Duane Morris Recognized with Project Finance Deal of the Year Award for Role in Freeport LNG Project
September 29, 2015
NEW YORK, September 29, 2015 – Duane Morris LLP is pleased to announce that our work in the Freeport LNG Project has won the Project Finance Deal of the Year, recognized during the American Lawyer Global Legal Awards on September 28, 2015 in New York City. This award honors the most significant global deals of 2015 in finance, restructuring and capital markets. Accepting on behalf of Duane Morris were Miami partner Miles Plaskett, Washington, D.C. partners Sheila Hollis and Ilia Levitine, Houston partner Joel Ephross and Washington, D.C. associate Denny Hough.
The Freeport LNG Project involved a series of challenging equity and debt financings for three liquefaction trains, which are being constructed at the regasification facility on Quintana Island, Texas. Duane Morris advised a large institutional investor on the deal, with no fewer than seven separate transactions with a total project cost of approximately $14 billion and total commitments exceeding $15 billion, making it the largest fully non-recourse construction project in financing history. The attorneys working on the deal mitigated project-on-project risk with joint funding, and locked in favorable interest rates by engineering the first deal-contingent interest rate swaps in project finance history.
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