Martin Toulouse, Partner, Baker Botts

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. Prior to joining Baker Botts, Mr. Toulouse practiced for a number of years with another international law firm in New York and Tokyo.

Representative Engagements

• Major energy company – secured commodity hedging arrangements with other industry participants
• Forum Energy Technologies, Inc. – $100 million financing for the acquisition of Global Tubing, LLC
• Strategic buyer – $720 million bridge loan financing for the proposed acquisition of a gas utility
• Sponsor – proposed limited recourse financing for a floating LNG storage and regasification vessel
• Federal Railroad Administration – advice relating to the Railroad Rehabilitation and Improvement Financing program
• Lead arrangers – 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) and subsequent $288 million refinancing
• Liberty Media Corporation – $670 million margin loan financing
• Institutional investor – financing for the acquisition of interests in three hedge funds of funds
• Liberty Media Corporation – $530 million investment in Sirius XM Radio, Inc. (named a 2009 Deal of the Year byThe Deal) and various other financing transactions
• Professional basketball team – $115 million issuance of notes
• 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