Latham & Watkins has counselled the arrangers, lead arrangers and bookrunners on the refinancing of a US$1.56 billion five-year term loan facility of shareholder loans provided to Infraestructura Marina del Golfo (IMG), owner and operator of the South Texas-Tuxpan pipeline.
Following the execution of the credit facility documentation and fully underwritten term loan financing, the lead arrangers successfully achieved the primary syndication of the facility among a group of global and Mexican banks.
The pipeline is Mexico’s first private offshore pipeline and a strategic part of the country’s energy infrastructure, connecting the southern US state of Texas with the Mexican states of Tamaulipas and Veracruz along the Gulf of Mexico coast. The pipeline’s capacity is fully committed to the state electricity utility CFE through a 35-year transportation services agreement.
IMG is a joint venture company of TC Energy Corporation and Sempra Energy, which designed, built and commissioned the pipeline.
L&W’s team included members of its Latin America Practice and Energy & Infrastructure Industry Group, led by partners Sony Ben-Moshe (pictured left), Roderick Branch (pictured centre), Omar Nazif (pictured right), and counsel Marcela Ruenes, with associate Carlos Ibargüengoitia.