Patricia Tan Openshaw is a partner of Gibson, Dunn & Crutcher LLP and a member of the firm’s Energy & Infrastructure, Global Finance, Mergers & Acquisitions and Capital Markets Practice Groups. Ms. Openshaw focuses her practice on project development and finance, mergers and acquisitions, and banking and finance transactions in the energy and infrastructure sector.
She has substantial experience representing developers, sponsors, contractors, lenders, government agencies and offtakers in connection with the development, financing, and restructuring of power, rail, toll road, water, casinos and other infrastructure projects. She advises Asian and U.S. companies in cross-border acquisitions, private equity investments and divestitures of energy and infrastructure assets throughout the region. She has also advised on financings involving commercial banks, export credit agencies, multilateral agencies, private equity funds and Rule 144A/Regulation S offerings and private placements. She has handled energy and infrastructure transactions in Australia, Africa, China, Fiji, India, Indonesia, Korea, Myanmar, Pakistan, Philippines, Singapore, Thailand, Vietnam and the United States.
Ms. Openshaw is regularly recognized as a leading lawyer by Chambers Asia Pacific, Chambers Global, Euromoney, Asia Pacific Legal 500, Asialaw Leading Lawyers and IFLR1000. She is ranked by IFLR1000 in Banking, Capital Markets: Equity, Energy and Infrastructure, M&A, Project Development and Restructuring and Insolvency. Chambers Asia Pacific and Chambers Global recognize Ms. Openshaw as a leading lawyer for Projects and Infrastructure in China and as the top-ranking Band 1 lawyer for Projects, Energy & Infrastructure in the Philippines. She has also been named among the “World’s Leading Experts in Energy and Environment Law.” the “World’s Leading Experts in Banking, Finance and Transactional Law” and the “World’s Leading Women in Business Law” for Project Finance and Energy and Natural Resources by Expert Guides. Euromoney Legal Media Group has named Ms. Openshaw the “Best Lawyer” in the Energy and Natural Resources category of the 2016 Asia Women in Business Law Awards.
Ms. Openshaw gained her J.D. from the University of California at Los Angeles School of Law in 1992, and her B.S. in Psychology (magna cum laude) from Cornell University in 1988. While in law school, she served as an extern to the Honorable Harry Pregerson of the United States Court of Appeals for the Ninth Circuit. She is admitted to practice in the State of New York and is a Registered Foreign Lawyer (New York) in Hong Kong.
She is fluent in Fukien and Tagalog and has a working knowledge of Mandarin and Spanish.
Energy & Infrastructure
- AP Renewables Inc. in the issuance of the first climate bond in Asia and the Pacific, valued at US$225 million. The bonds were certified by the Climate Bonds Initiative (CBI) under the Climate Bond Standards for the Tiwi-MakBan geothermal power project in the Philippines, with credit enhancement from the Asian Development Bank (supported by Credit Guarantee Investment Facility) and a direct loan from the Asian Development Bank. Bank of the Philippines Islands (BPI) acted as lead arranger and sole underwriter of the bond issuance. This landmark transaction was also the first climate bond for a single project in an emerging market, the first project bond issued in local currency in the Philippine power sector, and the first credit-enhanced project bond in Southeast Asia (other than Malaysia) since the 1997-1998 Asian financial crisis. This deal has been named “2016 Asia-Pacific Bond Deal of the Year” by Project Finance International, “2016 Asia Pacific Project Bond Deal of the Year” by IJGlobal, “2016 Debt Market Deal of the Year” by Asian Legal Business at its Philippine Law Awards 2016, “2016 Deal of the Year” by Asia Business Law Journal and Asian-MENA Counsel, “2016 Landmark Transaction” by Finance Asia, “2016 Project Finance Deal of the Year/Renewable Energy Deal of the Year/Most innovative Deal” by The Asset, “2016 Project Bond of the Year” by Environmental Finance at its Green Bond Awards 2017, “New Country Issuance: Philippines Deal” by Climate Bond Initiative at its Green Bond Pioneer Awards 2017, “Best Project for Corporate Finance Transaction 2016” by ADB, and “2016 Marquee Award/Best Renewable Finance Deal of the Year” by Alpha Southeast Asia.
- Meralco PowerGen in its bid for the 51% ownership interests of AES Corporation in the Masinloc power assets.
- AC Energy in its investment in a wind power company in Vietnam.
- Oriana Energy LLC in the US$50.5 million limited recourse project financing for the development, construction and operation of a 57.65 MWp solar photovoltaic electric generating facility in Aguadilla, Puerto Rico.
- A bidding consortium for the geothermal assets of Chevron Corp. in Indonesia and the Philippines.
- First NatGas Power Corporation, a wholly-owned subsidiary of the Philippines’ largest vertically-integrated power generation company First Gen Corp, in connection with its development and financing of the 414 MW San Gabriel combined cycle natural gas-fired power plant, including the US$265 million HERMES covered export credit facility provided by KfW IPEX-Bank of Germany and the engineering, procurement and construction contract as well as operation and maintenance agreement with Siemens AG and its subsidiaries.
- Ayala Corporation, one of the largest conglomerate in the Philippines, in its US$155 million acquisition of 17.1% ownership interest in GNPower Mariveles Coal Plant Ltd. Co. and its 2 x 300 MW coal-fired generating plant in Bataan, Philippines.
- A bidding consortium in connection with the development of a 1600 MW LNG-fired power project in Indonesia.
- The project company in connection with the development and financing of an approximately 300 MW solar power project in Myanmar.
- An Asian corporate in the development of an LNG regasification terminal in Southeast Asia.
- Alsons Consolidated Resources, Inc. in its US$73.5 million term loan with a consortium of Philippine and international banks arranged by UBS AG (Singapore).
- First Gen Corporation, the largest vertically integrated power producer in the Philippines, in its US$360 million acquisition of BG Group’s power assets in the Philippines, and its US$1.36 billion bid for the controlling stake in PNOC-EDC, the largest integrated geothermal energy company in the Asia.
- A consortium of Mitsubishi Corp. and Ayala Corp. in connection with the development and financing of a solar power project in the Philippines.
- PT Cirebon Electric Power, a consortium led by Marubeni Corporation and Korea Midland Power Company, as sponsors in the development and financing of a 660 MW Cirebon coal-fired power project in Indonesia. The Cirebon Project was the first IPP greenfield power generation facility awarded by the Indonesian government since the 1997 Asian financial crisis.
- San Miguel Holdings Corp. in the US$100 million acquisition of a minority stake in Universal LRT Corporation (BVI) Limited, the holder of the rights in relation to the MRT Line-7 Project in Manila.
- Universal LRT Corporation (BVI) Limited in the development and financing of a major metropolitan rail transit and road project in South East Asia.
- The Republic of the Philippines through the Department of Transportation and Communications in its restructuring of the MRT-3 Project in Metro Manila, Philippines.
- Manila North Tollways Corporation in the construction, rehabilitation, and operation of the North Luzon Expressway in the Philippines, as well as the US$210 million refinancing of its project debt comprising U.S. dollar-denominated term loans provided by international, commercial banks with cover by ADB, COFACE and EFIC, and Peso-denominated fixed rate notes.
- The Export-Import Bank of Korea, Asian Development Bank, Sumitomo Mitsui Banking Corporation, Crédit Agricole Corporate and Investment Bank and ING Bank N.V. in relation to the US$270 million financing of a 200 MW coal-fired power project in Cebu, Philippines. The project has been developed by the KEPCO SPC Power Corp.
- Aboitiz Equity Ventures, Inc. in the offer and sale by Aboitiz through private placement of common shares, for US$108.9 million. UBS AG, Hong Kong Branch acted as the placement agent.
- Goldman Sachs as the sole international bookrunner and BPI Capital as the sole domestic manager in the US$300 million issuance of exchangeable bonds by AYC Financial Limited, a wholly-owned subsidiary of Ayala Corporation. The offering marked the first equity-linked international issuance by a Philippine issuer in the past two years.
- CLSA Limited, Credit Suisse (Singapore) Limited and BPI Capital as placement agents in the approximately US$275 million top-up placement of Ayala Corporation.
- Vista Land & Lifescapes, Inc., the largest homebuilder in the Philippines, in its US$225 million issuance of guaranteed notes due 2019 and a tender offer whereby it purchased US$104 million of its outstanding guaranteed notes due 2015. DBS and HSBC were the joint lead managers, and BDO Capital & Investment Corporation was the domestic lead manager.
- Bank of Philippine Islands, a member of the Ayala Group and the third-largest lender by assets in the Philippines, in its US$555 million (P25 billion) stock rights offer. Goldman Sachs and J.P. Morgan acted as joint international bookrunners and underwriters, and Bank of Philippine Islands Capital Corporation acted as the sole global coordinator and lead manager, sole domestic manager and domestic bookrunner and underwriter.
- UBS, Morgan Stanley, Credit Suisse, Bank of America Merrill Lynch, CLSA, CIMB, Maybank ATR Kim Eng and Religare Investment Banking and Securities in the US$405 million IPO of Travellers International Hotel Group, Inc., the developer and operator of Resorts World Manila, an integrated tourism resort in the Philippines, and listed on the Philippine Stock Exchange.
- JPMorgan Chase Bank, HSBC, Standard Chartered Bank, Nomura International, Calyon, Hana Bank, ING, Korea Development Bank, Natixis, DBS, UOB, SMBC and WestLB as joint lead arrangers and joint lead managers of multicurrency credit facilities to support the US$1.8 billion acquisition by KKR and Affinity Equity Partners of Oriental Brewery Co., Ltd. (OB) from Anheuser-Busch InBev. OB is Korea’s second largest brewery and beer distributor. The transaction was the largest financial sponsor leveraged buyout ever closed in Korea and the largest LBO in Asia in 2009. The transaction was named “Deal of the Year 2009” by Finance Asia, IFR Asia, Asian-Mena Counsel and The Deal Magazine and “Private Equity Deal of the Year 2010” by IFLR.