Allen & Overy LLP is known worldwide for its expertise in banking and finance, and its work in trade, commodities and export finance is of the highest calibre, due to its involvement in the most high-profile and innovative deals in the market. In 2020, the firm acted for DnB ASA, Norway's largest financial services group, in a $5bn revolving credit facility for Lundin Energy AB, and assisted IFC with a $2bn working capital facility programme to provide funding to emerging banking clients for on-lending to small to medium-sized businesses. Catherine Lang-Anderson, who is 'an incredible lawyer, very commercial and good with people' and Greg Brown, who 'goes above and beyond to close out a deal', are the lead practitioners, with support from derivatives specialists Richard Tredgett and Daniel Shurman. 'The team is dedicated and focused - the market leader', remarks one client.
Trade finance in London
Allen & Overy LLP
Practice head(s):
Catherine Lang-Anderson; Greg Brown; Richard Tredgett; Daniel Shurman
Testimonials
‘The team combines in-depth technical legal expertise with a keen understanding of the market and commercial realities. They are therefore able to consistently provide top-notch value-add advice.’
‘The team is dedicated and focused – the market leader.’
‘A very experienced and pragmatic team.’
‘We work closely with Greg Brown and Catherine Lang-Anderson, both at the top of their game. We work with several of their competitors, none of which come close. Both partners have an excellent understanding of client objectives; go above and beyond to close out a deal even against challenging time-frames and often difficult counterparties.’
‘Catherine Lang-Anderson is an incredible lawyer, very commercial and good with people. She is brilliant at coming up with innovative solutions to issues that crop up in deals.’
Key clients
ING Bank
SMTB
Metinvest B.V.
Trafigura
IXM S.A.
SMBC
Trade and Development Bank (TDB)
VTB Bank
Gunvor International B.V.
Natixis
Stemcor
Work highlights
- Acting for DnB ASA, Norway’s largest financial services group, as arranger on a US$5bn revolving credit facility for Lundin Energy AB.
- Advising IFC on its US$2bn working capital facility programme to provide funding to emerging banking clients for on-lending to small to medium business enterprises to help counter the negative effects of the coronavirus disease pandemic.
- Advising a consortium of five banks as arrangers and lenders on a £250m borrowing base facility in favour of a major commodities trader as part of the £1.4bn refinancing of its existing indebtedness.
Hogan Lovells International LLP
Hogan Lovells International LLP is a key player in the global trade finance hub of London, from where the team works closely with offices in its global network to assist banks, commodities traders, multilateral institutions, regional and development banks, export credit agencies (ECAs) and governments with high-value transactions. In 2020, it handled major deals for, among others, Afreximbank, IFC and ING Bank. For Deutsche Bank, the firm handled an amendment and extension to a $1bn secured pre-export finance facility for KAZ Minerals group. Andrew Taylor and David Leggott (who is 'a master in this area') are leading lights in the market who cover complex trade finance across Europe, Africa, Russia and Latin America. 'Responsive, even-keeled, and with a team of junior and senior associates who are quite accomplished', among them senior associate Philip Beswick, who handles commodity finance structures, ECA-backed financing and general emerging market and development finance lending.
Practice head(s):
Andrew Taylor; David Leggott
Other key lawyers:
Philip Beswick
Testimonials
‘Hogan Lovells is always capable of proposing savvy professionals wherever the jurisdiction.’
‘They understand the commercial basis of the deal and ask material questions that elicit a wholesome view of the deal. David Leggott is a master in this and the output always captures all critical matters, which is a client’s dream.’
‘Responsive, even-keeled, and with a team of junior and senior associates who are quite accomplished and capable of carrying the ball themselves to a great extent.’
‘David Leggott has been a patient and professional adviser to the lenders. His tact and rock-solid expertise was extremely useful to untangle difficult discussions.’
‘David Leggott and Philip Beswick are recommended.’
‘As a client, we call on a combination of trade finance and securitisation. Andrew Taylor has collaborated seamlessly, and to good effect. The training that he has provided to juniors is impressive – their teams are prepared to act, and the mutual respect shown is genuine.’
Key clients
African Export-Import Bank
Citibank N.A.
Credit Agricole Leasing and Factoring (CAL&F)
Commerzbank
Deutsche Bank
United States Development Finance Corporation (DFC)
HSBC Bank plc
ING Bank N.V.
International Finance Corporation (IFC)
Natixis
Proparco
Santander
Société Générale
UK Export Finance
UniCredit
Work highlights
- Advising Deutsche Bank in relation to the documentation and negotiation of an amendment and extension to a secured pre-export finance (PXF) facility to KAZ Minerals group.
- Advising ING Bank N.V. and a group of international banks in a €600m revolving credit facility agreement with NLMK, a global steel producer headquartered in Lipetsk, Russia.
- Advising U.S. International Development Finance Corporation (DFC) and Norfund on a syndicated receivables-backed financing to d.light Kenya to finance the supply of solar home systems in Kenya.
Norton Rose Fulbright
The banking and finance practice at Norton Rose Fulbright houses substantial trade finance expertise. 'A great team that has sound knowledge and cross-border capabilities in trade finance', remark clients. The firm, which handles the full range of trade finance structures, recently advised Macquarie on its $1.1bn syndicated revolving borrowing base facility with a group of international commercial lenders. Practice head Nicholas (Nick) Grandage, who works in both London and New York, is a market veteran and a leading light in commodities and trade finance. Finance partner Andrew Wood handles structured transactions, and senior associates Tudor Plapcianu (who is recommended for his 'strong analytical skills, customer-oriented mindset and full commitment') and Richard Wilkes also play key roles in the practice.
Practice head(s):
Nick Grandage
Other key lawyers:
Andrew Wood; Tudor Plapcianu; Richard Wilkes
Testimonials
‘I think NRF is very professional and productive with good collaboration between offices in different locations.’
‘A great team that has sound knowledge of trade finance and banking finance in general.’
‘Cross-border capabilities in trade finance specialism together with debt capital markets and insurance. Great team.’
‘I was mainly working with Tudor Plapcianu. Tudor’s strengths: high level of professionalism, extensive experience, strong analytical skills, customer-oriented mindset with full commitment, good communication skills and great efficiency.’
‘Andrew Wood and Richard Wilkes are a really good team working well together and complementing each other. Great leadership from Andrew with strong support from Richard Wilkes.’
‘Nick Grandage and Tudor Plapcianu are fantastic practitioners and Tudor is particularly good value for money.’
Key clients
ABN AMRO
AIG
BP
BNP Paribas
The Bank of Tokyo Mitsubishi Ltd
Citibank
Coal India Limited (CIL)
Commodities Markets Council
Demica
Erste Group Bank AG
European Bank for Reconstruction and Development
Eurasian Resources Group
FBN Bank
Gazprom Neft
HSBC
JP Morgan
Louis Dreyfus
Lloyds Bank
Low Carbon
Macquarie
Mercuria
Natixis
NEXIM
Rosneft
RWE
Santander
Societe Generale
Standard Chartered Bank
Trafigura
Trailstone
VTB
ICBC Standard Bank
Raiffeisen Bank International AG
Mizuho Bank, Ltd
Baffinland
UK Export Finance
Work highlights
- Advised Macquarie on its US$1.1bn syndicated revolving borrowing base facility with a group of international commercial lenders, including Standard Chartered Bank, SMBC, Bank of China and MUFG Bank. The financing leveraged physical assets across Macquarie’s commodities and global markets division and required the firm to establish security in England, Singapore, Canada, Sweden, Germany and the US.
- Advised Rabobank as arranger in relation to an innovative €300m syndicated pan-European gas repo facility covering multiple jurisdictions in Europe and backed by a shared security package. The repo facility is provided to Guvnor (one of the largest physical natural gas traders) and will be used to support Gunvor’s growing natural gas activity across Europe.
- Advising EBRD in relation to its award-winning Trade Facilitation Programme, which involves documentation with numerous banks in EBRD’s countries of operation. Advisers to EBRD, drafting and negotiating programme documentation including guarantee issuance facilities and revolving credit agreements.
Reed Smith LLP
Reed Smith LLP has a specialist trade finance practice that has 'fantastic depth of technical knowledge and quality of analysis'. Working with a highly regarded physical commodities practice, it also brings to bear in-depth knowledge of financing structures, including limited recourse pre-payment facilities, borrowing base and warehouse finance structures, repo transactions and pre-export finance. Jonathan Solomon leads the London team, which works in close collaboration with offices in Singapore, Chicago, Houston and New York. The firm has a strong team of counsels, among them Ildar Bagautdinov (who is praised for his 'meticulousness, availability, reactivity and smartness'), Patrick Sutton and Simone Goligorsky, who handle complex cross-border financings.
Practice head(s):
Jonathan Solomon
Other key lawyers:
Daniel Birch; Ildar Bagautdinov; Patrick Sutton; Simone Goligorsky
Testimonials
‘Very straight to the point, very customer-oriented, extremely good listeners, very flexible, very up to date with any type of regulation, and able to team-up and to gather forces and expertise in the exclusive interest of the customer.’
‘Concise advice, always available very knowledgeable.’
‘Fantastic depth of technical knowledge and quality of analysis. Lots of partner attention and availability – great to deal with.’
‘Good industry knowledge. Good concise and commercial advice.’
‘Meticulousness, availability, reactivity and smartness of Ildar Bagautdinov. The constant appropriateness, out-of-the-box thinking and incredible cultural literacy of Jonathan Solomon.’
Sullivan & Worcester LLP
Sullivan & Worcester LLP is ‘world-class in terms of its expertise and experience in the trade finance sector‘. Regarded by some as the leading trade finance firm, it has the largest specialist practice in London and is led by Geoffrey Wynne, who is head of trade and export finance, along with the vastly experienced Simon Cook and Mark Norris. Marian Boyle and the newly promoted Sam Fowler-Holmes round out a five-partner team that has the support of a strong junior team, among them managing associate Hannah Fearn. Working closely with the firm’s US practitioners, the London team provides seamless advice across trade, export and commodity finance transactions for major trade finance banks, funds, corporate borrowers, agents and trustees, and national and international organisations. It recently assisted the UK’s export credit agency, UK Export Finance, with its largest ever UK Government direct loan into Africa, providing more than £620m for critical infrastructure projects in Ghana, Zambia, Gabon and Uganda.
Practice head(s):
Geoffrey Wynne; Simon Cook; Mark Norris
Other key lawyers:
Sam Fowler-Holmes; Marian Boyle; Hannah Fearn
Testimonials
‘The Sullivan team are world-class in terms of its expertise and experience in the trade finance sector. Their valuable input has helped us to structure our business from the bottom up and allowed us to take advantage in many of our jurisdictions. The key team members are extremely professional and methodical in their explanation of complex matters which helps as a lot of my team don’t come from a finance background. Where possible the team is easily reachable and make themselves available whenever needed. We look to work together for many years to come.’
‘A very experienced team that maintains a very active presence in the trade finance market.’
‘Firstly, its knowledge and insight into trade finance. Secondly, its working towards a solution rather then being told the problem which a lot of advisors have the habit of telling clients leaving them at times in a difficult spot. Third would be their flexibility with billing especially for the smaller deals or clients. Finally, they are very well connected with international associations so knowledge is shared with the community at large.’
‘Well renowned and recognised for their knowledge and experience in the trade finance market, through Sullivan and previous firms.’
‘Sam Fowler-Holmes has been a powerhouse and really impressed our team with his valuable input on term sheet and investor-focused discussions. Using both direct experience on other similar deals and bringing in insight from other Sullivan team members has helped us to navigate tricky waters. Sam is very easy to get on with and it makes it really easy to work with when trying to decipher difficult subjects. Standout partners include Geoffrey Wynne who also has a wealth of knowledge and expertise in SPV and trade finance matters is always welcomed by the team.’
‘Geoff Wynne particularly is very experienced and this permeates to his team throughout. Sullivan maintains a very high profile within the trade finance market and is very up to date and engaged with all new developments and initiatives.’
‘We work mainly with both Geoff Wynne and Sam Fowler-Holmes. I would say that I have always valued the promptness in getting quotes and the excellent customer service. Both Geoff and Sam are very helpful. However I would say that Geoff stands out above his competitors as he is very business-minded as well. He’s well aware what the client needs and works with client in finding solutions. He is not hesitant to argue points when needed and of course works in striking that famous balance.’
‘Simon Cook is commercially aware, but also very experienced and able to give good advice whilst understanding and listening to key deal specifics. Flexible and supportive.’
Key clients
Citibank
Deutsche Bank
Nordea
Crown Agents Bank
International Trade and Forfaiting Association (“ITFA”)
J.P. Morgan
Santander
Rabobank
AMC Trade Finance
Satoshi Systems UK
Scipion Capital
Standard Chartered Bank
Standard Bank
Bankers Association for Finance and Trade (“BAFT”)
UK Export Finance (UKEF)
Nedbank CIB
Contracta UK
Work highlights
- Advised the UK’s export credit agency, UK Export Finance (UKEF), in relation to its largest ever UK Government direct loan into Africa. Coinciding with the UK Government’s UK-Africa Investment Summit, UKEF announced financial support worth over £620 million for critical infrastructure projects in Ghana, Zambia, Gabon and Uganda.
- Acted as English law legal advisers to renowned trade finance institutions including Commerzbank, LBBW, SMBC, IsBank, Crédit Agricole, BNPP, S-Servicepartner and Intesa, coordinated by TradeIX and facilitated by the International Trade & Forfaiting Association (ITFA), in the design and release of the first rulebook for Marco Polo’s Payment Commitment Trade Finance solution.
- Advised the client in relation to its financing of various soft commodity producers/exporters across West and southern Africa.
White & Case LLP
White & Case LLP maintains a busy workload in high-end structured trade and commodity finance transactions. Its work spans the full range of structures for both creditors and borrowers, with commodity pre-payments and upstream project financing in the commodities sector particularly active. It is a leading firm for West African forward sale structures and sophisticated multi-source hybrid financings in the mining and metals sector. Calling on the firm's renowned debt finance and structured finance practices, the trade finance group also handles structured transactions, as well as export credit deals, receivables purchases and hybrid financing structures. Christopher Czarnocki, who advised Ghana National Petroleum Corporation as seller in relation to a $280m pre-payment facility agreement provided by an international commodity trading house, and James Hardy are the lead partners. Associate Catherine West is also a key practitioner, bringing her experience in debt finance to a range of trade finance structures.
Practice head(s):
Chris Czarnocki; James Hardy
Other key lawyers:
Catherine West
Testimonials
‘They are quite detailed and identify all material issues key to the deal, which makes the decision-making process for a client super-easy. James Hardy is recommended.’
Key clients
Petrobras
Standard Chartered Bank
The Ministry of Finance Ukraine
Goldman Sachs (J. Aron & Company LLC).
Afreximbank
Puma Energy International
Ghana National Petroleum Corporation (GNPC)
Helios Investment Partners
Energean
Trafigura
Global Palladium Fund, an affiliate of the Norilsk Nickel group
Mauritius Commercial Bank
Ghana National Gas Company (GNGC)
International Finance Corporation (IFC)
Ministry of Finance and Ministry of Energy Ghana
Ministry of Finance Equatorial Guinea
Gemcorp Capital
Deutsche Bank
European Bank for Reconstruction and Development (EBRD)
Gracelake Partners Limited
Oi S.A.
Work highlights
- Representation of Ghana National Petroleum Corporation (GNPC) as seller in relation to a $280m pre-payment facility agreement provided by an international commodity trading house relating to crude oil to be lifted from certain oil fields in Ghana.
- Representation of Helios Investment Partners and Tema LNG Terminal Company Limited, a Ghanaian entity established and controlled by Helios Investment Partners, in respect of the financing and project development of a liquefied natural gas terminal in Tema, Ghana, and related floating infrastructure vessels required to perform the services of liquefied natural gas vessel berthing, unloading, storage, regasification and transportation of natural gas.
- Representation of Puma Energy International on a $225m hybrid off balance sheet trade receivables purchase programme arranged by Societe Generale.
Baker McKenzie
Baker McKenzie has 'a very experienced and pragmatic team that is very flexible and has a collaborative approach'. The firm has a stellar reputation in project finance, in which the trade and export finance practice plays a key role. It is focused on high-value, complex, cross-border transactions, including ECA-backed deals, export and pre-export finance, borrowing base facilities and structured receivables matters. Practice head Nick Tostivin and up-and-coming partner Luka Lightfoot recently handled the largest financing project to a sovereign state in East Africa when they advised Standard Chartered Bank and export credit agencies on a railway infrastructure project in Tanzania.
Practice head(s):
Nick Tostivin
Other key lawyers:
Luka Lightfoot
Testimonials
‘A very experienced and pragmatic team.’
‘The team is very flexible and has a collaborative approach. You see them more as partners than your lawyers, which is a material plus.’
Key clients
Standard Chartered Bank (SCB)
Société Générale
MUFG Bank
UK Export Finance
MTN Nigeria
BNP Paribas
African Export-Import Bank
Channel Capital Advisors LLP
Blackstar Capital Europe Limited
Finalbion Group
Mizuho Bank, Ltd.
Suez
Société de Promotion et de Participation pour la Coopération Economique S.A. (PROPARCO)
PrimeRevenue
Bank of America Merrill Lynch International
Natixis
Credit Agricole Corporate and Investment Bank
Work highlights
- Advised Standard Chartered Bank and the other lenders and export credit agencies on the largest railway infrastructure project in Africa for the Government of the United Republic of Tanzania.
- Advised Société Générale, BNP Paribas and the Black Sea Trade and Development Bank (the lenders) on a SERV (the Swiss export credit agency) supported multi-facility waste to energy project financing in Istanbul, Turkey. This matter was of significant reputational value to the client because of the importance of the project and the recognition received.
- Acted as English, Turkish and Swedish legal counsel to the arrangers and the lenders of Turkcell’s $90m facility agreement.
Dentons
Dentons is 'a legal firm with the right attitude - they walk with clients through the journey until the completion of the assignment'. Veteran trade finance specialist Celia Gardiner retired, but the firm continues to be involved in high-value transactions. It recently assisted Ghana Cocoa Board with the $1.3bn pre-export financing of Ghana's 2020/21 cocoa crop. Howard Barrie leads the practice and splits his time between structured trade and commodity finance and project finance, principally in Africa. Tim Pipe, who handles upstream oil and gas financing, and Mark Cheney, who focuses on physical commodity trading and structured commodities deals in the energy sector, are the principal practitioners. Senior associate Ian Clements is recommended for deals in Western Europe, Latin America and Africa.
Practice head(s):
Howard Barrie
Other key lawyers:
Tim Pipe; Mark Cheney; Ian Clements; Matthew Sapte
Testimonials
‘The team is very knowledgeable, professional and courteous.’
‘Dentons is a legal firm with the right attitude. They respond to demands from clients swiftly. They walk with clients through the journey until the completion of the assignment. They understand the client’s business and billing is very flexible and reasonable.’
‘I have worked with both Matthew Sapte and Mark Cheney. Both Mark and Matthew are engaged and fully available when I have needed them and I appreciate the intellectual curiosity that they apply to the transactions that I have worked on. I feel it is very collaborative. They are also very transparent about fees and open to flexible fee arrangements.’
‘Ian Clements is very friendly and personable and is easy to approach. He sets out a timeline for completing work or getting back to you and always delivers on time. He provides straightforward advice on key points in a commercial manner.’
‘The individuals at Dentons understand client business and culture. They are flexible and always available to help. The standout partner is Howard Barrie and the standout associate is Ian Clements.’
Key clients
ING Bank N.V.
Ghana Cocoa Board
Coöoperative Rabobank U.A
E D & F Man Group
Natixis
FBNQuest Merchant Bank
Work highlights
- Advised HSBC on its $1.2bn joint programme with the Asian Development Bank (ADB) to support the supply chains of Covid-19-related products in Asia and the Pacific.
- Advised Ghana Cocoa Board in relation to the $1.3bn pre-export financing of Ghana’s 2020/21 cocoa crop. Advised COCOBOD in the negotiations of the facility agreement and security documentation, as well as on logistics concerning the security arrangements across COCOBOD’s annual and medium-term financings.
- Advising FBNQuest Merchant Bank as working capital facility lender to members of the Seven Energy group in the context of a restructuring of $1bn of debt owed by Seven Energy to a range of local and international lenders in anticipation of Seven Energy’s sale to Savannah Petroleum.
Fieldfisher
Fieldfisher advises on a broad spectrum of trade finance arrangements, largely in relation to commodities, and is frequently involved in pre-payment finance, documentary and standby letters of credit, export and pre-export facilities, reserve and borrowing base lending, and inventory and receivables finance on behalf of banks and trading houses. The expertise of practice head Oliver Abel Smith lies predominantly in trade, commodity finance and asset finance in the energy and natural resources sector. Energy and commodities partner Rashpaul Bahia has a long track record in physically and financially settled commodities trading matters, structured energy trading arrangements, asset optimisation structures and cross-border trading services transactions, while project finance specialist Matt Hinxman is involved in energy and natural resources-related finance deals in Eastern Europe and Africa. Structured finance partner Dougall Molson is also involved in major structured commodity financings.
Practice head(s):
Oliver Abel Smith
Other key lawyers:
Rashpaul Bahia; Matt Hinxman; Dougall Molson
Key clients
Amalgamated Metal Corporation plc
Banque Misr
Europe Arab Bank plc
European Bank of Reconstruction and Development
Fusion Capital AG
ICBC Standard Bank
Misr Bank Europe GmbH
Osisko Gold Royalties
RCB Bank Ltd
Silicon Valley Bank
Shawbrook Bank Limited
Trafigura Pte Limited
Traxys Europe SA
Work highlights
- Advised Traxys as offtaker in connection with a $55m loan facility provided by ING Bank N.V. to Hellyer Gold Mines Pty, a wholly-owned subsidiary of NQ Minerals plc, in relation to the Hellyer gold mine in Tasmania, Australia.
- Acted for a US investment bank on a long-term power hedging/ESG transaction for one of its significant corporate clients. This transaction was interesting in that it straddled the commodities derivatives and global capital markets divisions of the bank to provide a power hedging solution that was linked to the sustainability and ESG objectives of its corporate client.
Herbert Smith Freehills LLP
At Herbert Smith Freehills LLP, 'the team has a lot of strength in depth and works very well together, and the level of service is faultless'. The trade finance group is embedded within the firm's energy and natural resources practice, drawing on a wealth of experience to advise lenders and borrowers on commodity-related financings, particularly reserve-based lending facilities. Oil and gas finance specialist Thomas Bethel and the 'calm, pleasant and patient' William Breeze are the lead partners. Senior associates Rakhee Patel and Kerry Reid excel in energy finance transactions. Newly promoted metals and mining partner Helen Beatty also handles trade finance transactions.
Practice head(s):
Thomas Bethel; William Breeze
Other key lawyers:
Rakhee Patel; Kerry Reid; Helen Beatty
Testimonials
‘The team is available to discuss, quick to turn around legal documentation, very attentive and technically great.’
‘The team has a lot of strength in depth and works very well together: we were up against a very tight deadline over the Christmas and New Year period. They worked extremely hard and the level of support they provide to the in-house legal team and the business teams was first-class; the level of service was faultless. They were also very flexible/reasonable on fees when the initial scope of work changed. They struck the right balance with partner/associate involvement.’
‘The team was friendly, responsive and competent in delivering our desired outcomes.’
‘William Breeze is a partner who listens to the concern of the client. He has a calm, pleasant and patient personality. I really appreciate his willingness to discuss.’
‘The team was very organised and very thorough. Very impressive legal knowledge and drafting skills, and this allows them to provide clear, practical advice. I had Covid when I was working on a matter with them, and felt I could rely on them 100% – they had my back. They’re a pleasure to work with and would certainly work with them again.’
‘William Breeze and Kerry Reid managed our case well and were efficient and cost-effective.’
Key clients
BNP Paribas
HSBC
The Carlyle Group
Societe Generale
DNB Bank
ING Bank
Natixis
Trident Energy
African Export Import Bank
Dynamic Mining
Work highlights
- Advised BNP Paribas on a $1.65bn acquisition reserve-based lending financing in connection with Ithaca Energy’s acquisition of the shares of Chevron North Sea Limited which owns oil and gas assets in the UK North Sea.
- Advised Trident Energy (as purchaser and as borrower) on its first-of-a-kind RBL financing and acquisition of Brazilian oil and gas assets from Petrobras (as seller).
- Advised the lenders to Karoon Petróleo e Gás Ltda, a subsidiary of Australian listed oil and gas company Karoon Gas, on the reserve-based lending facility for the acquisition of the Baúna oil field in Brazil’s Santos Basin from Petrobras.
Mayer Brown International LLP
Mayer Brown International LLP has 'expertise in trade finance, particularly in emerging market issues, and the team are very friendly, professional and approachable'. Over the last two years, the firm has built up its presence in trade finance and asset-based lending, including complex global receivables financing structures. The firm recently acted for Burundi-based multilateral financial institution Eastern and Southern African Trade and Development Bank (TDB) in the amendment and restatement of a $285m secured pre-export finance facility for Alliance One subsidiaries. Alex Dell, who leads the banking and finance practice, and Ashley McDermott, who specialises in cross-border finance transactions, particularly syndicated loans, are the key practitioners. Meredith Campanale also has a major role in multi-sourced financings in the energy and infrastructure sectors, as does Charles Thain in ABL, receivables finance and trade finance.
Practice head(s):
Alex Dell
Other key lawyers:
Ashley McDermott; Meredith Campanale
Testimonials
‘Expertise in trade finance, particularly in emerging market issues.’
‘The team are very friendly, professional and approachable.’
‘Knowledge of various trade finance structures as well as the ability to understand new structures. Global expertise which is important given global nature of trade finance transactions.’
‘Charles Thain was excellent. He seems to be driven by enjoyment of collective problem-solving rather than just making money.’
‘Very nice and helpful individuals.’
‘Quick response times and the ability to be flexible.’
Key clients
ING
TDB
Addleshaw Goddard
Addleshaw Goddard has a strong track record in mid-market trade finance transactions, as well as in a variety of working capital products on the lending side. Alongside traditional trade finance structures, it also handles supply chain finance, receivables financing, off-balance sheet facilities and structured finance deals. The practice principally acts for clearing banks, overseas banks, funds and specialist sector providers, though it also advises significant borrower clients on key strategic transactions. Practice head Mike Davison leads the practice and has ‘first-class knowledge of trade finance documentation and delivers an excellent service‘. Managing associate Lauren Priest-Stephens also plays a key role in the practice.
Practice head(s):
Mike Davison
Other key lawyers:
Lauren Priest-Stephens
Testimonials
‘Mike Davison has a first-class knowledge of trade finance documentation and is well connected and regarded to allow him to deliver an excellent service.’
Key clients
Advance Global Capital
Bank Leumi
ABN Amro Commercial Finance
PNC Business Credit
Bank of London and the Middle East
HSBC Invoice Finance
BNP Paribas Commercial Finance
Close Brothers
Leumi ABl Limited
FimBank Plc
Wyelands Bank
Shnhan Bank
gunnercooke LLP
gunnercooke LLP‘s commodities and trade finance practice continues to grow its presence in the market, acting for lenders and borrowers including alternative finance providers, international banks with a UK presence, and commodity traders in complex cross-border transactions with a focus on emerging markets. Its work covers pre-payment and offtake financings, structured trade and commodity finance, and supply chain financing, spanning the oil, natural gas, electricity, coal, metals, agricultural products and renewable energy markets. Veronika Koroleva and Marc Weisberger are the key practitioners in an ‘innovative and client-centric‘ team.
Other key lawyers:
Veronika Koroleva; Marc Weisberger
Testimonials
‘I find the firm and staff very available for consultation regardless of time or notice if I want to discuss my matter. Billing negotiations are short, straight forward and very flexible.’
‘Personal service, excellent knowledge.’
‘My primary contact is Marc Weisberger and his de-escalating approach and well-considered advice have been invaluable. He is always available to talk, chat and respond to email and make us feel like we are his only client.’
‘Innovative and client-centric.’
Key clients
SOCAR Trading SA
ExWorks Capital
Green Biofuels Limited
Blackstar Asset Management
Cabipa Nigeria Limited, Nigeria and Eterna plc, Nigeria
Mizrahi Tefahot Bank Limited, London Branch
Ark Trade LLP
Worldwide Supply Chain Solutions International Limited
7 Sigma FinTech Limited
Korea Development Bank
Work highlights
- Advised on a portfolio of loans to corporates making cross-border supplies, ranging from aircraft refurbishing projects to temporary Olympic stadiums and PPE equipment.
- Advised on the set up of one of the first decentralised gold commodity exchanges.
- Advising on a dispute with a trade finance bank and a vessel owner concerning ownership and control of a cargo previously owned by a defaulting client of the bank.
HFW
HFW brings together extensive experience in commodities and banking to handle pre-export financings, receivables finance, syndicated revolving credit facilities, pre-payment deals, repos and inventory monetisation. Practice head Philip Prowse is a veteran practitioner, working with the firm's offices in Geneva, Singapore and the Middle East to assist lenders, borrowers, suppliers, producers, processors, distributors, insurers, logistics operators and end-users of commodities. His deputy Adam Topping is a lead partner supporting financial institutions, hedge funds, energy companies, utility groups and corporates on transactional matters. Structured trade and commodity finance partner Matthew Cox joined from Simmons & Simmons, bringing a long track record in assisting banks, funds, commodity producers and commodity traders. Senior associate Jameel Tarmohamed specialises in structured commodities trade finance and digital trade.
Practice head(s):
Philip Prowse; Adam Topping
Other key lawyers:
Matthew Cox; Jameel Tarmohamed
Key clients
Trafigura Pte Ltd
Watson Farley & Williams LLP
Watson Farley & Williams LLP has in-depth expertise in niche areas of the commodities finance market, particularly reserve-based lending and other financing transactions for energy companies. Joe Levin leads the firm's upstream finance practice from London and he has a strong track record in energy and natural resources financings across the UK, Africa and the Middle East. His group recently assisted arranging banks including DNB Bank in increasing Chrysaor’s debt facility from $3bn to a $4.5bn RBL facility. He is supported by partners in the global oil and gas group, among them Chris Kilburn.
Practice head(s):
Joe Levin
Other key lawyers:
Chris Kilburn
Key clients
DNB Bank, Bank of Montreal, BNP Paribas and ING Bank
IPR Energy Group
CalEnergy Resources
Coro Energy plc
Advance Energy plc
Chesterfield Resources plc
FBN Bank (UK) Ltd
United Oil & Gas plc
PTT Public Company Limited
Circle Gas
Work highlights
- Advising DNB Bank, Bank of Montreal, BNP Paribas and ING Bank as arrangers and a syndicate of 20+ lenders on increasing Chrysaor’s debt facility from $3bn to a $4.5bn reserve-based lending facility (RBL). Chrysaor will use in excess of $1.6bn of drawings from the RBL to fund its merger with Premier Oil, a key deal of 2020 in the UK North Sea (and globally) in the upstream sector.
- Advising IPR on its financing and acquisition of certain onshore Egyptian producing upstream assets from Dana Gas Egypt (DGE) for a consideration of up to $236m. DGE’s parent company, Abu Dhabi-listed Dana Gas, is the Middle East’s first and largest regional private sector natural gas company. IPR is a leading private E&P operator in Egypt with nine concessions and a strong track record of enhancing the recovery of mature producing oil and gas fields.
- Representing PTT Public Company Limited, the Thai state-owned SET-listed oil and gas company, in a Supreme Court hearing in November 2020 in front of Lord Hodge, Lady Arden, Lord Sales, Lord Leggatt and Lord Burrows.