Project Bonds

S&C is the preeminent capital markets law firm. This makes us uniquely situated to meet the many challenges of financing projects, on a limited recourse basis, in whole or in part in the capital markets. As a result of our experience, the Firm is familiar with the principal strategies that have been considered and employed to ameliorate the problems that are presented by adapting a limited recourse credit to the capital markets, including rating issues.

Examples of recent notable S&C projects that utilized the capital markets:

Dolphin Energy

• $1.25 billion project bonds; project has received an indicative A rating from rating agencies

Eurotunnel Refinancing

• €800 million offering involving a public offering in France and a private offering to institutional investors in France and outside of France of a mandatory convertible

Fortescue Iron Ore

• $2.1 billion U.S.-dollar and Euro-denominated Senior Secured Notes
• largest high yield bond offering ever from the Asia-Pacific region
• largest-ever high yield bond offering by an Australian issuer
• one of the largest high yield debt transactions ever

Tengizchevroil (TCO)

• $1.1 billion Rule 144A/Reg S offering of senior secured debt 
• largest oil and gas project bond to date (2004) (Dealogic)
• largest project bond out of an emerging market (Dealogic)
• best EEMEA Corporate Bond (2004) (Euroweek)