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.

For further help or information

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19 March 2018 - In The Press

Withers KhattarWong advised Grab on pilot venture – GrabCycle


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Track record

CIT

We advised CIT as senior agent to existing lenders to the Cross Israel Highway on a USD$200 million extension by Derech Eretz Highways Ltd acting through a wholly owned subsidiary and funded by local Israeli lenders led by Bank Hapoalim.

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.

EBRD

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

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

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

Clipper Windpower

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

HBOR

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

Fuel supply arrangements

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

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

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

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.

Wendon Renewables Limited

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

US$147 million mining project in Russia

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

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.

SGD$325 million project financing

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.

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.

Biofuels plant development

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

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.

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.

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.

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.

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

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

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.

Refinancing of a US$200 million coal mining infrastructure project

We acted for a Singapore-incorporated company in respect of the refinancing of a US$200 million project financing involving coal mining infrastructure. The financiers of this project included a Swiss bank, Austrian bank and an American hedge fund.

SGD$45 million industrial construction project

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 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

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.

$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.

€94 million ECU project

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

IFC

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

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.

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.

The financing of a steel galvanising plant

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

Metaltech plc

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

€70 million project loan for EBRD

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

USD$500 million export project

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

Lending for a rice factory in Central India

We acted for an Indian bank lending alongside the World Bank in the building of 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

We advised on the reorganisation of Soho House's casual dining business - brands, Pizza East, Chicken Shop, Dirty Burger - worth about £40 million - into a joint venture in order to facilitate financed roll out of outlets internationally at an ambitious rate.

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

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.

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

We acted for PT Bakrie Global Ventura on a US$17 million intercompany loan from Lochan International Ltd in relation to a US$268 million loan from the Singapore branch of a major bank.

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

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$1.345 billion loan for PT Bakrie & Brothers Tbk and Long Haul Holdings Ltd

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.

Various loan transactions for PT Bumi Resources Tbk

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.

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.

PT Bumi Resources Tbk US$200 million lease finance transactions

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

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.

Astelit, Ukrainian telecommunications

Counsel to Astelit, a Ukrainian telecommunications company, controlled by Turkish GSM operator Turkcell, on a US$540 million financing - the then largest private financing in Ukraine - to expand its mobile network.

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