Singapore banking and finance team advises on US$525m refinancing of PLP

Global law firm Norton Rose Fulbright has advised a consortium of banks on a US$525m refinancing of PacificLight Power Pte. Ltd. (“PLP”), a major Singaporean power generator and electricity retailer. The facility's maturity has been extended till 2028. The US dollar and Singapore dollar term and credit facilities to PLP and its subsidiary, PacificLight Energy Pte. Ltd., supports the funding requirements of PLP’s 800MW combined cycle gas turbine power generation facility on Jurong Island in Singapore. The plant is one of the most environmentally efficient power plants currently operating in Singapore, with state-of-the-art efficiency and best-in-class operating standards.

The financing was led by the Singapore branch of Malayan Banking Berhad with the Singapore branches of ING Bank N.V., National Bank of Kuwait S.A.K.P., The Bank of East Asia, Limited, China CITIC Bank International Limited, CTBC Bank Co., Ltd., and Taipei Fubon Commercial Bank Co., Ltd. as the other mandated lead arrangers.

The Singapore banking and finance team advising on the transaction was led by partner Stephen Begley and supported by senior associate Aditi Aparajita and associate Lyna Luo.

Stephen commented: “It’s an honour to once again advise and support the lenders to PacificLight in their refinancing. We have advised lenders at different stages on this transaction for over a decade and it was good to see some of the sponsor relationship banks joining the syndicate of lenders for the refinancing.”