Milbank LLP represented Third Coast Super Holdings, LLC (“Third Coast”) in its acquisition, through a wholly owned subsidiary, of an indirect 26.5% non-operated interest in the Perdido Regional Host (“Perdido”), from a subsidiary of ArcLight Energy Partners Fund VI, L.P., a private equity fund managed by ArcLight Capital Partners, LLC ("ArcLight").
Perdido is a spar platform located in water depths of approximately 8,000 feet in Alaminos Canyon in the western Gulf of Mexico, approximately 220 miles south of Galveston, TX and six miles from the United States/Mexico maritime border. Perdido is operated by Shell Offshore, Inc. and has nameplate capacity of 100 MBbl/d and 200 MMcf/d; the producers utilizing Perdido are majors and/or high-quality investment grade counterparties.
Headquartered in Houston, Texas, Third Coast is a full-service midstream company with assets that provide critical infrastructure linking primarily natural gas production to end-use markets. Third Coast's vertically and horizontally integrated assets are strategically located along the Gulf Coast and in the Gulf of Mexico. Third Coast currently owns or has an ownership interest in approximately 1,900 miles of interstate and intrastate pipelines, as well as ownership in a gas processing plant, and two offshore semi-submersible floating production systems with a combined processing capacity of up to 185 MBbl/d of crude oil and 340 MMcf/d of natural gas.
The Milbank team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A special counsel Daniel Tyrrell, along with associates Bianca Prikazsky, Stephen Tomasulo and Jinney Chung. The team also included Global Project, Energy and Infrastructure Finance partner Sean O’Neill and associates John Kim and Anthony Farrell, Environmental partner Matthew Ahrens and associate Allison Sloto, and Global Tax partner Max Goodman and associate David Hanno.
