14 03 2016

Cheniere Energy Partners, L.P. Secures $2.8 Billion Credit Facilities

Chadbourne & Parke LLP represented the lenders to Cheniere Energy Partners, L.P. (NYSEMKT: CQP) on approximately US$2.8 billion of senior secured credit facilities.

The 16 arrangers and other participants are The Bank of Tokyo-Mitsubishi UFJ, Ltd., ABN AMRO Capital USA LLC, Société Générale, Industrial and Commercial Bank of China Limited, New York Branch, Intesa Sanpaolo, S.P.A. New York Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Morgan Stanley Senior Funding, Inc., Bank of America, N.A., Credit Suisse, HSBC Bank USA, N.A., Commonwealth Bank of Australia, Canadian Imperial Bank of Commerce, New York Branch, ING Capital LLC, and FirstBank Florida. Proceeds from these new credit facilities will be used by Cheniere Energy Partners, L.P (Cheniere Partners) (i) to prepay existing debt at Cheniere Creole Trail Pipeline, L.P. (CCTP), (ii) to redeem or repay the senior secured notes due 2016 and the senior secured notes due 2020 that were issued by Sabine Pass LNG, L.P. (SPLNG), (iii) to pay associated transaction costs and make-whole amounts, if any, and (iv) for general business purposes of Cheniere Partners and its subsidiaries. The lending group comprises 16 arrangers and participants. Through its subsidiary SPLNG, Cheniere Partners owns the Sabine Pass LNG Terminal located in Cameron Parish, LA, with liquefied natural gas regasification and send-out capacity of approximately 4.3 Bcf/d, storage capacity of approximately 16.9 Bcfe and two marine berths. Through its subsidiary Sabine Pass Liquefaction, LLC (SPL), Cheniere Partners is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities.  Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum (mtpa) of LNG. SPL has entered into six third-party LNG sale and purchase agreements (SPAs) that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. Partner Noam Ayali (Picture) led the Chadbourne team working on the transaction, with assistance from partner Ben Koenigsberg. The team included counsels Scott Bank, Sue Cowell, Caileen (Kat) Gamache, Christy Rivera and Monika Szymanski; associates Ginger Collier, Mangesh Dhume, Kevin Prokup, Jason Keating and Ana Vucetic; and legal assistant Kelli Miles. Partners Bill Cavanagh and Marjorie Glover also provided additional support to the team. Involved fees earner: Noam Ayali - Chadbourne; Benjamin Koenigsberg - Chadbourne; Christy Rivera - Chadbourne; Ginger Collier - Chadbourne; Mangesh Dhume - Chadbourne; Scott Bank - Chadbourne; Susan Cowell - Chadbourne; Caileen Kateri Gamache - Chadbourne; Monika Szymanski - Chadbourne; Kevin Prokup - Chadbourne; William Cavanagh - Chadbourne; Marjorie Glover - Chadbourne;

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