NEW YORK, July 8, 2011 – International law firm Milbank, Tweed, Hadley & McCloy LLP, led by John Franchini, partner in the Global Corporate and Power and Energy groups, and Victoria Zhu, associate in the Global Corporate group, represented a co-investor group in connection with the closing of $518 million of co-investor commitments to Bronco Midstream Holdings, LLC (“Bronco”), an affiliate of ArcLight Capital Partners, LLC (“ArcLight”). The co-investor commitments will, together with commitments from funds managed by ArcLight, support ArcLight’s investment in Enogex Holdings LLC (“Enogex”), a joint venture between OGE Energy Corp. (NYSE: OGE) and ArcLight. The 11 member co-investor group included affiliates of China Investment Corporation, Government of Singapore Investment Corporation Pte Ltd, John Hancock Financial Services and the Northwestern Mutual Life Insurance Company. The commitments from the co-investor group and funds managed by ArcLight will enable Bronco to support Enogex with more than $1 billion of growth capital.
Mr. Franchini commented, “We were pleased to work with this particular group of co-investors in this leading investment opportunity together with ArcLight”.
Jonathan Green, co-chair of the firm’s Global Project Finance group, co-lead the transaction with Mr. Franchini and Russell Kestenbaum, partner in the firm’s Tax group, and Elena Radine, associate in the Global Corporate group, assisted in the transaction.
Mr. Franchini further noted, “With Milbank’s capabilities, experience and expertise in energy transactions, including those involving natural gas, the firm was particularly well suited to efficiently complete this investment transaction on behalf of the co-investor group in order to support Enogex’s future growth.”
ArcLight is one of the world’s leading energy investment firms having invested over $8.5 billion of equity since its inception a decade ago. Enogex is an integrated midstream infrastructure company which provides natural gas gathering, processing, pipeline transportation and storage services in the Mid-Continent region of the US.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for more than 140 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectoral expertise and a strong tradition of innovation and client service.