Claire Watson
Biography
Overview
Claire is a counsel in the Project Development and Finance Group of White & Case. Her practice focuses on the development, acquisition and financing of infrastructure assets, including public private partnerships (PPP).
Claire advises on major infrastructure projects across a broad range asset classes including airports, roads, bridges, rail, water systems and social infrastructure and has worked on several award- winning, first-of-their-kind transactions. She brings a sound understanding of the commercial drivers underpinning such projects, having represented sponsors, infrastructure funds, commercial lenders, institutional investors and government agencies on projects in the US, Europe and Africa.
Claire has significant experience advising clients on all aspects of infrastructure projects, from initiation and the bidding process through to the drafting and negotiation of concession and development agreements together with the financing arrangements for such projects. Her financing experience includes commercial bank debt, private activity bonds, 4(a)(2) private placements and equity financings.
Experience
Representation of Vista Ridge LLC, the concessionaire for a 142-mile water pipeline in Texas, on the recent refinancing of the Project 's construction financing through the issuance of over $1billion senior secured notes pursuant to a private placement under Section 4(a)(2), and a working capital facility provided by commercial banks. The refinancing was recently awarded “Americas Water Deal of the Year” by IJ Global 2020.
Representation of ACS Infrastructure, Balfour Beatty Investments, Fluor and Hochtief PPP Solutions in their successful bid for and financial close of the Automated People Mover project of the LAX Landside Access Modernization Program. The financing consisted of a combined bank/bond structure with US$1.2 billion of PABs, which were rated investment grade by Fitch, combined with a US$270 million, five-year construction facility provided by commercial banks. The project was awarded "Best Transit Project" by P3 Bulletin 2018, "Americas P3 Deal of the Year" by PFI 2018 and "North American PPP Deal of the Year" by IJGlobal 2018.
Representation of Morgan Stanley Infrastructure Inc. in its acquisition of Seven Seas Water Corporation, AquaVenture Holdings Inc. and AquaVenture Holdings Curacao N.V., a multinational developer, owner and operator of water production and wastewater treatment plants and businesses, from AI Aqua (Luxembourg) S.a.r.l, a company owned by Advent International Corporation.
Representation of CIBC and NAB in connection with the provision of a US$50 million term loan facility and a US$30 million revolving capex facility to BW Terminals, Inc., the holdco of three companies operating bulk liquid storage facilities located in Georgia and Louisiana servicing the Port of New Orleans.
Representation of JLC Infrastructure and Ullico in connection with the development of the new Terminal One at JFK International Airport. The project is a part of the historic US$13 billion Vision Plan to transform JFK into a modern 21st century airport anchored by two new world-class international terminal complexes on the airport's north and south sides.
Representation of a leading global infrastructure asset manager in its bid to acquire American Roads, the owner and operator of various US toll assets (including the Detroit-Windsor Tunnel, a Canada-US cross-border asset).
Representation of ACS Infrastructure Development, Inc., AECOM Capital and John Laing Investment Limited in connection with their bid for the construction and development of the Consolidated Rent-a-Car Facility to serve the Los Angeles International Airport.
Representation of a bidder for the HART Project in Hawaii, including negotiation of financing commitments for multiple debt solutions.
Representation of Transurban in connection with the I-395 HOT Lanes project in Virginia, an expansion of Transurban's successful I-95 HOT Lanes project, which involved renegotiation of the comprehensive agreement with the Virginia DOT, solicitation of consents from existing bondholders and the US DOT, issuance of additional parity private activity bonds and negotiation of Virginia Transportation Infrastructure Bank loan arrangements with the Virginia Resource Authority.*
Representation of the institutional investors in a private placement financing of Grupo Aeroportuario del Sureste's and Highstar Capital's successful bid for the Luis Muñoz MarínInternational Airport, Puerto Rico and related private placement financing.*
Representation of KKR and United Water in connection with a concession of the water and wastewater systems of Bayonne, New Jersey and the related private placement and bank debt financing.*
*Matters prior to joining White & Case.
