Paul Hastings Advises Energy Development Corporation on US$175 Million Loan Facility
Hong Kong (June 23, 2010)
Paul, Hastings, Janofsky & Walker, a leading global law firm, is pleased to announce that it has advised Energy Development (EDC) Corporation (EDC), a pioneer in the geothermal energy industry, in relation to a US$175 million syndicated term loan facility provided by a consortium of twelve international commercial banks. The loan proceeds will be used by EDC to refinance certain loan obligations and for its medium-term capital expenditure program.
Patricia Tan Openshaw, partner in the Paul Hastings office in Hong Kong, commented: EDC is at the forefront of renewable energy power generation in the region and the strong interest amongst the international banks in this transaction is a testament to the attractiveness of the credit as well as the growing interest in the renewable energy business in general. We are delighted to have advised EDC on this transaction.
The Paul Hastings team on the transaction was led by Patricia Tan Openshaw with partner Joshua Isenberg and associate Spencer Barrowes.
Mandated Lead Arrangers and Bookrunners on the facility: Australia and New Zealand Banking Group Limited Manila Branch, Crédit Agricole Corporate and Investment Bank and Standard Chartered Bank.
Mandated Lead Arrangers: The Bank of Tokyo-Mitsubishi UFJ, Ltd., DBS Bank Ltd., ING Bank N.V. Manila Branch, Maybank Group and Mizuho Corporate Bank, Ltd.
Lead Arrangers: Chinatrust (Philippines) Commercial Bank, Corporation and Taiwan Cooperative Bank, Manila Offshore Banking Branch.
Arrangers: Bangkok Bank Public Company Limited Manila Branch and Cathay United Bank.
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