Gasoductos de Chihuahua in $490 Million Project Financing

January 15, 2014

Cleary Gottlieb represented Gasoductos de Chihuahua, a Mexican 50:50 joint venture between Pemex Gas y Petroquímica Básica and Sempra Gasoductos Holding, S. de R.L. de C.V., in the $490 million project financing for the further development of two natural gas pipelines, a natural gas compression station, and an LPG storage and transportation system, located across northern and north-eastern Mexico. BBVA Bancomer and Bank of Tokyo-Mitsubishi served as joint lead arrangers and joint hedge coordinators. The financing was provided through a senior secured term loan, which will be supplemented by equity contributions by Gasoductos de Chihuahua. The financing is primarily secured by the revenues of the main operating and transportation contracts of the three gas and LPG systems that comprise the project. The credit agreement was signed on December 5, 2013, and the transaction closed on January 15, 2014.