NET Midstream announced that its affiliate, NET Mexico Pipeline Partners LLC, closed a $665 million project financing with a syndicate of lenders, led by the Mitsubishi UFJ Financial Group . The project financing was approximately 2x oversubscribed and received commitments from 100% of invited financial participants.
MUFG is joined by seven joint lead arrangers, including ING Capital, Credit Agricole, Natixis, Royal Bank of Canada, Nord/LB, BBVA, and Santander.

NET Mexico will build a 120-mile, 42" and 48" diameter natural gas pipeline system to the international boundary, with approximately 120,000 horsepower of compression. NET Mexico will interconnect on the Mexican side of the border with phase I of the Los Ramones Pipeline, which is being developed by an affiliate of Gasoductos de Chihuahua S. de R.L. de C.V. The pipeline will transport gas from nine interconnects at the Agua Dulce Hub in Nueces County, Texas to a point near Rio Grande City, Texas in Starr County and is scheduled to be placed into service in December 2014.
The pipeline is anchored by a long-term firm gas transportation agreement, for up to 2.1 billion cubic feet per day, with MGI Supply Ltd., an indirect wholly owned subsidiary of Pemex Gas y Petroquimica Basica.

The company announced in November that NET Mexico received a Presidential Permit from the Federal Energy Regulatory Commision (FERC), which grants authorization for certain border crossing facilities at the international boundary between the United States and Mexico. Procurement of all major pipeline and compression equipment has been completed. The company has selected Willbros Group, Inc. to construct the pipeline. Construction will begin in February 2014 with mechanical completion in October