NEW YORK (March 18, 2009) — McDermott Will & Emery LLP represented Irving Oil Company, Limited in connection with a project financing of up to U.S. $120 million to build a third storage tank at a liquefied natural gas facility in Saint John, New Brunswick, Canada, currently being constructed by Canaport LNG Limited Partnership, a joint venture between Irving Oil and Repsol YPF, S.A. The initial round of financing in the amount of U.S. $763 million was obtained in 2006, with a total construction cost projected to exceed U.S. $1 billion.
Founded in 1924, Irving Oil is a privately owned energy processing, transporting and marketing company with a history of long-term partnerships and relationships. Irving Canaport is a petroleum receiving terminal situated in the most densely industrialized region north of Boston and is closer than the Gulf Coast to ports in Venezuela, Brazil, the North Sea and West Africa.
The arranger international bank group was composed of Bank of Montreal, as Administrative, Security and Intercreditor Agent, Banco Bilbao Vizcaya Argentaria S.A. and Caja de Ahorros y Pensiones de Barcelona.
A team of McDermott lawyers were involved in the financing negotiations as well as negotiating the rights and obligations of the equity holders. The team included corporate partners Timothy Alvino and Bronwyn Andreas, and corporate associate Morgan Walbridge, with additional assistance from corporate partner John Sullivan.
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