Hong Kong, March 10 – LAWFUEL – The Law News Network – Shearman & Sterling has represented the lenders in connection with a US$753 million multi-sourced project financing for the development by Ratchaburi Power Company Limited of 2x700MW gas-fired power project in Ratchaburi, Thailand.
The lenders comprise Japan Bank for International Cooperation (JBIC), a syndicate of international lenders comprising Calyon, Hongkong & Shanghai Banking Corporation and Sumitomo Mitsui Banking Corporation, and a syndicate of Thai banks comprising
Bangkok Bank and Krung Thai Bank.
The project was funded on a debt-equity ration of 75:25. The tenor is 15
years and the facility is divided into an overseas investment loan (US$380
million) from JBIC, a US$103 million loan from the international bank
syndicate, a THB6,500 million term loan, a THB1,300 million VAT facility, a
THB2,300 million working capital facility and a THB700 million performance
bond facility (all Baht facilities provided by the Thai banks).
This was the last of the 1995 Thai IPPs to reach financial close. The
transaction also represents the first Thai IPP involving JBIC as an
original lender rather than a refinancing lender. It was also the largest
project financing in Thailand in 2005.
The transaction was led by the firm’s Tokyo-based partner David Platt, who
was supported by a Singapore team comprising of counsel Alex Regan,
associates Rachel Borrill, Scott Baggett and Kate Mitchell, and a team in
Tokyo comprising of associates Etienne Gelencser and Mako Sasaki.
For additional information contact(s):
Karen Chan | Marketing | Hong Kong | +852 2978 8017 |
karen.chan@shearman.com
