Milbank LLP advised the lenders in the financing of the acquisition of IACX Energy LLC (“IACX”) by Alder Midstream, LLC (“Alder”), a midstream infrastructure affiliate of Glenfarne Group, LLC, focused on building, owning and operating midstream assets in the Americas.
Alder is the owner of subsidiaries focusing on three subsectors: natural gas gathering and processing, a liquefied natural gas (“LNG”) value chain, and stranded gas infrastructure, including gas-to-liquids. Its subsidiary IACX is a natural gas gathering and processing business whose assets include six processing plants and over 4,000 miles of gathering pipelines. Alder Midstream is also the majority owner and Managing Member of Texas LNG Brownsville, LLC (“Texas LNG”), a $3.5 billion late-stage LNG export development project in Brownsville, Texas.
The Milbank Global Project, Energy and Infrastructure Finance team was led by partner Dan Michalchuk, along with partner Dan Bartfeld, special counsel Richard Hillman and associates Nieri Avanessian and Martin Lockman.
Mr. Michalchuk said: “We are pleased to have worked with Glenfarne to advise on this important new initiative for Alder Midstream and look forward to seeing Alder’s continued success as a key player in the midstream market.”
Mr. Bartfeld added: “We are seeing increased finance activity in the US midstream space, and this transaction is another example of our team being brought in to provide the combination of industry oil/gas expertise along with our top tier lending practice. We have worked on many such transactions throughout 2019, and look forward to further increased activity in 2020.”
