Paul Hastings Wins Four “Deal of the Year” Awards at IJGlobal Americas Awards 2022
By Paul Hastings Professional
Paul Hastings LLP received four “Deal of the Year” awards at the IJGlobal Americas Awards 2022. The firm was recognized in the following categories:
Power Deal of the Year, North America: Trumbull Energy Center, Ohio
Paul Hastings advised the sponsors, KOSPO and KIND, on the financing of the Trumbull Energy Center, a 940 MW combined gas turbine power generation facility currently under development in Lordstown, Ohio.
Refinancing Deal of the Year – Battery Storage, North America: LS Power’s Bolt Battery Portfolio Refinance, California
Paul Hastings advised the lenders and joint lead arrangers in the refinancing of two separate construction and expansion financings, including a new construction expansion facility, of an up to 615 MW/1,790 MWh partially contracted portfolio of four battery energy storage projects located in California. The original financing led by partner, Robert Freedman was at the time of closing the largest financing of battery energy storage systems to-date, and Gateway Energy Storage, was the largest battery energy storage projects in the world.
Oil & Gas Deal of the Year – EP, Latin America: Heritage Petroleum, Trinidad & Tobago
Paul Hastings advised Heritage Petroleum Company Limited in the issuance of its US$537 million secured notes. Concurrently, the firm represented the company in connection with the tender offer and consent solicitation of the outstanding 9.75% senior notes due 2026 issued by its sole shareholder, Trinidad Petroleum Holdings Limited. These transactions allowed the client to refinance its debt at a significantly lower interest rate and adjust the collateral package, giving the company, and therefore the Government of the Republic of Trinidad and Tobago, the flexibility to make strategic asset sales in the future. This high-yield bond offering is part of a multi-tranche refinancing that also featured a refinanced credit facility.
Portfolio Refinance Deal of the Year, Latin America: Innergex Renewable Energy Portfolio Refinance, Chile
Paul Hastings advised the note purchasers and letter of credit providers in Innergex Renewable Energy’s US$803.1 million financing. The financing consisted of a US$710 million issuance of green bonds maturing in 2036 and a US$93.1 million letter of credit facility. The deal is among the largest private placements in Latin America in recent history. In addition to refinancing the portfolio’s debt, the financing provides capital for the construction of Innergex’s first battery energy storage project in Chile.
The IJGlobal Americas Awards recognize greenfield financing and refinancing deals across the infrastructure and energy sectors in North America and Latin America.
About Paul Hastings
With widely recognized elite teams in finance, mergers & acquisitions, private equity, restructuring and special situations, litigation, employment and real estate, Paul Hastings is a premier law firm providing superior intellectual capital and execution globally to the world’s leading investment banks, asset managers and corporations.