Firms To Watch: Trade finance

In summer 2021 Squire Patton Boggs sealed the hire of a Clyde & Co LLP trade finance team comprising experienced practitioner Robert Parson along with senior associate duo Geraldine Butac and Jennifer Greengrass.
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Trade finance in London

Allen & Overy LLP

Allen & Overy LLP is known worldwide for its expertise in banking and finance, and its work in trade, commodities and export finance is of the highest calibre, due to its involvement in the most high-profile and innovative deals in the market. In 2020, the firm acted for DnB ASA, Norway's largest financial services group, in a $5bn revolving credit facility for Lundin Energy AB, and assisted IFC with a $2bn working capital facility programme to provide funding to emerging banking clients for on-lending to small to medium-sized businesses. Catherine Lang-Anderson, who is 'an incredible lawyer, very commercial and good with people' and Greg Brown, who 'goes above and beyond to close out a deal', are the lead practitioners, with support from derivatives specialists Richard Tredgett and Daniel Shurman. 'The team is dedicated and focused - the market leader', remarks one client.

Responsables de la pratique:

Catherine Lang-Anderson; Greg Brown; Richard Tredgett; Daniel Shurman

Les références

‘The team combines in-depth technical legal expertise with a keen understanding of the market and commercial realities. They are therefore able to consistently provide top-notch value-add advice.’

‘The team is dedicated and focused – the market leader.’

‘A very experienced and pragmatic team.’

‘We work closely with Greg Brown and Catherine Lang-Anderson, both at the top of their game. We work with several of their competitors, none of which come close. Both partners have an excellent understanding of client objectives; go above and beyond to close out a deal even against challenging time-frames and often difficult counterparties.’

‘Catherine Lang-Anderson is an incredible lawyer, very commercial and good with people. She is brilliant at coming up with innovative solutions to issues that crop up in deals.’

Principaux clients

ING Bank

SMTB

Metinvest B.V.

Trafigura

IXM S.A.

SMBC

Trade and Development Bank (TDB)

VTB Bank

Gunvor International B.V.

Natixis

Stemcor

Principaux dossiers

  • Acting for DnB ASA, Norway’s largest financial services group, as arranger on a US$5bn revolving credit facility for Lundin Energy AB.
  • Advising IFC on its US$2bn working capital facility programme to provide funding to emerging banking clients for on-lending to small to medium business enterprises to help counter the negative effects of the coronavirus disease pandemic.
  • Advising a consortium of five banks as arrangers and lenders on a £250m borrowing base facility in favour of a major commodities trader as part of the £1.4bn refinancing of its existing indebtedness.

Hogan Lovells International LLP

Hogan Lovells International LLP is a key player in the global trade finance hub of London, from where the team works closely with offices in its global network to assist banks, commodities traders, multilateral institutions, regional and development banks, export credit agencies (ECAs) and governments with high-value transactions. In 2020, it handled major deals for, among others, Afreximbank, IFC and ING Bank. For Deutsche Bank, the firm handled an amendment and extension to a $1bn secured pre-export finance facility for KAZ Minerals group. Andrew Taylor and David Leggott (who is 'a master in this area') are leading lights in the market who cover complex trade finance across Europe, Africa, Russia and Latin America. 'Responsive, even-keeled, and with a team of junior and senior associates who are quite accomplished', among them senior associate Philip Beswick, who handles commodity finance structures, ECA-backed financing and general emerging market and development finance lending.

Responsables de la pratique:

Andrew Taylor; David Leggott

Autres avocats clés:

Philip Beswick

Les références

‘Hogan Lovells is always capable of proposing savvy professionals wherever the jurisdiction.’

‘They understand the commercial basis of the deal and ask material questions that elicit a wholesome view of the deal. David Leggott is a master in this and the output always captures all critical matters, which is a client’s dream.’

‘Responsive, even-keeled, and with a team of junior and senior associates who are quite accomplished and capable of carrying the ball themselves to a great extent.’

‘David Leggott has been a patient and professional adviser to the lenders. His tact and rock-solid expertise was extremely useful to untangle difficult discussions.’

‘David Leggott and Philip Beswick are recommended.’

‘As a client, we call on a combination of trade finance and securitisation. Andrew Taylor has collaborated seamlessly, and to good effect. The training that he has provided to juniors is impressive – their teams are prepared to act, and the mutual respect shown is genuine.’

Principaux clients

African Export-Import Bank

Citibank N.A.

Credit Agricole Leasing and Factoring (CAL&F)

Commerzbank

Deutsche Bank

United States Development Finance Corporation (DFC)

HSBC Bank plc

ING Bank N.V.

International Finance Corporation (IFC)

Natixis

Proparco

Santander

Société Générale

UK Export Finance

UniCredit

Principaux dossiers

  • Advising Deutsche Bank in relation to the documentation and negotiation of an amendment and extension to a secured pre-export finance (PXF) facility to KAZ Minerals group.
  • Advising ING Bank N.V. and a group of international banks in a €600m revolving credit facility agreement with NLMK, a global steel producer headquartered in Lipetsk, Russia.
  • Advising U.S. International Development Finance Corporation (DFC) and Norfund on a syndicated receivables-backed financing to d.light Kenya to finance the supply of solar home systems in Kenya.

Norton Rose Fulbright

The banking and finance practice at Norton Rose Fulbright houses substantial trade finance expertise. 'A great team that has sound knowledge and cross-border capabilities in trade finance', remark clients. The firm, which handles the full range of trade finance structures, recently advised Macquarie on its $1.1bn syndicated revolving borrowing base facility with a group of international commercial lenders. Practice head Nicholas (Nick) Grandage, who works in both London and New York, is a market veteran and a leading light in commodities and trade finance. Finance partner Andrew Wood handles structured transactions, and senior associates Tudor Plapcianu (who is recommended for his 'strong analytical skills, customer-oriented mindset and full commitment') and Richard Wilkes also play key roles in the practice.

Responsables de la pratique:

Nick Grandage

Autres avocats clés:

Andrew Wood; Tudor Plapcianu; Richard Wilkes

Les références

‘I think NRF is very professional and productive with good collaboration between offices in different locations.’

‘A great team that has sound knowledge of trade finance and banking finance in general.’

‘Cross-border capabilities in trade finance specialism together with debt capital markets and insurance. Great team.’

‘I was mainly working with Tudor Plapcianu. Tudor’s strengths: high level of professionalism, extensive experience, strong analytical skills, customer-oriented mindset with full commitment, good communication skills and great efficiency.’

‘Andrew Wood and Richard Wilkes are a really good team working well together and complementing each other. Great leadership from Andrew with strong support from Richard Wilkes.’

‘Nick Grandage and Tudor Plapcianu are fantastic practitioners and Tudor is particularly good value for money.’

Principaux clients

ABN AMRO

AIG

BP

BNP Paribas

The Bank of Tokyo Mitsubishi Ltd

Citibank

Coal India Limited (CIL)

Commodities Markets Council

Demica

Erste Group Bank AG

European Bank for Reconstruction and Development

Eurasian Resources Group

FBN Bank

Gazprom Neft

HSBC

JP Morgan

Louis Dreyfus

Lloyds Bank

Low Carbon

Macquarie

Mercuria

Natixis

NEXIM

Rosneft

RWE

Santander

Societe Generale

Standard Chartered Bank

Trafigura

Trailstone

VTB

ICBC Standard Bank

Raiffeisen Bank International AG

Mizuho Bank, Ltd

Baffinland

UK Export Finance

Principaux dossiers

  • Advised Macquarie on its US$1.1bn syndicated revolving borrowing base facility with a group of international commercial lenders, including Standard Chartered Bank, SMBC, Bank of China and MUFG Bank. The financing leveraged physical assets across Macquarie’s commodities and global markets division and required the firm to establish security in England, Singapore, Canada, Sweden, Germany and the US.
  • Advised Rabobank as arranger in relation to an innovative €300m syndicated pan-European gas repo facility covering multiple jurisdictions in Europe and backed by a shared security package. The repo facility is provided to Guvnor (one of the largest physical natural gas traders) and will be used to support Gunvor’s growing natural gas activity across Europe.
  • Advising EBRD in relation to its award-winning Trade Facilitation Programme, which involves documentation with numerous banks in EBRD’s countries of operation.  Advisers to EBRD, drafting and negotiating programme documentation including guarantee issuance facilities and revolving credit agreements.

Reed Smith LLP

Reed Smith LLP has a specialist trade finance practice that has 'fantastic depth of technical knowledge and quality of analysis'. Working with a highly regarded physical commodities practice, it also brings to bear in-depth knowledge of financing structures, including limited recourse pre-payment facilities, borrowing base and warehouse finance structures, repo transactions and pre-export finance. Jonathan Solomon leads the London team, which works in close collaboration with offices in Singapore, Chicago, Houston and New York. The firm has a strong team of counsels, among them Ildar Bagautdinov (who is praised for his 'meticulousness, availability, reactivity and smartness'), Patrick Sutton and Simone Goligorsky, who handle complex cross-border financings.

Responsables de la pratique:

Jonathan Solomon

Autres avocats clés:

Daniel Birch; Ildar Bagautdinov; Patrick Sutton; Simone Goligorsky

Les références

‘Very straight to the point, very customer-oriented, extremely good listeners, very flexible, very up to date with any type of regulation, and able to team-up and to gather forces and expertise in the exclusive interest of the customer.’

‘Concise advice, always available very knowledgeable.’

‘Fantastic depth of technical knowledge and quality of analysis. Lots of partner attention and availability – great to deal with.’

‘Good industry knowledge. Good concise and commercial advice.’

‘Meticulousness, availability, reactivity and smartness of Ildar Bagautdinov. The constant appropriateness, out-of-the-box thinking and incredible cultural literacy of Jonathan Solomon.’

Sullivan & Worcester LLP

Sullivan & Worcester LLP is ‘world-class in terms of its expertise and experience in the trade finance sector‘. Regarded by some as the leading trade finance firm, it has the largest specialist practice in London and is led by Geoffrey Wynne, who is head of trade and export finance, along with the vastly experienced Simon Cook and Mark Norris. Marian Boyle and the newly promoted Sam Fowler-Holmes round out a five-partner team that has the support of a strong junior team, among them managing associate Hannah Fearn. Working closely with the firm’s US practitioners, the London team provides seamless advice across trade, export and commodity finance transactions for major trade finance banks, funds, corporate borrowers, agents and trustees, and national and international organisations. It recently assisted the UK’s export credit agency, UK Export Finance, with its largest ever UK Government direct loan into Africa, providing more than £620m for critical infrastructure projects in Ghana, Zambia, Gabon and Uganda.

Responsables de la pratique:

Geoffrey Wynne; Simon Cook; Mark Norris

Autres avocats clés:

Sam Fowler-Holmes; Marian Boyle; Hannah Fearn

Les références

‘The Sullivan team are world-class in terms of its expertise and experience in the trade finance sector. Their valuable input has helped us to structure our business from the bottom up and allowed us to take advantage in many of our jurisdictions. The key team members are extremely professional and methodical in their explanation of complex matters which helps as a lot of my team don’t come from a finance background. Where possible the team is easily reachable and make themselves available whenever needed. We look to work together for many years to come.’

‘A very experienced team that maintains a very active presence in the trade finance market.’

‘Firstly, its knowledge and insight into trade finance. Secondly, its working towards a solution rather then being told the problem which a lot of advisors have the habit of telling clients leaving them at times in a difficult spot. Third would be their flexibility with billing especially for the smaller deals or clients. Finally, they are very well connected with international associations so knowledge is shared with the community at large.’

‘Well renowned and recognised for their knowledge and experience in the trade finance market, through Sullivan and previous firms.’

‘Sam Fowler-Holmes has been a powerhouse and really impressed our team with his valuable input on term sheet and investor-focused discussions. Using both direct experience on other similar deals and bringing in insight from other Sullivan team members has helped us to navigate tricky waters. Sam is very easy to get on with and it makes it really easy to work with when trying to decipher difficult subjects. Standout partners include Geoffrey Wynne who also has a wealth of knowledge and expertise in SPV and trade finance matters is always welcomed by the team.’

‘Geoff Wynne particularly is very experienced and this permeates to his team throughout. Sullivan maintains a very high profile within the trade finance market and is very up to date and engaged with all new developments and initiatives.’

‘We work mainly with both Geoff Wynne and Sam Fowler-Holmes. I would say that I have always valued the promptness in getting quotes and the excellent customer service. Both Geoff and Sam are very helpful. However I would say that Geoff stands out above his competitors as he is very business-minded as well. He’s well aware what the client needs and works with client in finding solutions. He is not hesitant to argue points when needed and of course works in striking that famous balance.’

‘Simon Cook is commercially aware, but also very experienced and able to give good advice whilst understanding and listening to key deal specifics. Flexible and supportive.’

Principaux clients

Citibank

Deutsche Bank

Nordea

Crown Agents Bank

International Trade and Forfaiting Association (“ITFA”)

J.P. Morgan

Santander

Rabobank

AMC Trade Finance

Satoshi Systems UK

Scipion Capital

Standard Chartered Bank

Standard Bank

Bankers Association for Finance and Trade (“BAFT”)

UK Export Finance (UKEF)

Nedbank CIB

Contracta UK

Principaux dossiers

  • Advised the UK’s export credit agency, UK Export Finance (UKEF), in relation to its largest ever UK Government direct loan into Africa. Coinciding with the UK Government’s UK-Africa Investment Summit, UKEF announced financial support worth over £620 million for critical infrastructure projects in Ghana, Zambia, Gabon and Uganda.
  • Acted as English law legal advisers to renowned trade finance institutions including Commerzbank, LBBW, SMBC, IsBank, Crédit Agricole, BNPP, S-Servicepartner and Intesa, coordinated by TradeIX and facilitated by the International Trade & Forfaiting Association (ITFA), in the design and release of the first rulebook for Marco Polo’s Payment Commitment Trade Finance solution.
  • Advised the client in relation to its financing of various soft commodity producers/exporters across West and southern Africa.

White & Case LLP

White & Case LLP maintains a busy workload in high-end structured trade and commodity finance transactions. Its work spans the full range of structures for both creditors and borrowers, with commodity pre-payments and upstream project financing in the commodities sector particularly active. It is a leading firm for West African forward sale structures and sophisticated multi-source hybrid financings in the mining and metals sector. Calling on the firm’s renowned debt finance and structured finance practices, the trade finance group also handles structured transactions, as well as export credit deals, receivables purchases and hybrid financing structures. Christopher Czarnocki, who advised Ghana National Petroleum Corporation as seller in relation to a $280m pre-payment facility agreement provided by an international commodity trading house, and James Hardy are the lead partners. Associate Catherine West is also a key practitioner, bringing her experience in debt finance to a range of trade finance structures.

Responsables de la pratique:

Chris Czarnocki; James Hardy

Autres avocats clés:

Catherine West

Les références

‘They are quite detailed and identify all material issues key to the deal, which makes the decision-making process for a client super-easy. James Hardy is recommended.’

Principaux clients

Petrobras

Standard Chartered Bank

The Ministry of Finance Ukraine

Goldman Sachs (J. Aron & Company LLC).

Afreximbank

Puma Energy International

Ghana National Petroleum Corporation (GNPC)

Helios Investment Partners

Energean

Trafigura

Global Palladium Fund, an affiliate of the Norilsk Nickel group

Mauritius Commercial Bank

Ghana National Gas Company (GNGC)

International Finance Corporation (IFC)

Ministry of Finance and Ministry of Energy Ghana

Ministry of Finance Equatorial Guinea

Gemcorp Capital

Deutsche Bank

European Bank for Reconstruction and Development (EBRD)

Gracelake Partners Limited

Oi S.A.

Principaux dossiers

  • Representation of Ghana National Petroleum Corporation (GNPC) as seller in relation to a $280m pre-payment facility agreement provided by an international commodity trading house relating to crude oil to be lifted from certain oil fields in Ghana.
  • Representation of Helios Investment Partners and Tema LNG Terminal Company Limited, a Ghanaian entity established and controlled by Helios Investment Partners, in respect of the financing and project development of a liquefied natural gas terminal in Tema, Ghana, and related floating infrastructure vessels required to perform the services of liquefied natural gas vessel berthing, unloading, storage, regasification and transportation of natural gas.
  • Representation of Puma Energy International on a $225m hybrid off balance sheet trade receivables purchase programme arranged by Societe Generale.

Baker McKenzie

Baker McKenzie has 'a very experienced and pragmatic team that is very flexible and has a collaborative approach'. The firm has a stellar reputation in project finance, in which the trade and export finance practice plays a key role. It is focused on high-value, complex, cross-border transactions, including ECA-backed deals, export and pre-export finance, borrowing base facilities and structured receivables matters. Practice head Nick Tostivin and up-and-coming partner Luka Lightfoot recently handled the largest financing project to a sovereign state in East Africa when they advised Standard Chartered Bank and export credit agencies on a railway infrastructure project in Tanzania.

Responsables de la pratique:

Nick Tostivin

Autres avocats clés:

Luka Lightfoot

Les références

‘A very experienced and pragmatic team.’

‘The team is very flexible and has a collaborative approach. You see them more as partners than your lawyers, which is a material plus.’

Principaux clients

Standard Chartered Bank (SCB)

Société Générale

MUFG Bank

UK Export Finance

MTN Nigeria

BNP Paribas

African Export-Import Bank

Channel Capital Advisors LLP

Blackstar Capital Europe Limited

Finalbion Group

Mizuho Bank, Ltd.

Suez

Société de Promotion et de Participation pour la Coopération Economique S.A. (PROPARCO)

PrimeRevenue

Bank of America Merrill Lynch International

Natixis

Credit Agricole Corporate and Investment Bank

Principaux dossiers

  • Advised Standard Chartered Bank and the other lenders and export credit agencies on the largest railway infrastructure project in Africa for the Government of the United Republic of Tanzania.
  • Advised Société Générale, BNP Paribas and the Black Sea Trade and Development Bank (the lenders) on a SERV (the Swiss export credit agency) supported multi-facility waste to energy project financing in Istanbul, Turkey. This matter was of significant reputational value to the client because of the importance of the project and the recognition received.
  • Acted as English, Turkish and Swedish legal counsel to the arrangers and the lenders of Turkcell’s $90m facility agreement.

Dentons

Dentons is 'a legal firm with the right attitude - they walk with clients through the journey until the completion of the assignment'. Veteran trade finance specialist Celia Gardiner retired, but the firm continues to be involved in high-value transactions. It recently assisted Ghana Cocoa Board with the $1.3bn pre-export financing of Ghana's 2020/21 cocoa crop. Howard Barrie leads the practice and splits his time between structured trade and commodity finance and project finance, principally in Africa. Tim Pipe, who handles upstream oil and gas financing, and Mark Cheney, who focuses on physical commodity trading and structured commodities deals in the energy sector, are the principal practitioners. Senior associate Ian Clements is recommended for deals in Western Europe, Latin America and Africa.

Responsables de la pratique:

Howard Barrie

Autres avocats clés:

Tim Pipe; Mark Cheney; Ian Clements; Matthew Sapte

Les références

‘The team is very knowledgeable, professional and courteous.’

‘Dentons is a legal firm with the right attitude. They respond to demands from clients swiftly. They walk with clients through the journey until the completion of the assignment. They understand the client’s business and billing is very flexible and reasonable.’

‘I have worked with both Matthew Sapte and Mark Cheney. Both Mark and Matthew are engaged and fully available when I have needed them and I appreciate the intellectual curiosity that they apply to the transactions that I have worked on. I feel it is very collaborative. They are also very transparent about fees and open to flexible fee arrangements.’

‘Ian Clements is very friendly and personable and is easy to approach. He sets out a timeline for completing work or getting back to you and always delivers on time. He provides straightforward advice on key points in a commercial manner.’

‘The individuals at Dentons understand client business and culture. They are flexible and always available to help. The standout partner is Howard Barrie and the standout associate is Ian Clements.’

Principaux clients

ING Bank N.V.

Ghana Cocoa Board

Coöoperative Rabobank U.A

E D & F Man Group

Natixis

FBNQuest Merchant Bank

Principaux dossiers

  • Advised HSBC on its $1.2bn joint programme with the Asian Development Bank (ADB) to support the supply chains of Covid-19-related products in Asia and the Pacific.
  • Advised Ghana Cocoa Board in relation to the $1.3bn pre-export financing of Ghana’s 2020/21 cocoa crop. Advised COCOBOD in the negotiations of the facility agreement and security documentation, as well as on logistics concerning the security arrangements across COCOBOD’s annual and medium-term financings.
  • Advising FBNQuest Merchant Bank as working capital facility lender to members of the Seven Energy group in the context of a restructuring of $1bn of debt owed by Seven Energy to a range of local and international lenders in anticipation of Seven Energy’s sale to Savannah Petroleum.

Fieldfisher

Fieldfisher advises on a broad spectrum of trade finance arrangements, largely in relation to commodities, and is frequently involved in pre-payment finance, documentary and standby letters of credit, export and pre-export facilities, reserve and borrowing base lending, and inventory and receivables finance on behalf of banks and trading houses. The expertise of practice head Oliver Abel Smith lies predominantly in trade, commodity finance and asset finance in the energy and natural resources sector. Energy and commodities partner Rashpaul Bahia has a long track record in physically and financially settled commodities trading matters, structured energy trading arrangements, asset optimisation structures and cross-border trading services transactions, while project finance specialist Matt Hinxman is involved in energy and natural resources-related finance deals in Eastern Europe and Africa. Structured finance partner Dougall Molson is also involved in major structured commodity financings.

Responsables de la pratique:

Oliver Abel Smith

Autres avocats clés:

Rashpaul Bahia; Matt Hinxman; Dougall Molson

Principaux clients

Amalgamated Metal Corporation plc

Banque Misr

Europe Arab Bank plc

European Bank of Reconstruction and Development

Fusion Capital AG

ICBC Standard Bank

Misr Bank Europe GmbH

Osisko Gold Royalties

RCB Bank Ltd

Silicon Valley Bank

Shawbrook Bank Limited

Trafigura Pte Limited

Traxys Europe SA

Principaux dossiers

  • Advised Traxys as offtaker in connection with a $55m loan facility provided by ING Bank N.V. to Hellyer Gold Mines Pty, a wholly-owned subsidiary of NQ Minerals plc, in relation to the Hellyer gold mine in Tasmania, Australia.
  • Acted for a US investment bank on a long-term power hedging/ESG transaction for one of its significant corporate clients. This transaction was interesting in that it straddled the commodities derivatives and global capital markets divisions of the bank to provide a power hedging solution that was linked to the sustainability and ESG objectives of its corporate client.

Herbert Smith Freehills LLP

At Herbert Smith Freehills LLP, 'the team has a lot of strength in depth and works very well together, and the level of service is faultless'. The trade finance group is embedded within the firm's energy and natural resources practice, drawing on a wealth of experience to advise lenders and borrowers on commodity-related financings, particularly reserve-based lending facilities. Oil and gas finance specialist Thomas Bethel and the 'calm, pleasant and patient' William Breeze are the lead partners. Senior associates Rakhee Patel and Kerry Reid excel in energy finance transactions. Newly promoted metals and mining partner Helen Beatty also handles trade finance transactions.

Responsables de la pratique:

Thomas Bethel; William Breeze

Autres avocats clés:

Rakhee Patel; Kerry Reid; Helen Beatty

Les références

‘The team is available to discuss, quick to turn around legal documentation, very attentive and technically great.’

‘The team has a lot of strength in depth and works very well together: we were up against a very tight deadline over the Christmas and New Year period. They worked extremely hard and the level of support they provide to the in-house legal team and the business teams was first-class; the level of service was faultless. They were also very flexible/reasonable on fees when the initial scope of work changed. They struck the right balance with partner/associate involvement.’

‘The team was friendly, responsive and competent in delivering our desired outcomes.’

‘William Breeze is a partner who listens to the concern of the client. He has a calm, pleasant and patient personality. I really appreciate his willingness to discuss.’

‘The team was very organised and very thorough. Very impressive legal knowledge and drafting skills, and this allows them to provide clear, practical advice. I had Covid when I was working on a matter with them, and felt I could rely on them 100% – they had my back. They’re a pleasure to work with and would certainly work with them again.’

‘William Breeze and Kerry Reid managed our case well and were efficient and cost-effective.’

Principaux clients

BNP Paribas

HSBC

The Carlyle Group

Societe Generale

DNB Bank

ING Bank

Natixis

Trident Energy

African Export Import Bank

Dynamic Mining

Principaux dossiers

  • Advised BNP Paribas on a $1.65bn acquisition reserve-based lending financing in connection with Ithaca Energy’s acquisition of the shares of Chevron North Sea Limited which owns oil and gas assets in the UK North Sea.
  • Advised Trident Energy (as purchaser and as borrower) on its first-of-a-kind RBL financing and acquisition of Brazilian oil and gas assets from Petrobras (as seller).
  • Advised the lenders to Karoon Petróleo e Gás Ltda, a subsidiary of Australian listed oil and gas company Karoon Gas, on the reserve-based lending facility for the acquisition of the Baúna oil field in Brazil’s Santos Basin from Petrobras.

Mayer Brown International LLP

Mayer Brown International LLP has 'expertise in trade finance, particularly in emerging market issues, and the team are very friendly, professional and approachable'. Over the last two years, the firm has built up its presence in trade finance and asset-based lending, including complex global receivables financing structures. The firm recently acted for Burundi-based multilateral financial institution Eastern and Southern African Trade and Development Bank (TDB) in the amendment and restatement of a $285m secured pre-export finance facility for Alliance One subsidiaries. Alex Dell, who leads the banking and finance practice, and Ashley McDermott, who specialises in cross-border finance transactions, particularly syndicated loans, are the key practitioners. Meredith Campanale also has a major role in multi-sourced financings in the energy and infrastructure sectors, as does Charles Thain in ABL, receivables finance and trade finance.

Responsables de la pratique:

Alex Dell

Autres avocats clés:

Ashley McDermott; Meredith Campanale

Les références

‘Expertise in trade finance, particularly in emerging market issues.’

‘The team are very friendly, professional and approachable.’

‘Knowledge of various trade finance structures as well as the ability to understand new structures. Global expertise which is important given global nature of trade finance transactions.’

‘Charles Thain was excellent. He seems to be driven by enjoyment of collective problem-solving rather than just making money.’

‘Very nice and helpful individuals.’

‘Quick response times and the ability to be flexible.’

Principaux clients

ING

TDB

Addleshaw Goddard

Addleshaw Goddard has a strong track record in mid-market trade finance transactions, as well as in a variety of working capital products on the lending side. Alongside traditional trade finance structures, it also handles supply chain finance, receivables financing, off-balance sheet facilities and structured finance deals. The practice principally acts for clearing banks, overseas banks, funds and specialist sector providers, though it also advises significant borrower clients on key strategic transactions. Practice head Mike Davison leads the practice and has ‘first-class knowledge of trade finance documentation and delivers an excellent service‘. Managing associate Lauren Priest-Stephens also plays a key role in the practice.

Responsables de la pratique:

Mike Davison

Autres avocats clés:

Lauren Priest-Stephens

Les références

‘Mike Davison has a first-class knowledge of trade finance documentation and is well connected and regarded to allow him to deliver an excellent service.’

Principaux clients

Advance Global Capital

Bank Leumi

ABN Amro Commercial Finance

PNC Business Credit

Bank of London and the Middle East

HSBC Invoice Finance

BNP Paribas Commercial Finance

Close Brothers

Leumi ABl Limited

FimBank Plc

Wyelands Bank

Shnhan Bank

gunnercooke LLP

gunnercooke LLP‘s commodities and trade finance practice continues to grow its presence in the market, acting for lenders and borrowers including alternative finance providers, international banks with a UK presence, and commodity traders in complex cross-border transactions with a focus on emerging markets. Its work covers pre-payment and offtake financings, structured trade and commodity finance, and supply chain financing, spanning the oil, natural gas, electricity, coal, metals, agricultural products and renewable energy markets. Veronika Koroleva and Marc Weisberger are the key practitioners in an ‘innovative and client-centric‘ team.

Autres avocats clés:

Veronika Koroleva; Marc Weisberger

Les références

‘I find the firm and staff very available for consultation regardless of time or notice if I want to discuss my matter. Billing negotiations are short, straight forward and very flexible.’

‘Personal service, excellent knowledge.’

‘My primary contact is Marc Weisberger and his de-escalating approach and well-considered advice have been invaluable. He is always available to talk, chat and respond to email and make us feel like we are his only client.’

‘Innovative and client-centric.’

Principaux clients

SOCAR Trading SA

ExWorks Capital

Green Biofuels Limited

Blackstar Asset Management

Cabipa Nigeria Limited, Nigeria and Eterna plc, Nigeria

Mizrahi Tefahot Bank Limited, London Branch

Ark Trade LLP

Worldwide Supply Chain Solutions International Limited

7 Sigma FinTech Limited

Korea Development Bank

Principaux dossiers

  • Advised on a portfolio of loans to corporates making cross-border supplies, ranging from aircraft refurbishing projects to temporary Olympic stadiums and PPE equipment.
  • Advised on the set up of one of the first decentralised gold commodity exchanges.
  • Advising on a dispute with a trade finance bank and a vessel owner concerning ownership and control of a cargo previously owned by a defaulting client of the bank.

HFW

HFW brings together extensive experience in commodities and banking to handle pre-export financings, receivables finance, syndicated revolving credit facilities, pre-payment deals, repos and inventory monetisation. Practice head Philip Prowse is a veteran practitioner, working with the firm's offices in Geneva, Singapore and the Middle East to assist lenders, borrowers, suppliers, producers, processors, distributors, insurers, logistics operators and end-users of commodities. His deputy Adam Topping is a lead partner supporting financial institutions, hedge funds, energy companies, utility groups and corporates on transactional matters. Structured trade and commodity finance partner Matthew Cox joined from Simmons & Simmons, bringing a long track record in assisting banks, funds, commodity producers and commodity traders. Senior associate Jameel Tarmohamed specialises in structured commodities trade finance and digital trade.

Responsables de la pratique:

Philip Prowse; Adam Topping

Autres avocats clés:

Matthew Cox; Jameel Tarmohamed

Principaux clients

Trafigura Pte Ltd

Watson Farley & Williams LLP

Watson Farley & Williams LLP has in-depth expertise in niche areas of the commodities finance market, particularly reserve-based lending and other financing transactions for energy companies. Joe Levin leads the firm's upstream finance practice from London and he has a strong track record in energy and natural resources financings across the UK, Africa and the Middle East. His group recently assisted arranging banks including DNB Bank in increasing Chrysaor’s debt facility from $3bn to a $4.5bn RBL facility. He is supported by partners in the global oil and gas group, among them Chris Kilburn.

Responsables de la pratique:

Joe Levin

Autres avocats clés:

Chris Kilburn

Principaux clients

DNB Bank, Bank of Montreal, BNP Paribas and ING Bank

IPR Energy Group

CalEnergy Resources

Coro Energy plc

Advance Energy plc

Chesterfield Resources plc

FBN Bank (UK) Ltd

United Oil & Gas plc

PTT Public Company Limited

Circle Gas

Principaux dossiers

  • Advising DNB Bank, Bank of Montreal, BNP Paribas and ING Bank as arrangers and a syndicate of 20+ lenders on increasing Chrysaor’s debt facility from $3bn to a $4.5bn reserve-based lending facility (RBL). Chrysaor will use in excess of $1.6bn of drawings from the RBL to fund its merger with Premier Oil, a key deal of 2020 in the UK North Sea (and globally) in the upstream sector.
  • Advising IPR on its financing and acquisition of certain onshore Egyptian producing upstream assets from Dana Gas Egypt (DGE) for a consideration of up to $236m. DGE’s parent company, Abu Dhabi-listed Dana Gas, is the Middle East’s first and largest regional private sector natural gas company. IPR is a leading private E&P operator in Egypt with nine concessions and a strong track record of enhancing the recovery of mature producing oil and gas fields.
  • Representing PTT Public Company Limited, the Thai state-owned SET-listed oil and gas company, in a Supreme Court hearing in November 2020 in front of Lord Hodge, Lady Arden, Lord Sales, Lord Leggatt and Lord Burrows.