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:

  • Citigroup as the placement agent in two separate private placements of senior secured notes issued by sPower to finance the operations of its portfolio of solar and wind generating facilities, and to refinance three back-leverage debt facilities in place for the construction and early operations of many of the facilities. The original transaction was named Americas Renewables Deal of the Year for 2017 by Project Finance International and North America Renewables Project Finance Deal of the Year by Power Finance & Risk;
  • Société Générale, Morgan Stanley and a syndicate of commercial bank lenders in connection with a $635.7 million credit facility provided to a subsidiary of EIG Global Energy Partners (EIG) for the acquisition by EIG from Kinder Morgan, Inc. of a 49 percent interest in Elba Liquefaction Company, L.L.C. This transaction was named 2017 North American Midstream Oil & Gas Deal of the Year by IJGlobal;
  • 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 original offering was named North America Midstream Oil & Gas Deal of the Year for 2013 by Project Finance. The “cross-over” bond offerings were named America’s LNG Project Finance Deal of 2016 by Power Finance & Risk;
  • 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. 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.;
  • Credit Suisse and J.P. Morgan in two separate financings for the issuance of $2.6 billion of senior secured notes by Cheniere Energy Partners, L.P., the parent company to the entities operating the Sabine Pass Liquefaction facilities and LNG terminal in Louisiana, and the Creole Trail Pipeline;
  • Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc. and SG Americas Securities, LLC and a group of nine lenders in connection with a four-year, $750 million revolving credit facility for Cheniere Energy, Inc.;
  • the agent and lead arranger in connection with the $363 million senior secured refinancing, consisting of a $318 million term loan A facility and a $45 million revolving facility, of the Rhode Island State Energy Center, a 594 MW gas-fired power plant;
  • the lenders in connection with a $256 million credit facility to a joint venture between Tenaska, Inc. and Mitsubishi Corporation to refinance existing bonds for the Lindsay Hill Generating Station, a 859 MW natural gas-fired combined-cycle electrical generating facility in Autauga County, Alabama;
  • the placement agents in a $401 million 4(a)(2) private placement of senior secured notes by CSOLAR IV West, LLC to refinance a construction and term loan facility for the 150 MW Tenaska Imperial Solar Energy Center West project in California;
  • the lead arranger for a syndicate of lenders in the amendment and restatement of a $1 billion corporate term loan facility to Open Text Corporation;
  • Big River Steel LLC in $1.225 billion of financing, consisting of: a $600 million Rule144A/Regulation S high-yield offering of senior secured notes due 2025; a six-year, $400 million senior secured term loan facility; and a five-year, $225 million asset-based lending facility;
  • the agent and lead arrangers in the refinancing of a $251 million term loan, letter of credit and revolving credit facility for Calhoun Power Company, a subsidiary of funds managed by Harbert Management Corporation, which owns a 668 MW gas-fired power plant and related facilities in Alabama;
  • 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;
  • the agent and lead arranger, in connection with the term loan B financing of the acquisition by affiliates of the Carlyle Group of RISEC;
  • SunEdison, Inc. in a first-of-its-kind, $1 billion “warehouse” debt financing. The warehouse construction facility also included a $500 million third-party equity commitment from First Reserve Corporation;
  • 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;
  • the lenders under an ECA-supported credit facility in connection with the refinancing of an existing project finance transaction for an independent power producer in the Dominican Republic;
  • Primary Energy Recycling Corporation in its term loan B refinancing of its electric generating assets;
  • Citigroup in connection with a $50 million secured mezzanine term loan facility for Grupo Schahin. The transaction was supported by the revenues of an existing oil drilling rig and two rigs under construction that are chartered to Petrobras;
  • 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.

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