Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

News May 31, 2017

Shearman & Sterling Advises on LS Power Gridiron Bank/Bond Financing

Shearman & Sterling represented The Bank of Tokyo-Mitsubishi UFJ, Ltd., GE Capital EFS Financing, Inc., Industrial and Commercial Bank of China Limited, New York Branch, ING Capital LLC, Norddeutsche Landesbank Girozentrale, New York Branch and Crédit Agricole Corporate and Investment Bank, as coordinating lead arrangers and joint bookrunners, in connection with $715 million of senior secured credit facilities for Gridiron Funding, LLC, a subsidiary of LS Power, and the initial purchasers, arranged by Goldman Sachs, in connection with Gridiron Funding, LLC’s offering of $460 million 5.64% senior secured notes due 2027. The proceeds of the financing were used to fund the acquisition of five natural gas-fired power plants located across the United States with a combined generating power of approximately 3,510 MW, including the refinancing of existing debt, and for other general corporate purposes.

The Shearman & Sterling team included partners Patricia Hammes (Washington, D.C.-Project Development & Finance), Robert Freedman and Denise Grant (both New York-Project Development & Finance); counsel Donna Bobbish (Washington, D.C.-Project Development & Finance), Barbara Edwards and Paul Epstein (both New York-Project Development & Finance); and associates Nkiruka Amalu, Alyssa Cowley, Cheng Jean Liang (all New York-Project Development & Finance), James Ireland, and Marika Mikuriya (both New York-Corporate).