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Banking and finance

Our banking and finance team is involved in landmark deals across the globe. Our long history of working in private banking helps us offer tailored advice to individuals, entrepreneurs and companies looking to arrange all types of finance.

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From representing families through to banks, founders, innovators and philanthropists, our banking and finance team has been involved in some incredibly exciting deals.

The nature of our client base means that the banking and finance advice we provide is highly bespoke in nature. 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 most successful people, sets us apart. Our banking and finance team’s experience covers all aspects of the deployment of private capital 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 around 200 partners working across Europe, the USA and Asia Pacific our 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 restructurings in Southeast Asia 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.

How we can help

Acquisition and leveraged finance Art finance Asset finance

Project finance Property finance Trade finance

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.

Mr. Hendriyanto, Director of PT PLTG Celukan Bawang

Track record

A multilateral agency

Advising a 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.

Bidders 'spinning out' of NHS body

Acted 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.

Consortium bid for 15 charities

Acted on a consortium bid for 15 charities to run international humanitarian projects funded by the Department for International Development.

Consortium of general practitioners

Acted 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

UK schools projects

Acted 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.

Joint venture between care homes operator and social landlord

Acted 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).

Over $50 million Commodity Murabahah Islamic financing facilities

Represented RHB Bank Berhad, Singapore Branch in the over $50 million Commodity Murabahah Islamic financing facilities for a leading hotel owner and operator, to be secured by a mortgage over the hotel property as well as corporate and personal guarantees and debt subordinations.

United Overseas Bank Limited and DBS Bank Ltd

Represented United Overseas Bank Limited and DBS Bank Ltd in the first private industrial property fund established by industrial solutions specialist, Boustead Projects Limited

Mexican telecoms project

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.

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.

€40 million loans to Sogefi

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.

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.

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. We advised on the financing provided to the concessionaire, Derech Eretz Highways Ltd. Operating 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 the first major build-own-operate-transfer project in Israel.

Carta Isnardo Spa

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

UK Cabinet Office

Acted for a facilities management company in tender to provide conferencing and related services to the UK Cabinet Office.

Control Risks Group Holdings Ltd £28 million loan financing

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

Equity investments in a Serbian bank

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.

EU tender procedures

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.

Freeze-pack plant in Zimbabwe

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

International school in Singapore

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.

Privatisation of the Scottish electricity industry

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.

SGD$87.56 million state land acquisition

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.

A multilateral agency

Advising a multilateral agency on its €250 million Western Balkans and Croatia Financing Framework for banks and non-banking financial institutions, including leasing companies.

US$147 million mining project in Russia

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

US$32 million loan for the indirect acquisition of stakes in Indonesian coal mining company

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.

US$600 million loans for purchase of 90% of shares in PT Berau Coal

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.

€123.5 million loan to finance a hydroelectric power plant

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.

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

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

Clean energy opportunities and establishment of a resources and energy fund

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.

Construction and funding arrangements for rural anaerobic digestion facilities

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.

Design and construction project for a motorway in Croatia

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

Enfinity Group's photovoltaic projects

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.

EPC contract advice for a waste-to-energy project

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

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.

Feasibility, development and implementation of photovoltaic projects for AEE Renewables Plc

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.

Financing for a project in Romania

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

Financing of a photovoltaic project in Italy

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

Financing the privatisation of the airport in Prishtina, Kosovo

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 document, and the relevant direct agreement.

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.

Guarantees in the aggregate amount of £370 million

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.

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.

Master Chem Oil Ltd for the financing and development of an oil receiving terminal

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.

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.

Sale and leaseback of 139,941 containers by a Chinese marine shipping company

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.

Solar project sales for AEE Renewables Plc

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.

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.

$85 million financing package for marine oil receiving terminal

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.

£15 million estate purchase

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

€70 million project loan for EBRD

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

€94 million ECU project

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

A multinational company

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

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 UK, 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.

An aircraft investment company

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.

An equipment supplier

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

Astelit

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.

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.

Clipper Windpower

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

Connective Energy Limited

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.

Deutsche Bank

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

EBRD

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

First Corporate Shipping Limited

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.

Fuel supply arrangements

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

HBOR

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

IFC

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

London Stock Exchange quoted Kazakh Company

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.

Macauport project

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.

Major banks in India

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

Major international bank

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.

Metaltech plc

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

Radicle Projects Plc

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.

Sogefi SpA

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.

Targetti Sankey SpA

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.

The financing of a steel galvanising plant

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

Three major banks (India)

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.

US telecommunication companies asset acquisitions

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

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.

The proceeds of this loan were used for the construction and development of an office-center in central Moscow.

USD$500 million export project

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

Wendon Renewables Limited

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

Windfarm development

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

Boustead Projects

Acted for Boustead Projects as borrower in the S$74 million secured credit facilities from United Overseas Bank Limited to partially finance the acquisition of the land and the development of the project to develop a high-specification multi-tenanted industrial building.

Our team

Rachel Hawkins

Partner | London

Rachel Hawkins

Partner | London

Corporate tax

Email Rachel

+44 20 7597 6450

Gerald Fujii

Partner | Tokyo

Gerald Fujii

Partner | Tokyo

Commercial real estate

Email Gerald

+81 3 6810 2563

Guan Feng Chen

Partner, Withers KhattarWong* | Singapore

Guan Feng Chen

Partner, Withers KhattarWong* | Singapore

Banking and finance

Email Guan Feng

+65 6238 3268

Kenneth Szeto

Partner, Withers KhattarWong* | Singapore

Kenneth Szeto

Partner, Withers KhattarWong* | Singapore

Banking and Finance

Email Kenneth

+65 6238 3074

Xanthe Lok

Partner | London

Xanthe Lok

Partner | London

Banking and finance

Email Xanthe

+44 20 7597 6155

Sergio Anania

Partner | Milan

Sergio Anania

Partner | Milan

Banking and finance

Email Sergio

+39 02 8821 4227

Patricia M. Lee

Partner | New York

Patricia M. Lee

Partner | New York

Corporate

Email Patricia

+1 203 328 2229

Naoki Ueyama

Partner | Tokyo

Naoki Ueyama

Partner | Tokyo

Commercial real estate

Email Naoki

+81 3 6810 2564

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Withers represented Park Amber Limited in a HK$700 million structured loan financing

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