Global law firm White & Case LLP has advised Sumitomo Mitsui Banking Corporation (SMBC) and MUFG Bank, Ltd. (MUFG) on the limited recourse financing for Operadora de Terminales Marítimas, S.A. de C.V. (OTM). The proceeds will be used by OTM to construct a petroleum products terminal with a nameplate capacity of 1.1 million barrels to be located in the Port of Altamira, Mexico. The terminal will be operated by OTM for the exclusive use of Valero under a long-term services agreement.
OTM’s terminal is a key asset for the import of refined petroleum products into Mexico.
SMBC acted as structuring bank and hedge coordinator, and, together with MUFG, as mandated lead arrangers and joint bookrunners for the facility.
"We continue to see significant activity in the energy sector in Mexico, and we are very pleased to have supported SMBC, MUFG, OTM and Valero on reaching this important milestone," said White & Case partner Sean Goldstein, who led the team of lawyers on this matter.
The White & Case team was led by partner Sean Goldstein (Miami) and local partner Juan Ruenes (Mexico), and included associates Adrian Leal (Miami) and Juan Carlos Llorens (Mexico), as well as partner Ian Cuillerier and associate Rhys Bortignon (both New York), who provided support on the hedges for the facility.
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