June 20, 2014
Partner Kevin Fougere was sought for comment on a Financial Post article on a developing debt deal from Petronas for its west-coast liquefied natural gas project. Below is an excerpt of the article.
Petronas Bhd.-sponsored Pacific Northwest LNG project is seeking debt-financing, reportedly for as much as US$10-billion to US$15-billion, for its liquefied natural gas project on the West Coast. It would be the biggest debt financing deal in Canada.
“Yes, we have contracted Société Générale S.A. as the financial advisor. They will be going out and looking to acquire financing for the project,” Spencer Sproule, a spokesman for the Pacific NorthWest LNG project, told the Financial Post, but he declined to confirm other details.
Michel Hurtubise, Société Générale's managing director corporate and investment banking in Calgary, declined to comment.
A report in Infrastructure Journal and Project Finance Magazine, a trade journal published by Euromoney Institutional Investor Plc. said the debt could be about US$12-billion, citing conversations with four North American senior bankers.
“They are looking at $10-billion-$15-billion in debt,” said Kevin Fougere, a lawyer at Torys LLP, whose banking clients have been approached for the deal. “That’s bigger than any project we have had in Western Canada by a long shot.”
To read the full article, click here.