Cleary Gottlieb won Project Finance International’s Americas Oil & Gas Deal of the Year for its work in the Los Ramones Sur pipeline financing. Cleary Gottlieb advised TAG Pipelines Sur, a Mexican 50:50 joint venture between long-time clients Petróleos Mexicanos and GDF-Suez in the first phase of its Ramones Phase II pipeline. When completed, it will span approximately 180 miles from San Luis Potosí in Central Mexico to Guanajuato in South-Central Mexico.
The financing included a term facility, a standby facility, a VAT facility and a working capital facility, as well as interest-rate and currency hedge agreements. The term loan is being provided by an international consortium of banks and Mexico’s development banks Nafin and Banobras.
Project Finance International is a leading source of global project finance intelligence. The awards were held in London on February 4, 2015.