Deals

Examples of structured trade, commodity and receivables finance deals we have advised clients on across Europe, Africa, the Middle East and Asia-Pacific within the last three years include the following:

Structured Trade and Commodities Finance

Receivables Finance and Asset Based Lending

 

Structured Trade and Commodities Finance

Prepayment Finance

Metals

  • Advised a syndicate of banks consisting of ABN AMRO Bank N.V., Natixis and Société Générale on a US$195m prepayment facility for Xinjiang Zhaokun Trading Co. Ltd, an aluminium producer in the Kashgar province of the PRC, to finance the purchase and production of aluminium. This deal was awarded Asia Pacific Deal of the Year 2013 by Trade Finance magazine.

  • Acted for an international bank on a US$60 million facility for a large Hong Kong based commodity house to refinance existing intra-group loans which were used to finance the prepayment of its copper offtake supply in PRC.

  • Acted for an international bank on a US$60 million prepayment facility and offtake agreement in relation to the copper import activities of a HK company and copper offtake in PRC.
  • Advised a major international bank on a US$40 million prepayment facility and offtake agreement for the purchase of copper in the PRC.
  • Advised an international bank on a US$80 million prepayment facility and offtake agreement for the purchase of silver ingots in the PRC.
  • Advised an international bank on a US$20 million prepayment facility and offtake agreement for the purchase of silver ingots in the PRC.
  • Advised an international commodities trader on a US$10 million back-to-back revolving prepayment facility and sale and purchase agreement for iron ore from a Mexican mining company to PRC purchasers.
  • Acted for an international bank on a US$15 million convertible bond and related copper offtake agreement in Indonesia.

Agri-commodities

  • Advised a Dutch trading bank on a prepayment facility and advance payment guarantee from a PRC bank as security in relation to the sale and purchase of cross border fertilizer supplies.
  • Acted for the MLAs in a syndicated $210 million prepayment facility provided to an international trader in Brazil to finance its sugar export business secured against sugar, receivables and collection accounts in Brazil, Switzerland and the UK.

Carbon credits

  • Advised an international bank on a EURO 19 million limited recourse prepayment facility to an international commodities trader for the prepayment for, and purchase of, carbon credits from a PRC coking coal company.

 

Pre-export Finance

Oil and petroleum

  • Acted for an international energy trader as MLA in respect of a US$475 million secured pre-export  to a Nigerian oil and petroleum products exploration and trading company.
  • Acted for a major international bank on a US$125 million secured multi-option trade finance facility to an oil and petroleum products trading company in respect of the sale purchase of oil and petroleum products in West Africa.
  • Acted for an international energy trader in respect of the refinancing of its c. US$300 million syndicated secured revolving credit facility.
  • Acted for an international commodities trader in respect of its c. US$150 million syndicated secured term financing of its logistics operations in several jurisdictions in sub-Saharan Africa.
  • Acted for an international bank providing a $90 million structured trade finance facility to an oil trading company in the Seychelles to support the sale of petroleum products by oil trading companies in the borrower's group based in Nigeria.
  • Acted for an international bank providing a $250 million structured trade finance facility to an oil trading company in Nigeria in respect of the shipment of oil products to offtakers. T
  • Acted for an international bank providing a $300 million structured trade finance facility to an Anguillan oil trader operating in Nigeria.

Metals

  • Acted for an international bank in respect of a c. US$35 million secured pre-export gold financing in Tanzania.
  • Acted for an African bank's UK subsidiary financing a gold mining business in Tanzania to meet its general working capital requirements and to finance ongoing project costs at the Tanzanian gold mine owned by the borrower.
  • Acted for a UK bank in respect of a credit facility to a London-based steel company to finance its metals trading activities.

Mining

  • Acted for a major international bank on a US$100 million guaranteed revolving working capital facility to a Zambian incorporated mining and metals company.

  • Acted for Standard Chartered Bank (Hong Kong) Limited on a US$20 million pre-export and import revolving facility to Wagner Equipment to finance its Cat mining trucks and equipment import activities in Mongolia. This deal was named as Best Structured Trade Finance Solution in Mongolia by The Asset Asian Awards 2014.

 

Post-export Finance / Deferred Payment Facilities

  • Acted for the trading subsidiary of a major international bank in respect of a US$60 million purchase and on-sale on deferred payment terms of liquid petroleum gas from a Hong Kong incorporated trading company.
  • Advised the trading subsidiary of an international bank in respect of the US$20 million purchase and on-sale on deferred payment terms of fishmeal from a Hong Kong incorporated trading company.
  • Acted for a trading subsidiary of a major international bank in respect of a USD100 million purchase and sale on deferred payment terms of grain into the PRC and other Asian jurisdictions.

 

Borrowing Base Facilities

  • Acted for the MLAs in providing a $60 million revolving borrowing base facility to fund the coffee purchasing/trading business of a trader operating in Kenya, Uganda and Tanzania.
  • Acted for an international oil trader in relation to its syndicated $245 million revolving credit facility.
  • Advised an international bank as MLA in respect of a $150 million syndicated borrowing base credit facility for the acquisition of oil and gas assets in Thailand and Indonesia.
  • Acted for the MLAs in relation to a $300 million borrowing base facility to a state-backed Omani oil trader involving security over receivables, collections accounts and inventory in the UK, France and Oman.
  • Acted for a commodities trading and infrastructure company on a US$180 million syndicated term facility from a syndicate of international banks.

 

Warehouse / Inventory Finance

  • Acted for a pan-African bank in respect of a US$42 million syndicated secured fertilizer financing in Malawi.
  • Acted for a pan-African bank in respect of US$185 million secured rice import facility in 10 jurisdictions in sub-Saharan Africa.
  • Acted for a major bank in respect of a US$15 million secured warehouse tobacco finance facility in Turkey.
  • Acted for the Mauritian branch of a South African bank in respect of a US$12 million working capital facility to an international commodities trader.
  • Acted for an international bank in respect of a US$10 million facility to a Zimbabwean agricultural company.
  • Acted for an international bank on a US$40 million secured revolving stock financing to a major PRC metals and minerals trading company available by way of letter of credit and cash advance for the purchase and shipment of iron ore.
  • Acted for a major European bank in providing a $25 million secured facility to finance a Swiss coffee trader's business in East Africa.
  • Lawyers in our London and Abu Dhabi offices acted for the international MLAs in providing up to $480 million of syndicated credit facilities to an Omani oil trader secured on oil in tank and offtake contract receivables in Oman, France and the UK.
  • Advised an international bank on a US$30 million deferred payment facility to a PRC purchaser in respect of manganese ore held in bonded warehouse in the PRC.
  • Advised a large commercial bank based in South Africa on gold consignments and gold trade facilities with Chinese counterparties.

 

Commodity Repo Finance

Advised one of the top four banks in connection with its participation in a high profile A$475,000,000 Syndicated Warehouse Finance Repurchase Programme. The Australia based team led by partner Monique Stella were involved in reviewing and negotiating the facility and security documents and advising on complex security, taxation, trust and equity issues.

Acted for Standard Chartered Bank in relation to master purchase and sale agreements relating to copper repurchase arrangements.

 

Trade Finance

  • Advised a documentary credit issuing bank based in the USA on an agreement with a local Hong Kong based corresponding bank for the provision of trade processing services.
  • Acted for the Hong Kong branch of a major People's Republic of China bank in respect of its funded and risk participation in a range of trade finance products.
  • Acted for the Hong Kong branch of a major international bank on the structuring and documentation of its trade finance related offshore RMB products.
  • Acted for an Australian bank in relation to its Financial Institutional letter of credit refinance and reimbursement programme.
  • Acted for the Hong Kong branch of a major PRC bank in respect of its refinancing of letters of credit issued by a range of financial institutions.
  • Acted for an Indian bank in respect of giving general legal advice on guarantees, counter-guarantees, standby letters of credit and commercial letters of credit.
  • Acted for a major PRC bank in respect of its letter of credit refinancing arrangements with several European banks.

 

Export Credit Agency Finance

  • Contributing to our reputation in the Italian export finance market, we have advised on the legal aspects of a landmark deal. We worked as counsel to the arranger (BNP Paribas) and the Italian ECA (SACE), under a new Italian ECA-backed export finance scheme that granted to Ghella (a Rome-based construction company) a €42 million term credit facility for the development of its international business.

 

Receivables Finance and Asset Based Lending

Receivables Finance

  • Acted for a major bank on a US$260 million receivables discounting facility to an international commodities trader in respect of the sale and purchase of oil and products from/to a North African parastatal oil refinery.
  • Acted for a UK bank on a £75 million trade receivables facility structure to work alongside c. £300m existing trade finance facilities.
  • Acted for a UK bank on £220 million intercreditor arrangements between bilateral receivables financiers and lenders in respect of the financing of oil infrastructure leasing activities.
  • Advised a Dutch bank on the financing of a debt portfolio of a large food manufacturing company whose debtors were located in the UK, US, Spain and Philippines.
  • Acted for the Mina Group in advising on workable security sharing structures over receivables in the US and other assets in the trade cycle in relation to its trade finance facilities with a number of banks.
  • Advised RBS Invoice Finance on its standard form documentation and operational procedures relating to a customer's debtors contracted or incorporated in the PRC.
  • Advised HSBC on the acquisition and working capital financing of an international toy manufacturer. The facility was unique in that it included an acquisition and integrated invoice discounting facility for its working capital solution provided by HSBC Invoice Finance and RBS Invoice Finance.
  • Advised an international bank on the receivables purchase of debtors based in the US from a PRC equipment supplier. This included advice relating to Sinosure credit insurance products, the export credit agency of China.
  • Advised a number of major PRC banks in respect of interfactor arrangements relating to debtors located in Thailand and the PRC.
  • Advised Bibby Financial Services on drafting its standard form receivables finance documentation.
  • Advised Sun European Partners in relation to the provision of trade receivables financing to a portfolio group of companies in seven European jurisdictions.
  • Advised UK banking syndicate on a £100 million invoice discounting facility to the Healthcare at Home group of companies.
  • Advised a number of banks and/or bank syndicates in relation to invoice discounting facilities for providers of personnel to the international oil and gas industry.

 

Asset Based Lending

  • Advised RBS in relation to £100 million asset based loan facilities for the Hewden Stewart group of companies.
  • Drafted standard form asset based lending and receivables finance facility agreements for a large UK bank (bilateral and syndicated).

 

Supply Chain Finance

  • Advised Barclays Bank PLC on its Supply Chain Finance programme and its product and documentation launches to various jurisdictions in Asia.
  • Advised HSBC Bank PLC on its Supply Chain Finance programme and its product and documentation launches to various jurisdictions in Asia.
  • Advised an Australian bank on its Supply Chain Finance programme and its product and documentation launches to various jurisdictions in Asia.

 

Vendor and Equipment Finance

  • Acted for the Indian branch of an international bank in respect of a US$10 million secured financing of a German car parts manufacturer.

  • Advising ZTE Corporation on its vendor supply facilities to a mobile network supply platform in Canada relating to purchase and supply of telecom equipment.

  • Advising a large US telecoms hardware provider on their documentation and regulatory requirements in Hong Kong in relation to their vendor financing offering.