Project finance
We are proud to have worked on a number of the most exciting development projects around the globe.
In Asia, we advised State Bank of India on a US$150 million facility for the Oil and Natural Gas Corporation of India. In the Middle East, we acted as the senior agent to lenders on the Cross Israel Highway on a US$200 million project, acting through a wholly owned subsidiary and funded by local lenders, led by Bank Hapoalim.
In Europe, we have assisted the European Bank of Reconstruction and Development with an array of projects, from a shopping mall in Jordan to a supermarket in Slovenia. And we helped a major Italian bank in the construction of a motorway in Croatia, advising on the €225 million financing for the section of the road linking Zagreb to Gorican.
Working with international banks and multinational borrowers, we see it as our role to make these projects come to fruition. We can advise our clients from the early stages of project structuring on risk allocation between different counterparts, bidding procedures and concession agreements, as well as on project bankability and security arrangements.
Whether you need help with term loans, syndications, guarantees, securitization, insolvency, joint ventures, contracts or insurance, our international team can guide you every step of the way. We offer meticulous planning and logistical support, drafting loan agreements and contracts, and ensuring that our clients have security over assets.
We understand that the complexities of banking law present challenges for our clients and we seek to provide clear advice, focused on meeting your business needs.
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19 March 2018 - Firm News
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Track record
CIT
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
International Bank for Reconstruction and Development
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.
Windfarm development
Connective Energy Limited
Wendon Renewables Limited
US$147 million mining project in Russia
EPC contract advice for a waste-to-energy project
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.
Biofuels plant development
Feasibility, development and implementation of photovoltaic projects for AEE Renewables Plc
Solar project sales for AEE Renewables Plc
Enfinity Group's photovoltaic projects
Guarantees in the aggregate amount of £370 million
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.
Financing for a project in Romania
Design and construction project for a motorway in Croatia
Refinancing of a US$200 million coal mining infrastructure project
SGD$45 million industrial construction project
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.
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.
€40 million loans to Sogefi
$85 million financing package for marine oil receiving terminal
€94 million ECU project
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
Thor Equities and Invesco
Via della Spiga 26 is a beautiful building in the 'golden triangle' of Milan, housing Dolce & Gabbana's flagship store as well as the offices of Tiffany & Co. We helped Thor Equities and Invesco to acquire the site, negotiating with a family who had held the property for generations and were initially locked in dispute between themselves. Our clients and the vendors were grateful for our help in brokering what had seemed an impossible deal.
TASI Holdings
We advised TASI Holdings on the acquisition of business in a US tech company that produces long-range wireless sensor networks, used primarily in the oil and gas industry. This is TASI's fifth acquisition since 2011. TASI provides advanced test and inspection instrumentation & systems, flowmeters and flow control products, measurement instrumentation and automated assembly and test systems around the globe in a variety of sectors including: automotive, life science, oil & gas and food & beverage.
Syracuse University
We advised Syracuse University (USA) on its London Program which involved the acquisition of premises for use for educational purposes; employment advice in relation to urgent dismissal for gross misconduct; governance arrangements, including appointment of an interim director and new trustees; conflicts of interest in connection with the Programme's relationship with the University; advice and assistance in relation to sub-licenses for occupation of premises by other educational organisations, including in relation to real estate matters and tax treatment of revenues. The work represents a mature study abroad programme operating in the UK and in Europe, raising a variety of operational issues.
Soho House joint venture
Newlat acquisition of Kraft Heinz’s production plant
The Newlat Group is one of the top ten players in the Italian food sector, with a turnover exceeding US$355 million. Its business is focused on milk and wheat-based products, with an existing base of 11 production plants. We advised Newlat on the acquisition of Kraft Heinz’s Italian infant food and nutraceuticals production plant. The Parma plant owned by US food giant Kraft Heinz, produces the well-known Plasmon biscuits as well as pasta, liquid milk, dry milk and cereals, among other products. The deal included an arrangement for Newlat to manufacture infant milks and nutrition products including Kraft Heinz owned products.
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.
MediaRing Ltd US$82 million loan for takeover
US$437 million loan restructure
We acted for PT Bakrie & Brothers Tbk and Long Haul Holdings Ltd on the restructure of a US$437 million loan. This loan was from various financial institutions with the Singapore branch of a major bank as the structuring agent, and related to the acquisition of a 29.2% interest in PT Bumi Resources Tbk from Asia Resource Minerals plc for US$501 million in cash and the disposal of the Bakrie Group's entire 23.8% indirect interest in Asia Resource Minerals plc to Ravenwood Acquisition Company Limited.
US$17 million intercompany loan
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
Control Risks Group Holdings Ltd £28 million loan financing
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