Banking and finance

We advised Sogefi SpA in a €160 million facility arranged by ING Bank NV, Milan Branch (1), Intesa Sanpaolo SpA (2) and ING Bank NV, Milan Branch as agent (3) for the refinancing of existing indebtedness and general corporate purposes.

We advised three major Indian banks in the issuance of guarantees to European Investment Bank for a major supplier of luxury cars in the respective amounts of £260 million, £50 million and £60 million.<br />

We advised a major international bank in the financing of six aircraft sold by a major US airline to a leasing company and then to Swedish limited partnerships.

We advised an aircraft investment company on the purchase from Sumitomo Bank of 2 Cayman Island companies as lessors of two Boeing 767-204 ER and on their operating leases with a South Asian national carrier.

We advised a multinational company on demand requirements under a standby letter of credit in the light of foreign injunctions and legal proceedings.

We advised an equipment supplier on letters of credit supporting construction arrangements for a chemical plant.

We advised major Indian banks in respect of trade finance facilities for a number of their UK customers.<br />

We advised Targetti Sankey SpA in a €242 million syndicated loan to assist in the acquisition of the Danish lighting company Louis Poulsen Lighting A/S.

We advised a main London Stock Exchange quoted Kazakh Company on issues arising in connection with a Luxembourg listed USD$200 million convertible bond issue and mandatory convertible bond.

We represented EBRD on an $87 million loan to KEGOC to expand an electricity transmission line in Kazakhstan.

We advised AES Corporation, Aquila and El Paso on various power projects, including project company acquisitions and disposals in the United Kingdom, eastern Europe and Africa on the following projects: Aquila in connection with its $2.1 billion acquisition of Midland Electricity plc; and El Paso on the disposal of its minority interest in the Kladno power project in the Czech Republic and its exit from a power project in Fife, Scotland.

We advised on the purchase of a £15 million estate comprising diverse assets including a private water supply.

We represented Clipper Windpower in connection with Turbine Supply arrangements with Crown Estates for an offshore UK wind farm.

We advised HBOR, the Croatian Development Bank, in connection with a loan to a local biomass project.

We represented a group of UK landowners on fuel supply arrangements for wood fuelled bio generator projects in the UK.

We advised a landowner on the lease of a UK site for the development of a windfarm consisting of 18 turbines.

We advised Connective Energy Limited, a venture between Tridios Renewables, Mitsui Babcock and the Carbon Trust, on various UK heat solutions. This included heat supply agreements and industrial gas supply agreements.

We advised Wendon Renewables Limited, a UK developer, on an investment in a UK biomass project.

We advised Deutsche Bank on a loan of £10 million secured on a collection of silver.

We advised on the establishment of a set of precedents for art lending for a leading clearing bank in the United Kingdom.

We represented the IFC, FMO and DEG on an $85 million financing package for the construction of a marine oil receiving terminal, and a petrol distribution network in Turkey.

We acted for a syndicate of Italian banks for a €94 million ECU project in Romania involving European Investment Bank.

We represented Astelit, a Ukrainian telecommunications company controlled by Turkish GSM operator Turkcell, on a $540 million financing (at such time the largest private financing in Ukraine) to expand its mobile network.

We advised IFC on a $90 million telecoms project financing in the Dominican Republic.

We assisted US based and NYSE listed telecommunication companies in various assets acquisitions in Mexico, Brazil and Argentina.

We represented First Corporate Shipping Limited on a financing of construction at the Bristol Port in the UK led by BHF Bank, and also in connection with facilities construction finance by users of Bristol Port.

We acted for certain of the local sponsors of the Macauport project in connection with shareholders' issues, port and waterways regulatory issues, as well as facilities and equipment sharing arrangements with other shareholders.

We acted for a major Indian bank in financing a steel galvanising plant in Nigeria.

We acted as counsel to Metaltech plc on disposals of its international steel businesses and financing arrangements with secured creditors.

We advised EBRD in connection with a €70 million project loan for an industrial gas facility in Russia.

We acted for Progress-foreign trade firm of the Ukrainian Government in a USD$500 million export project.

We acted for an Indian bank lending alongside the World Bank in the building of a rice factory in Central India.

We acted as counsel to a syndicate of banks lead-arranged by ZAO Raiffeisenbank Austria with respect to a USD$43 million secured syndicated loan facility to Alini Investment BV. <br /> <br /> The proceeds of this loan were used for the construction and development of an office-center in central Moscow.

We advised Citibank International Plc, an affiliate of Citibank N.A., on its adherence to OPIC Framework Guarantee Facility Agreement (Global Housing II Program) between Citibank N.A., as facility agent, and Overseas Private Investment Corporation (OPIC), an agency of the United States of America. This was to enhance and expand their lending services to clients located in the OPIC priority countries including Vietnam, Bangladesh, Kenya, Tanzania, Algeria, Philippines, Armenia, Botswana, Ghana, and others.

Radicle Projects Plc is an investor in Australian agribusiness projects, including bio forests and energy crops. We advised on Radicle Projects Plc's convertible debt offering of and listing on Luxembourg Stock Exchange's Euro-MTF market.

We represented a multilateral agency on a €123.5 million loan to Hrvatska Elektroprivreda DD to finance the construction of a 68MW Ombla hydroelectric power plant at the Rijeka Dubrovacka Bay near Dubrovnik.

We advised an American specialist engineering contractor on EPC contracts to retro-fit existing coal fired power stations with 'green' technology. These contracts were based on various FIDIC, NEC3 and bespoke terms. We also offered additional advice on joint venture arrangements with other specialist contractors.

We advised a developer on an EPC contract to deliver a waste-to-energy project in London.

We advised two developers in connection with their construction and funding arrangements for rural anaerobic digestion facilities. Both contracts required the preparation and negotiation of bespoke EPC contract terms, direct agreements and other supporting documents.

In a SGD$325 million project finance for development of an aromatics plant in Singapore, our team acted as Singapore counsel to the bank syndicate.

Withers has represented Master Chem Oil Ltd on a range of projects including the financing and development of an oil receiving terminal in the Black Sea, Romania, along with general advice on the company's financing arrangements.

Withers have represented a multilateral agency as lead international counsel on €50 million worth of sustainable energy projects. This representation included the securing of loans to companies in Albania, Serbia, Kosovo, Bosnia, Macedonia and Croatia for the development of hydro power plants, a biomass plant, and to support energy efficiency improvements.

Hightex Group is a UK, Swiss and German membrane and renewable energy company. Withers has acted for Hightex Group on their IPO on the AIM market. We have also advised Hightex Group on their reverse takeover of West 175 Media Group Inc., the acquisition of HighTex International (HTI) AG, and on the acquisition of SolarNext AG, a German company active in the solar and alternative energy sectors.

Ariston Thermo SpA is one of the world's leading manufacturers of boilers, burners and solar thermal equipment, with a current turnover of €1.1 billion, they have 6,500 employees and are present in 10 countries with 18 production sites and distribute their products in over 150 countries. Withers have advised on the acquisition of a UK distributor of boilers on Ariston Thermo SpA's behalf.

Withers have represented a developer of a biofuels plant in St Petersburg, Russia.

AEE Renewables Plc is a German-based integrated project developer of photovoltaic and hydro power energy systems. Withers has represented AEE Renewables on all aspects of the feasibility, development and implementation of its photovoltaic projects in Germany, UK and Turkey.

Withers have represented AEE Renewables Plc on the recent sale of four of its UK solar projects to publicly traded venture capital funds, and joint ventures with the land owners and other project participants.

Withers are currently working with one of the PRC's largest financial institutions on clean energy opportunities, including advising on the establishment of a resources and energy fund.

We have assisted one of Italy's largest landowners on the financing of a photovoltaic project.

Enfinity Group is a Belgian based fully integrated project developer, financier, operator and trader of photovoltaic and wind power energy systems. Withers are proud to have represented Enfity Group on all aspects of their photovoltaic projects, particularly in Italy.

We have advised Indian Public Sector Banks on guarantees in the aggregate amount of £370 million issued by three major banks in favour of EIB. This was in relation to a loan made by EIB to Land Rover for R&D in emissions reduction.

We acted for PT Bakrie Kalila Investment on the successful sale and lease back transaction of a Bombardier corporate jet. This transaction was financed via issuance of a promissory note and was closed using escrow arrangements due to numerous interested parties involved and where sale/release of the aircraft has to be done simultaneously.

International Marine Services Pte. Ltd ("IMS") is a subsidiary of Scomi Marine Berhad, a company listed on the Main Board of Bursa Malaysia. Withers acted for IMS in respect of its approximately USD$170 million loan from a major offshore bank, which was taken in connection with the purchase of the entire marine logistics business from Chuan Hup Holdings Limited for SGD$570 million in Singapore.

We acted for a Chinese bank in a USD$39 million loan for the financing of two vessels flagged in Hong Kong. Security for this loan included the provision of a put option for the purchase or bareboat charter of the vessels in an event of default, as well as the provision of a guarantee from a Chinese state-owned company.

We acted for an Irish aircraft leasing company in the financing and subsequent re-financing, acquisition and leasing of a Boeing 737-800 aircraft leased to an Indonesian operator and subleased to that Indonesian operator’s newly established Malaysian subsidiary. The aircraft was financed through a warehouse facility with a Swiss bank and later refinanced via a term loan with a French bank in Singapore.

Withers acted for a Chinese leasing company in the sale and leaseback of 139,941 containers by a Chinese marine shipping company. The acquisition was financed by a USD$233 million loan facility from a German bank and a Chinese bank in Singapore.

For the pre-delivery and post-delivery financing of four vessels being built by a Korean shipyard, we acted for a Singaporean bank in a USD$410 million secured term loan made to the Singapore SGX listed borrower.

We acted for a Norwegian bank in Singapore in a USD$33.1 million purchase of receivables. This purchase was backed by a Chinese export credit insurance agency under a container lease agreement made between a Singapore container operating company and an SPV for the purpose of financing the purchase of 2,000 containers.

In addition to providing legal due diligence on the issue of aircraft owning and leasing in Singapore, we acted as Singapore counsel to aircraft financing subsidiaries of an English bank in the sale and leaseback of eight aircraft operated by a Singapore airline.

We acted for a German bank, a Finnish bank and a Norwegian bank in Singapore in the discharge of mortgages over 41 Singapore-flagged, Hong Kong-flagged and Liberian-flagged vessels owned by an Indonesian shipping company. The discharge of mortgages was made simultaneous with the refinancing and global restructuring of that Indonesian shipping company’s debt.

We acted for a syndicate of Italian banks, including a major European bank, to finance a project in Romania.

Withers acted for a major Italian bank to finance a design and construction project for a motorway in Croatia.

We advised a Turkish bank in financing the privatisation of the airport in Prishtina, Kosovo via a public private partnership with a Turkish and French consortium. This included advising on the PPP Agreement, the ‘bankability’ of that documen,t and the relevant direct agreement.

We acted for MediaRing Ltd. in Singapore, in respect of its US$82 million loan from a major bank. This loan was taken in connection with the proposed takeover of Pacific Internet Limited, a company listed on the NASDAQ Stock Market Inc., by MediaRing Ltd.

We advised an Asian finance house on its affiliate's entry into a satellite services supply contract, and on the establishment of an aerospace joint venture.

PT Bakrie Global Ventura (BGV) is part of the Bakrie group of companies, and has business interests spanning the oil and gas, mining, agribusiness, telecommunications, metals and the infrastructure industries, many of which are publicly listed under one of Indonesia’s largest diversified groups, PT Bakrie & Brothers. Withers acted for BGV on a US$52.6 million loan from Orchard Centar Master Ltd and OL Master Ltd to Equity Mark Holdings Limited.

We acted for PT Bumi Resources Tbk as borrower on US$195 million worth of loans arranged by two major banks. The proceeds of the loans were used to finance the acquisition of 5% of shares in PT Kaltim Prima Coal during a corporate restructuring. <br /> <br /> These transactions were part of 13 related transactions which were aimed at reducing BUMI’s existing debt with China Investment Cooperation. This loan transaction was taken with intercreditor arrangements in place, where creditors agreeing to accede to the intercreditor arrangements share a pool of common security with other creditors. This transaction also involved a repayment mechanism based on existing cash distribution and waterfall agreements.

We acted for Oceanpro Investments Limited as borrower on its US$32 million loan facilities from a major bank. This loan was used for the purpose of indirect acquisition of stakes in an Indonesian coal mining company, PT Kutai Bara Nusantara.

We acted for PT Bakrie & Brothers Tbk and Long Haul Holdings Ltd in respect of their US$1.345 billion loan from a syndicate of banks. The loan was taken in connection with the sale by BNBR and LHH of approximately 25% of their shares in PT Bumi Resources Tbk to Vallar plc.

We acted for PT Bumi Resources Tbk and its subsidiaries on various loan transactions. Lenders have included four major banks, and to-date, the aggregate value of all loans transacted is more than US$3 billion.

We acted for PT Recapital Advisors in respect of its US$600 million loans from the Singapore branch of a major bank. The loans were taken in connection with the purchase by a Recapital subsidiary of 90% of the shares in PT Berau Coal.

We acted for the PT Bumi Resources Tbk group on various lease finance transactions amounting to more than US$200 million.

We advised a multilateral agency on a US$147 million financing for a mining project in Russia.

We advised on the privatisation of the Scottish electricity industry. This privatisation included the whole pre-IPO reorganisation, and hiving off of the Grid and the Nuclear industry.

We advised a multilateral agency on their equity investments in a Serbian bank, and a shareholders agreement with the Republic of Serbia including on a privatisation programme.

We acted for Carta Isnardo Spa in the tendering procedure and further negotiations of a supply contract for the resurfacing of roads in Kosovo.

We advised a facilities management company on EU tender procedures and drafted tender documents for the provision of conferencing and related services to the UK Cabinet Office.

We acted for a bank in the financing of up to SG$45 million involving the construction of an industrial project on Jurong Town Council land in Singapore.

Advised the senior agent to existing international lenders to the Cross Israel Highway. Also known as 'Highway 6' and 'the Trans-Israel Highway' we advised on the financing provided to the concessionaire, Derech Eretz Highways Ltd. Operating what is the largest toll road in Israel, the highway has generated investment in excess of USD$1 billion and was the biggest infrastructure project in Israel for many years and was the first major build-own-operate-transfer project in Israel.

We advised a number of 'for profit', not-for-profit and government bodies on various collaborative ventures and public private partnership projects, including:<br /> - acting for a facilities management company in tender to provide conferencing and related services to the UK Cabinet Office; <br /> - acting for a joint venture between a care homes operator and a registered social landlord in its successful bid to take over the operation of a portfolio of care homes previously owned and managed by a local UK authority. (this involved advising on the financing of the bid); <br /> - acting for a consortium of general practitioners to establish a partnership to provide 'out of hours' and other GP services to a number of UK NHS Primary Care Trusts; <br /> - acting for a number of bidders 'spinning out' of an existing NHS body where the NHS body became a commissioner of services and our client the service provider; <br /> - acting on a consortium bid for 15 charities to run international humanitarian projects funded by the Department for International Development;<br /> - acting on various UK schools projects - in particular the establishment of Academies to take over the operation of failing schools and negotiating the development arrangements under the Building Schools for the Future Programme which often involve the re-negotiation of existing PFI arrangements.

We acted for a bank in the financing to an international school in Singapore for the construction of an additional building to its existing campus.

We acted for a wholly-owned subsidiary of a Singapore listed company in the purchase of a commercial complex with an acquisition value of SG$402 million, and the related syndicated loan of SG$309 million to finance the purchase in Singapore.

We have advised banks and borrowers in Singapore on project financing for the development of hotel/office/shopping complexes, residential estates, highways, pipelines, petrochemical plants and other industrial developments, and financing for the acquisition of hotels, hospitals, plantations, commercial and industrial buildings and complexes and the takeover of companies, secured against all kinds of assets and guarantees, in jurisdictions such as Australia, China, Hong Kong, India, Indonesia, Malaysia, Myanmar, the Philippines, Thailand, United Kingdom, Vietnam, and others.

For the construction of a 17 story complex, we acted for a bank in Singapore in the grant of banking facilities of up to SG$98 million.

We acted for an international school in the financing of SG$87.56 million from DBS to acquire state land, and construct and develop a new school building in Singapore.

We acted for the management of a US$50 million freeze-pack plant for fresh vegetables in Zimbabwe.

Withers represented a multilateral agency on project and other structured financings in Russia, Poland, Ukraine, Kazakhstan, Hungary, FYR Macedonia, Bulgaria, Estonia, Turkey, and Pakistan on a variety of projects. These include: <br /> - the multilateral agency on its €250 million Western Balkans and Croatia Financing Framework for banks and non-banking financial institutions, including leasing companies. Micro-finance institutions, factoring companies, consumer finance companies, mortgage companies and insurance companies operating in Albania, Bosnia and Herzegovina, FYR Macedonia, Montenegro, Serbia, Kosovo and Croatia; <br /> - the multilateral agency on its US$40 million framework facility which was available to qualifying Kyrgyz participating banks and financial institutions in the form of credit-lines (including mortgage loans, SME loans and consumer finance loans) by the agency to the local financial institutions or through the agency making minority equity investments in the local financial institutions. The purpose of this was to improve financial intermediation in the Kyrgyz Republic and to assist in the development of the non-banking financial intermediation sector.

We represented Control Risks Group Holdings Ltd on a £28 million loan financing from a major bank to support international operations.

Sogefi are a manufacturer of components and filter systems for the automotive industry. We acted for Sogefi in relation to two loans of €40 million in total, which were made by a major bank to finance their research and development programme.

We advised on a grant agreement between the Republic of Croatia and the International Bank for Reconstruction and development. This included advising on the project implementation agreement and overall financing structure in connection with a global environment facility trust fund grant for renewable energy projects in Croatia.

A telecommunications equipment manufacturer providing customer financing for the construction of telecom fiber networks in Mexico and other Latin American countries engaged us to advise.