NEW YORK, July 14, 2005 – LAWFUEL – The Law News Network – In the largest gas-pipeline M&A transaction of 2005, a national team of Bingham McCutchen attorneys represented AIG Highstar Capital, L.P. in an $829 million transaction. A private equity fund sponsored by American
International Group, Inc. (AIG), AIG Highstar has agreed to sell Southern Star Central
Corp. gas pipeline system to GE Commercial Finance Energy Financial Services and
Caisse de depot et placement du Quebec.
Tara Higgins, a partner in Bingham McCutchen’s New York office, led the legal team on
behalf of AIG.
Bingham McCutchen attorneys assisting Higgins were: Andrew White
(Boston/Corporate); Christina Edling Melendi (New York/Corporate); Maria Kalorides
(New York/Finance); Molly Campbell (New York/Corporate); Jon Kenter (New
York/ERISA); Jeanie Cogill (New York/ERISA); Jill Weintraub (New York/ERISA); Don
Abrams (Boston/Tax); Dan Nelson (Boston/Tax); Shu-Yi Oei (Boston/Tax); and Karen
Nardi (San Francisco/Environmental). Regulatory/technical matters and business
operations issues regarding the deal were handled by Mark Williams and Heather
Feingold of Bingham McCutchen’s Washington D.C. office.
Announced July 11, the transaction is valued at approximately $362 million, plus the
assumption of $467 million in debt and preferred stock. The sale will be subject to
customary closing conditions and pre-closing approvals and is expected to be complete
within the third quarter of this year.
AIG Highstar Capital, L.P. is a leveraged buyout fund that, along with AIG Highstar
Capital II (the Highstar Funds), seeks investment opportunities in infrastructure assets
and businesses with stable cash flows, downside protection and value enhancement
opportunities. The Highstar Funds currently have more than $1.1 billion of capital and
have made investments and investment commitments in gas transmission and storage,
power generation and water and waste water businesses.
With more than 850 attorneys in 11 offices worldwide, Bingham McCutchen serves
clients involved in complex financial transactions, a full range of corporate and
technology matters and high-stakes litigation.