chadbourne & Parke LLP represented Freeport LNG Development, L.P. in the private placement of notes representing $383 million of debt. The notes were purchased by a group of nine institutional investors. The financing package closed on December 19.
The funds from the notes will be used together with previously arranged financing provided by ConocoPhillips to fund the construction of Phase I of FLNG’s liquefied natural gas regasification terminal located near Freeport, Texas. The Freeport LNG terminal is being developed in response to the growing need for new natural gas supplies for commercial, industrial and residential consumers in Texas.
Working on the deal for Chadbourne were Houston office Managing Partner David Schumacher, a partner in the project finance practice, and several associates, including Katherine Wich of the New York office.
Phase I includes two above-ground LNG storage tanks with a capacity of 6.9 billion cubic feet and send-out capacity of 1.75 Bcf per day. Natural gas will be transported through a 9-mile pipeline to Stratton Ridge, Texas, a major point of interconnection with the Texas intrastate gas pipeline system. Construction of the terminal began in January 2005 and is expected to be completed by January 2008. The terminal’s Phase I capacity has been sold to ConocoPhillips (NYSE: COP) (1 Bcf/d) and The Dow Chemical Company (NYSE: DOW) (0.5 Bcf/d).
About Chadbourne & Parke LLP
Chadbourne & Parke LLP, an international law firm headquartered in New York City, provides a full range of legal services, including mergers and acquisitions, securities, project finance, corporate finance, energy, telecommunications, commercial and products liability litigation, securities litigation and regulatory enforcement, special investigations and litigation, intellectual property, antitrust, domestic and international tax, insurance and reinsurance, environmental, real estate, bankruptcy and financial restructuring, employment law and ERISA, trusts and estates and government contract matters. The Firm has offices in New York, Washington, D.C., Los Angeles, Houston, Moscow, St. Petersburg, Kyiv, Almaty, Warsaw (through a Polish partnership), Beijing, and a multinational partnership, Chadbourne & Parke, in London. For additional information, visit www.chadbourne.com.List your legal jobs on the LawFuel Network