Chadbourne Represents Lenders in US$208 Million Holdco Debt Financing for Long Island Power Plant

Business August 11, 2015

Chadbourne & Parke LLP represented the lenders in a US$208 million holding company debt financing for Caithness Brookhaven, LLC, which owns 99 percent of the equity interests in Caithness Long Island, LLC. The debt package refinances existing holdco debt of Caithness Brookhaven and comprises a US$200 million term loan and an US$8 million letter of credit facility.

Caithness Long Island, LLC owns a 346 MW dual fuel combined cycle electric generating facility that commenced operation on August 1, 2009. It was the first major baseload power plant to be built on Long Island in over thirty years. The project sells power to the Long Island Power Authority under a 20-year power purchase agreement.

The Chadbourne team included Rohit Chaudhry, Shellka Arora, Monika Szymanski, Scott Bank, Sue Cowell, Bob Shapiro, Marco DeSousa, Kelly Cataldo, Michael Masri, Eric Kamerman, Adam Mechanic, Malgorzata Soltys and Matthew Shellenhamer.

Chadbourne recently ranked as the top global legal adviser for project finance transactions in the first-half of 2015 (H1 2015), according to research prepared by IJGlobal. The firm handled US$35.997 billion in transactions, more than US$10 billion ahead of the second-ranked firm. In addition to the global ranking, Chadbourne ranked first among North America legal advisers with US$26.338 billion in transactions.