Milbank LLP advised a group of financial investors to a Blackstone Credit & Insurance (BXCI) led investor consortium in connection with a $3.1 billion investment in a Mitsubishi Corporation (MC) subsidiary that holds MC’s interest in the LNG Canada liquefaction business. Funds managed by BXCI, together with Canada Pension Plan Investment Board, through wholly owned subsidiaries of CPPIB Credit Investments Inc., Ontario Municipal Employees Retirement System, The Investment Management Corporation of Ontario, The Public Sector Pension Investment Board and other leading institutions, are making the investment in the MC subsidiary to acquire a 49.9% non-controlling interest.
LNG Canada is Canada’s first and only large-scale liquefied natural gas (LNG) export terminal. Once complete, its Phase 2 expansion will double the facility’s production capacity, making it one of the largest LNG facilities in the world. McCarthy Tétrault served as Canadian counsel.
The Milbank team was led by Project, Energy and Infrastructure Finance partner Nadav Klugman and Corporate Finance and Securities partner Jonathon Jackson. The team also included Corporate Finance and Securities special counsel Gonzalo Guitart, associate Allison Mahoney and law clerk Wyatt Schnorr; Project, Energy and Infrastructure Finance partner Mike Duff, special counsel Christopher Terhune, associate Javier Félix, and law clerks Grace Vipen and Anne Riter; and Corporate/M&A partner John Franchini, special counsel Evelyn Liristis, and associates Emilie Blicher and Evan Wainer.
