Milbank LLP represented Morgan Stanley Senior Funding, Inc., Blackstone Advisory Partners L.P., Credit Suisse Loan Funding LLC, Jefferies Finance LLC, Barclays Bank PLC, Royal Bank of Canada and Perella Weinberg Partners LP as lead arrangers in connection with a $2.6 billion senior secured term loan facility for Blackstone CQP Holdco LP, a portfolio company of The Blackstone Group (“Blackstone”). CQP owns the Sabine Pass LNG Terminal, which had five operational and contracted LNG trains as of 2019 with a sixth in late-stage development. Milbank also represented Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent in connection with the facility. The proceeds of the financing were used to repay existing notes and fund a dividend distribution to Blackstone.
This transaction was, according to Refinitiv, the largest dividend recapitalization of 2019.
The Milbank Global Leveraged Finance team was led by Marcus Dougherty, Benjamin Sayagh, George Zhang, Juyon Kang and Glenn Kim.
