David P. Armstrong
David Armstrong’s practice focuses primarily on the representation of commercial and investment banks, as well as borrowers and issuers, in leveraged and other finance transactions, including project financings, acquisition financings, leveraged leases and other senior secured lending transactions, with a principal focus on the energy and industrial sectors.

Bio

Mr. Armstrong has represented, among others:

  • the administrative agent and coordinating lead arrangers in connection with the $780 million construction loan, term loan and working capital project financing of the approximately 925 MW Westmoreland gas-fired generating facility being developed by affiliates of Tenaska, Inc. and Diamond Generating Company in the PJM market;
  • Morgan Stanley & Co. LLC, as administrative agent and lead arranger, in connection with the term loan B financing of the acquisition by affiliates of the Carlyle Group of the Rhode Island State Energy Center, a gas-fired power plant located in Rhode Island;
  • SunEdison, Inc. in a first-of-its-kind, $1 billion “warehouse” debt financing that will fund the construction of its pipeline of renewable energy projects that it plans to drop down into its affiliated yieldco, TerraForm Power. The warehouse construction facility also included a $500 million third-party equity commitment from First Reserve Corporation;
  • Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse, RBC Capital Markets and J.P. Morgan Securities LLC in eight separate project bond financings for the Sabine Pass Liquefaction Project owned by Cheniere Energy Partners, for the issuance of over $12.8 billion of senior secured notes. The proceeds of these offerings are being used for the construction of five natural gas liquefaction trains at Sabine Pass Liquefaction, LLC’s facility in Cameron Parish, Louisiana. The original offering was named North America Midstream Oil & Gas Deal of the Year for 2013 by Project Finance magazine;
  • Morgan Stanley, Goldman Sachs & Co. LLC and RBC Capital Markets in three separate project bond financings by Cheniere Corpus Christi Holdings, LLC (CCH), a subsidiary of Cheniere Energy, Inc., for the issuance of $4.25 billion of senior secured notes. The proceeds were used in connection with the construction of two liquefied natural gas trains and a related pipeline at CCH’s facilities near Corpus Christi, Texas;
  • Morgan Stanley Senior Funding, Inc., Standard Chartered Bank, Crédit Agricole Corporate and Investment Bank and HSBC Bank USA, N.A. as joint lead arrangers in a $400 million senior secured term loan to Cheniere Creole Trail Pipeline, L.P. The proceeds will be used to pay capital costs in connection with the construction of modifications to the pipeline necessary to service the affiliated Sabine Pass liquefaction facility and to finance the acquisition of the Cheniere Creole Trail Pipeline by Cheniere Energy Partners, L.P.;
  • Morgan Stanley & Co. LLC as lead initial purchaser in a $575 million Rule 144A/Regulation S offering of 5.5% senior secured notes due 2032 by México Generadora de Energía, S. de R.L. (a subsidiary of Grupo México, S.A.B. de C.V.), which is developing a 500 MW gas-fired, combined-cycle generating facility in Mexico. This transaction was named “Power Finance Deal of the Year for 2012” by Latin Finance;
  • Primary Energy Recycling Corporation in its term loan B refinancing of its electric generating assets;
  • the lenders under an export credit agency-supported credit facility in connection with the refinancing of an existing project finance transaction for an independent power producer in the Dominican Republic;
  • Mirant Corp. in its $2.6 billion acquisition and leveraged lease financing of generating facilities located in Maryland, Virginia and the District of Columbia;
  • the agent and lead arrangers in connection with the $455 million construction, term and bridge loan project financing of the 150 MW (AC) photovoltaic solar electrical generating facility being developed by CSOLAR IV West, LLC in Imperial County, California;
  • the agent and lead arrangers in connection with the $476 million construction, term and bridge loan project financing of the 130 MW (AC) photovoltaic solar electrical generating facility developed by CSOLAR IV South, LLC in Imperial County, California;
  • the tax equity investors in connection with tax equity investments in various residential solar projects in California, Hawaii, Massachusetts and New Jersey;
  • the agent and lead arranger in connection with the $169 million project financing of 70 MW (AC) of solar projects being developed by GCL Solar in California;
  • the tax equity investor in connection with the financing of the 80 MW (AC) photovoltaic solar energy generation facility being developed by affiliates of Scatec Solar North America, Inc.;
  • certain of the purchasers in connection with the 4(2) private placement of senior secured notes, the proceeds of which were used to refinance the construction financing for CSOLAR IV South, LLC;
  • Philadelphia Energy Solutions Refining and Marketing in its $550 million term loan B and revolving credit financing of its refining assets;
  • Mirant Asia-Pacific Limited in its term loan B refinancing and subsequent sale of its generating assets located in the Philippines;
  • the agent in a $1 billion receivables financing for a natural gas trader in Canada and the United States;
  • the initial purchasers in a $361 million high-yield offering to refinance the construction financing of an electric generation power plant in Alabama; and
  • P.T. Paiton Energy in its $1.5 billion financing of the Paiton 3 power project, an 815 MW coal-fired power plant in East Java, Indonesia, which was named 2009 “Project Finance Deal of the Year” by the International Financial Review.

Mr. Armstrong was selected for inclusion in the project finance chapter of Who’s Who Legal: Canada 2015.

Credentials

Education

  • LL.B., University of Toronto, 1999 (with honors)
  • B.A., Queen’s University, 1995 (with honors)

Admissions

  • New York
  • Licensed as a Foreign Legal Consultant in Ontario

David P. Armstrong

Partner, Banking and Energy and Infrastructure Projects
david.armstrong@skadden.com