en.Wedoany.com Reported - The Delfin Deepwater Port and LNG Floating Liquefaction and Export Project has completed a multi-tranche joint venture and financing transaction exceeding $5 billion. The project's partners include investment partner BlackRock Alternative Management, LLC, and a consortium of Korean equity investors and co-investors comprising Mitsui O.S.K. Lines (MOL), Diameter Capital Partners, and Vitol B.V.

This is a 4.4 million tonnes per annum LNG project located in the Gulf of Mexico, designed to process U.S. shale gas for export to high-demand and strategic markets worldwide. The project's advancement represents progress in key U.S. energy infrastructure development, while also reaffirming cooperation between the United States and South Korea in energy and maritime architecture.

The specific financing structure of this transaction includes: $800 million in post-leverage financing from private credit funds and commercial bank debt to fund Delfin's initial equity contribution; a $1.44 billion joint venture comprising equity commitments from Global Infrastructure Partners (a BlackRock affiliate), MOL, Vitol Group, and Delfin Midstream; a $2.29 billion senior secured commercial bank term loan; and a $510 million note issuance.

Latham & Watkins LLP provided legal counsel to Delfin and its subsidiaries and affiliates on the joint venture arrangements, port and LNG facility documentation, LNG sales and marketing arrangements, bridge loans and senior secured term loans, note issuance, and the acquisition of onshore and offshore pipelines transporting natural gas to the deepwater port and LNG liquefaction vessels.

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