Concentration

Energy and infrastructure finance; project development

Summary

Martin Toulouse represents financial institutions and corporations in all areas of private finance, with a particular emphasis on complex acquisition, project and other structured financing transactions in the energy and infrastructure sectors. A significant portion of his practice includes cross-border transactions.

Following graduation from law school, Mr. Toulouse served as a law clerk to the Honorable Charles D. Gonthier of the Supreme Court of Canada.

Representative Engagements

• Lead arranger - proposed project financing for a cobalt mine located in Idaho
• Equipment manufacturer - $210 million vendor financing
• Lender - financing for the acquisition of gas processing plants in Pennsylvania and West Virginia
• Major international energy company - acquisition of Eagle Ford shale properties in excess of $1 billion, including credit support arrangements and $300 million working capital financing related thereto
• HSBC - $206 million bridge financing for two hydroelectric projects in Panama
• HSBC - $375 million project financing for the expansion of a crude oil pipeline and related storage facilities in Panama (named Project Finance Magazine’s 2009 Latin American Refinancing Deal of the Year)
• Liberty Media Corporation - $530 million investment in Sirius XM Radio, Inc. (named a 2009 Deal of the Year by The Deal) and various other financing transactions
• Encore Acquisition Company - $4.5 billion acquisition by Denbury Resources Inc.
• Lead arranger - proposed project financing for a petrochemical project in Trinidad and Tobago
• Natixis - letter of credit facility for the 500MW Astoria power project in Queens, New York
• Project company - development of a waste-to-energy project in Mexico
• Lyondell Chemical Company - acquisition for cash by Basell AF
• Credit Suisse, UBS, ABN Amro, and Santander - $18 billion financing for the acquisition of Inco by CVRD of Brazil
• Financial services company - $100 million credit facility
• Credit Suisse, Goldman Sachs, Morgan Stanley, and WestLB - first and second lien financing for the $1.6 billion acquisition by LS Power of nine gas-fired power plants located throughout the United States 
• Goldman Sachs, JPMorgan Chase, Barclays and WestLB - first and second lien financing for the acquisition of power generating assets by Energy Capital Partners
• Lead arranger - $315 million term and working capital secured financing for a drillship contractor 
• Borrower - first and second lien credit facilities relating to the acquisition by international investors of two United States companies in the infrastructure sector
• InterGen - sale of equity interests in the Bajio power project in Mexico to Tokyo Gas
• Mizuho Corporate Bank, JBIC and other lead arrangers - project financing for the Tuxpan II, Altamira II, and Tuxpan V IPP projects in Mexico
• Société Générale - $380 million export financing supported by the Export-Import Bank of the United States and Export Development Canada with respect to a gas-fired power plant in Skikda, Algeria
• Large United States manufacturer - $600 million revolving credit facility, $200 million term facility and other financing activities 
• Lead arranger - €145 million secured multicurrency credit facility for a manufacturer of precision-engineered industrial components 
• Citibank - $1.069 billion refinancing for Allegheny Energy Supply Company
• Lead arranger - $1 billion structured bridge financing to be used by a United States corporation for the repurchase of its own stock 
• WestLB - construction financing for the expansion of a PEMEX refinery
• JPMorgan and Citibank - $300 million credit facility for Tubos de Acero de Mexico and $150 million credit facility for Siderca S.A.I.C. 
• Lead arranger - $100 million refinancing transaction for a retailer with operations in Chile and Argentina
• Argentine energy company - restructuring of debt owed to IFC and commercial banks

Publications, Speeches and Presentations

• Moderator, “Trends - Project Finance Hurdles, Drivers and Structures, ” Platts Financing US Power Conference, New York, October 2011
• Moderator, “Banking Panel: Overcoming the New Challenges to Getting Deals Done,” Euromoney Latin America Energy & Infrastructure Finance Forum, Miami, March 2011
• Panel Co-Chair, “Developing Projects in the Marcellus Shale,” Association of the Bar of the City of New York, February 2011
• “Financing Offshore Wind Development,” Energy Law 360, September 2010 
• “DOE Issues Loan Guarantee Solicitation for Renewable Energy Manufacturing Projects and Creates Online Application,” Baker Botts DOE Update, August 2010
• Panelist, “Introduction to Project Finance,” Association of the Bar of the City of New York, June 2010
• Moderator, “Commercial Lending: On the Road to Recovery? ” Euromoney Latin American Energy & Infrastructure Finance Forum, Miami, March 2010
• Panel Co-Chair, “Financing Projects under the DOE Loan Guarantee Program,” Association of the Bar of the City of New York, December 2009
• “Department of Energy Revises Rules for Loan Guarantees for Innovative Technology Renewable Energy Projects,” Baker Botts Alternative Energy Update, December 2009
• “DOE Announces Financial Institution Partnership Program and Issues Loan Guarantee Solicitation for Commercial Technology Renewable Energy Projects,” Baker Botts Alternative Energy Update, October 2009 
• “DOE Releases Loan Guarantee Solicitations for Renewable Energy & Electric Transmission Projects,” Baker Botts DOE Update, July 2009