Property finance
Banking and finance
From Renault's takeover of the Lotus Formula 1 team to Hinduja Group’s £300m purchase of the Old War Office in London, we have been involved in some incredibly exciting deals.
Whether you are lending or borrowing, the depth of our technical knowledge and the breadth of our global reach, along with our work for some of the world’s wealthiest people, sets us apart.
Our banking and finance team’s experience covers all aspects of capital deployment and banking regulations.
This includes the acquisition, disposal and financing of assets and investments; restructuring and insolvency matters; and complex litigation (including fraud and cross-border asset tracing).
Speaking many languages and with 160 partners working in 17 offices around Europe, the USA and Asia Pacific, the team can provide relevant advice across multiple legal disciplines, time zones and jurisdictions.
Borrowers
Over our long history of acting for successful individuals and families we have developed a strong private banking practice. We are particularly well placed to assist with real estate, art, aircraft and shipping finance. In Asia Pacific, our team managed one of the largest debt restructuring in Southeast Asia since the 1997 financial crisis for a well-respected Indonesian conglomerate.
Entrepreneurs and businesses frequently call on us when they are looking to arrange finance. Perhaps you are looking to acquire a competitor, or expand internationally. Our team will explain options and work with you to identify the best course of action.
Lenders
We are the firm of choice for many high-profile creditors, such as banks, suppliers and venture capitalists to assist with lending transactions across a wide range of industries around the world. Clients we have acted for include State Bank of India, HSBC, Capital One, Barclays, Bank of China, Royal Bank of Canada and the European Bank for Reconstruction and Development, as well as a number of other major Italian and Indian banks.
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07 April 2020 - Article
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Blockchain, cryptocurrency and decentralized finance
Whether you are an investor, issuer, innovator, promoter or asset manager, learn how we can help you successfully navigate blockchain, cryptocurrency and the decentralized finance ecosystem.
Read moreOne of the best choices for large-scale litigation against banks; the team is able to compete with the Magic Circle firms.
We are impressed with the insightful and efficient advice provided by Withers KhattarWong. They have a keen sense of Indonesian cross-border projects and combined with a strong understanding of Chinese parties, they provided pragmatic and well-thought-out solutions.
Focus areas
Charities and non profit
Funds
Leaders and senior executives
Hotels and hospitality
Art
Talent and creatives
Families and family offices
Technology
Founders
Fashion
Brands
Private companies
Public companies
Government
Entertainment
Family businesses
Energy
High-net-worth individuals
Food and drink
Construction
Insurance companies
Sport
Pharmaceuticals
Sponsorship
Meet the team
View AllHow the banking and finance team can help
Track record
Three major banks (India)
Sogefi SpA
Major international bank
An aircraft investment company
A multinational company
An equipment supplier
Major banks in India
Targetti Sankey SpA
London Stock Exchange quoted Kazakh Company
EBRD
AES Corporation, Aquila and El Paso
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.
£15 million estate purchase
Clipper Windpower
HBOR
Fuel supply arrangements
Windfarm development
Connective Energy Limited
Wendon Renewables Limited
Art lending
$85 million financing package for marine oil receiving terminal
€94 million ECU project
Astelit
US telecommunication companies asset acquisitions
First Corporate Shipping Limited
Macauport project
The financing of a steel galvanising plant
Metaltech plc
€70 million project loan for EBRD
USD$500 million export project
Lending for a rice factory in Central India
USD$43 million secured syndicated loan for Alini Investment BV
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.
Citibank International Plc
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
€123.5 million loan to finance a hydroelectric power plant
EPC contract advice to retro-fit coal fired power stations with 'green' technology
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.
EPC contract advice for a waste-to-energy project
Construction and funding arrangements for rural anaerobic digestion facilities
SGD$325 million project financing
Master Chem Oil Ltd for the financing and development of an oil receiving terminal
Representation for €50 million worth of sustainable energy projects
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.
IPO for Hightex Group
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 acquisition of a UK distributor of boilers
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.
Biofuels plant development
Feasibility, development and implementation of photovoltaic projects for AEE Renewables Plc
Solar project sales for AEE Renewables Plc
Clean energy opportunities and establishment of a resources and energy fund
Financing of a photovoltaic project in Italy
Enfinity Group's photovoltaic projects
Guarantees in the aggregate amount of £370 million
PT Bakrie Kalila Investment sale and lease back transaction of a Bombardier corporate jet
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 purchase of marine logistics business
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.
USD$39 million loan for the financing of two vessels
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.
Financing, re-financing, acquisition and leasing of a Boeing 737-800
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.
Sale and leaseback of 139,941 containers by a Chinese marine shipping company
Pre- and post-delivery financing of four vessels
A USD$33.1 million purchase of receivables
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.
Sale and leaseback of eight aircraft
Discharge of mortgages over 41 Singapore-flagged, Hong Kong-flagged and Liberian-flagged vessels
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.
Financing for a project in Romania
Design and construction project for a motorway in Croatia
Financing the privatisation of the airport in Prishtina, Kosovo
MediaRing Ltd US$82 million loan for takeover
Establishment of an aerospace joint venture
PT Bakrie Global Ventura US$52.6 million loan
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.
US$195 million worth of loans for PT Bumi Resources Tbk
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.
US$32 million loan for the indirect acquisition of stakes in Indonesian coal mining company
US$1.345 billion loan for PT Bakrie & Brothers Tbk and Long Haul Holdings Ltd
Various loan transactions for PT Bumi Resources Tbk
US$600 million loans for purchase of 90% of shares in PT Berau Coal
PT Bumi Resources Tbk US$200 million lease finance transactions
US$147 million mining project in Russia
Privatisation of the Scottish electricity industry
Equity investments in a Serbian bank
Carta Isnardo Spa
EU tender procedures
SGD$45 million industrial construction project
Advised on the USD$1 billion financing of the largest toll road in Israel
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.
Collaborative ventures and public private partnership projects
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.
International school in Singapore
Purchase of a SG$402 million commercial complex
Advised banks and borrowers in Singapore on project financing
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.
SG$98 million construction project
SGD$87.56 million state land acquisition
Freeze-pack plant in Zimbabwe
Structured financings in Russia, Poland, Ukraine, Kazakhstan, Hungary, FYR Macedonia, Bulgaria, Estonia, Turkey, and Pakistan
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.
Control Risks Group Holdings Ltd £28 million loan financing
€40 million loans to Sogefi
Republic of Croatia
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.
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