Toren J. Murphy

Toren Murphy is a partner in the New York office of Gibson, Dunn & Crutcher.  He is a member of Gibson Dunn’s Projects and Infrastructure, Latin America, Capital Markets and Finance Practice Groups.

Mr. Murphy's practice focuses on infrastructure projects, with substantial experience in public-private partnerships (PPPs) and related concessions or leases of infrastructure assets between public grantors and private sector developers and operators, with expertise in transportation infrastructure, including roads, bridges, rail, airports and seaports, as well as social infrastructure and campus utility system PPPs.  His experience covers project procurement, concession and lease documentation, construction contracts, and project finance, including project bonds and TIFIA loan financings, as well as secondary market acquisitions and divestitures of infrastructure assets.  He also has significant regional expertise working on various types of structured and corporate financing transactions in various jurisdictions across Latin America.

Chambers USA: America’s Leading Lawyers for Business  and Chambers Global: The World’s Leading Lawyers for Business recognize Mr. Murphy nationally as a leading lawyer in Projects: PPP.  He is described as “a really sharp lawyer who is devoted to his clients.”

Representative Transactions:

Rail

• Representation of Purple Line Transit Partners LLC, the concessionaire in respect of the Purple Line Light Rail Project in Maryland, in connection with various construction-related disputes with the Maryland Department of Transportation and the Maryland Transit Administration, the procurement of a new design-build contractor and the $2.6 billion refinancing of the project with private activity bonds, a TIFIA loan and committed equity. Awarded 2023 North America Restructure Deal of the Year by IJ Investor and 2022 North America Transport Deal of the Year: Restructure by IJ Global.

Ports

• Representation of Macquarie Asset Management (MAM) in connection with the acquisition of a 49% interest in TraPac LLC, operator of container terminals under preferential assignment agreements with the City of Los Angeles and the Port of Oakland, including negotiation of a new terminals services agreement with Ocean Network Express (ONE).
• Representation of MAM on the sale of Ceres Terminals, a leading provider of stevedoring and terminal operation services in North America, to Carrix, a portfolio company of Blackstone Infrastructure Partners.
• Representation of Ceres Terminals in respect of (i) its $170 million senior secured credit facilities, (ii) a joint venture investment in and project financing of Galveston Cruise Terminal with Royal Caribbean, and (iii) the acquisition of TraPac Jacksonville, LLC, the operator of a marine terminal in the Port of Jacksonville, from MOL (Americas) Holdings Inc., including the related negotiation of a new lease for the terminal facility from the City of Jacksonville.
• Representation of NYK Ports, owner of Yusen Terminal, operator of a container terminal in the Port of Los Angeles, in respect of its senior secured credit facilities and an equipment lease financing.
• Representation of the operator of the Long Beach Container Terminal in respect of its $875 million senior secured credit facilities.
• Representation of International Transportation Service, LLC (ITS), operator of a container terminal in the Port of Long Beach, in connection with its $105 million senior secured credit facilities and contemplated lease extension with the City of Long Beach.
• Representation of Husky Terminal and Stevedoring LLC (HTS), operator of a container terminal in the Port of Tacoma, Washington, in respect of its senior secured revolving letter of credit facility.
• Representation of Macquarie Infrastructure and Real Assets (MIRA) in connection with its acquisition of ITS from K-Line and Ports America, and a related joint venture with Ports America in respect of HTS.
• Representation of MIRA in its $1.78 billion acquisition of the operator of the Long Beach Container Terminal from Orient Overseas Container Line (OOCL), and negotiation of a container stevedoring and terminal services agreement with OOCL.
• Representation of Maher Terminals, operator of a 454-acre multi-user container terminal in Port Elizabeth, New Jersey, in respect of its $513 million senior secured credit facilities.
• Representation of MIRA in connection with the acquisition of Maher Terminals, including obtaining consent and related lease amendments from the Port Authority of New York and New Jersey (PANYNJ) in respect of the same.

Toll Roads

• Representation of Autopistas Metropolitanas de Puerto Rico (Metropistas), operator of the PR-22 toll road project in Puerto Rico, in respect of its senior secured credit facilities and private placements of senior secured notes.
• Representation of NTE Mobility Partners, the developer of Segments 1 and 2 of the North Tarrant Express Facility, a managed toll lanes facility located in Tarrant County, Texas, in connection with the issuance of $1.2 billion aggregate principal amount of senior lien private activity to refinance existing debt, and its senior secured revolving letter of credit facility.
• Representation of NTE Mobility Partners Segments 3, the developer of the North Tarrant Express Segments 3A and 3B Facility, a managed toll lanes project on I-35W in the Dallas-Fort Worth region in Texas, in connection with the implementation of the Segment 3C facility extension under a comprehensive development agreement with TxDOT and related financing with $654 million of senior lien private activity bonds.
• Representation of Cintra Global and Meridiam Infrastructure as sponsors of I-66 Express Mobility Partners LLC in respect of the winning proposal to develop the Transform 66 P3 Project in Virginia and related $3.46 billion project financing with private activity bonds, a TIFIA loan and committed equity.
• Representation of I-77 Mobility Partners LLC as winning bidder for a concession to develop the I-77 HOT Lanes Project in North Carolina and in the related financing transaction including the issuance of $100 million of private activity bonds and a $189 million TIFIA loan from the U.S. Department of Transportation.

Airports

• Representation of Macquarie Asset Management in connection with its joint venture partnership with Porter Aviation Holdings Inc. to develop and finance a new passenger terminal at Montréal Saint-Hubert Airport, including the negotiation of the construction management contract for the project. 
• Representations of Ferrovial Airports in its acquisition of 96% of The Carlyle Global Infrastructure Fund's 51% stake in the New Terminal One consortium, which will design, build, and operate the new Terminal One at JFK International Airport in New York, a $9.5 billion project being developed under a lease with the PANYNJ .
• Representation of Ferrovial Aeropuertos in connection with the Great Hall Project at Denver International Airport in Colorado, the first hybrid demand risk and availability payment transaction in the United States.

Social Infrastructure

• Representation of Meridiam Infrastructure North America (Meridiam) in connection with the issuance by MI LongBeach, LLC of $115 million aggregate principal amount of its 6.85% Senior Secured Notes due December 2047 pursuant to a private placement transaction, in order to finance Meridiam's acquisition from Queensland Investment Company of the remaining equity interests in Long Beach Judicial Partners, LLC, which operates and maintains the Governor George Deukmejian Courthouse in Long Beach, California, as a PPP project, pursuant to a concession agreement with the Administrative Office of the Courts of the Judicial Council of the State of California.
• Representation of Meridiam Infrastructure in connection with the refinancing of a hospital development project in Chile.
• Representation of Meridiam and Sacyr as bidders for a PPP in respect of concession to operate and maintain the University of Louisville Utility System.
• Representation of Meridiam controlled co-investment vehicle in respect of a $55.625 million term loan facility secured by co-investor equity commitments and project company distributions to finance a co-investment in a campus energy project in Iowa.

Latin America

• Representation of subsidiaries of Frontera Energy Corporation as borrower and guarantors under a $150 million senior term loan credit facility with Macquarie Bank Limited, as lead arranger, administrative agent, and lender, to refinance existing debt of Sociedad Portuaria Puerto Bahía, S.A., a liquid and general cargo terminal operator in the Bay of Cartagena, Colombia, and the development of a refinery connection project.
• Representation of Morgan Stanley Senior Funding, Inc., as initial lender and sole lead arranger, in respect of a syndicated $75 million senior secured credit facility to Galileo Technologies Corporation, in a cross-border transaction secured by collateral in the United Stated, United Kingdom, Argentina and Brazil.
• Representation of Gramercy Funds Management in respect of a $45 million senior secured term loan facility to Emerging America Inmobiliaria, S.A. de C.V. (EMAI) and Emerging America Financiera, S.A.P.I. de C.V., the proceeds of which were used, in part, to finance the acquisition of EMPower’s Chihuahua power plant from Riverstone.
• Representation of the lead arranger, lender, administrative agent, and collateral agent in respect of a $500 million uncommitted revolving master loan facility to a Mexican borrower that will use the proceeds to make local law loans to contractors with, and secured payment receivables owed by, Mexican state-owned enterprises.
• Representation of lender in respect of $350 million senior secured credit facility to finance various oil and gas projects for Grupo Protexa (as contractor for Pemex) in Mexico.
• Representation of lender in respect of $170 million senior secured credit facility to finance various oil and gas projects for Grupo Eseasa (as contractor for Pemex) in Mexico.
• Representation of lender in respect of $110 million senior secured credit facility MNJ Capital to finance a portfolio of local projects in the oil and gas industry in Mexico.
• Representation of Gramercy Funds Management (indirectly through a Mexican SOFOM structure) in respect of a 500 million Mexican Peso subordinated loan tranche of a senior secured receivables financing credit facility to a Mexican financing subsidiary of Mercado Libre (MELI). 
• Representation of credit fund as borrower under a $125 million senior secured revolving credit facility from Nomura Corporate Funding Americas, the proceeds of which are used to indirectly finance credit facilities to finance projects undertaken by oil and gas industry contractors in Mexico.
• Representation of lenders and agents in respect of a senior secured term loan facility to Tala Mobile, S.A.P.I. de C.V., SOFOM, E.N.R., a Mexican subsidiary of InVenture Capital Corporation.
• Representation of Deutsche Bank, as initial lender, sole book-runner and lead arranger in a $300 million term loan facility to Telecom Argentina S.A., and subsequent refinancing with senior notes.
• Representation of CVI Investment Holdings as lender in a $63.4 million senior secured bridge loan facility to Supercanal, an Argentine provider of cable television services, to refinance existing debt and for capital expenditures for network upgrades.
• Representation of Deutsche Bank Securities, Credicorp Capital, Citigroup, Morgan Stanley, and Scotiabank as initial purchasers and Interbank as co-manager in the issuance by Orazul Energy Egenor, a Peruvian power company, of $550 million of its 5.625% Senior Notes due 2027.
• Representation of Deutsche Bank, Banco de Credito del Peru, Bank of Nova Scotia, and Banco Internacional del Peru as lenders in respect of a $450 million senior secured credit facility to Orazul Energia Partners to finance the purchase of the business of Duke Energy International Group.
• Representation of NML Capital, Ltd. (an affiliate of Elliott Management Corporation) in connection with its $2.4 billion settlement with the Republic of Argentina to satisfy NML’s claims on Argentina’s defaulted bonds.
• Representation of Deutsche Bank AG as lender in connection with a structured financing in respect of payroll deduction loan portfolio in Colombia.
• Representation of General Electric International as lender in respect of a $14 million development loan facility for an LNG receiving terminal and combined cycle gas-fired power generation facility in Chile; and representation of GE Power Systems in a related engineered equipment package (EEP) and services supply exclusivity agreement with the project company borrower.

Fund Facilities

• Representation of Meridiam Infrastructure Funds II, III and IV in respect of their subscription-backed revolving credit facilities provided by Wells Fargo Bank and other lenders, to provide letters of credit and finance equity investments in respect of various infrastructure projects.

Capabilities

• Projects
• Capital Markets
• Finance
• Infrastructure
• Latin America

Credentials

Education:

• Syracuse University - 2007 Juris Doctor
• Syracuse University - 2007 Master of Arts
• Messiah College - 2002 Bachelor of Arts

Admissions:

• New York Bar