Latham & Watkins advises Delfin Midstream on offshore floating vessel LNG facility

The project has been conducted with investment partners, BlackRock Alternative Management, LLC, and a consortium of Korean equity investors and co-investors Mitsui O.S.K. Lines (MOL), Diameter Capital Partners, and Vitol B.V.

The Delfin Deepwater Offshore Port and LNG floating vessel liquefaction and export project is a 4.4 million tpy project in the Gulf of Mexico that will process US shale gas supplies into LNG for export to high-demand and strategic global markets in the continuing expansion of the energy export market and US energy partnership worldwide. This is a transformative milestone in the advancement of critical energy infrastructure in the US, in addition to a reaffirmation of energy and maritime architecture collaboration between the US and the Republic of Korea.

The over US$5 billion multi-tranche joint venture and financing transaction included:

• US$800 million back-leverage facility from private credit funds and commercial bank debt to fund Delfin’s initial equity contribution.
• US$1.44 billion joint venture, including equity commitments from Global Infrastructure Partners (a part of BlackRock), MOL, Vitol, and Delfin Midstream.
• US$2.29 billion senior secured commercial bank term loan facility.
• US$510 million notes offering.

Latham & Watkins LLP advised Delfin and its subsidiaries and affiliates with respect to the joint venture arrangements, the port and LNG facility documentation, LNG sales and marketing arrangements, the bridge and the senior secured term loan facilities, the notes offering, and the acquisition of onshore and offshore pipelines to transport gas to the deepwater port and LNG liquefaction vessels.

Read the article online at: https://www.lngindustry.com/floating-lng/09062026/latham-watkins-advises-delfin-midstream-on-offshore-floating-vessel-lng-facility/