Norton Rose Fulbright has advised the Thai and Malaysian arms of Trans Thailand-Malaysia (TTM) on the refinancing of a total of US$207 million in relation to an offshore gas pipeline project located in the Malaysia-Thailand Joint Development Area in the Gulf of Thailand.

TTM (Thailand) has received US$195 million from HSBC, Sumitomo Mitsui Banking Corporation and the Bank of Ayudhya Public Company Limited, and TTM (Malaysia) has received US$12 million from HSBC. The refinancing is to prepay the existing Phase I debt held by the two companies under facilities dated June 2004.

PETRONAS of Malaysia and PTT Public Company Limited of Thailand are 50:50 joint partners in both TTM (Thailand) and TTM (Malaysia), which have developed and are operating Phase I of the offshore gas pipeline project.

The Norton Rose Fulbright team was led by Singapore partner Stephen Begley, supported by associate Michael Kim, and by Bangkok partner Tassanai Kiratisountorn and associate Tipapa Limvichai for Thai law aspects. The lenders were advised by Baker & McKenzie.