Firms To Watch: Banking and finance: foreign firms

Squire Patton Boggs' financial services department received a major boost with the arrival of Kate Sherrard from Clifford Chance along with a team of more junior lawyers in early 2021. The nascent group, led by Jessica Kenworthy, is making a name for itself in the areas of shipping and commodities finance.

Banking and finance: foreign firms in Singapore

Allen & Overy

Allen & Overy‘s practice is thought of by one client as ‘the best in the region‘ – it is known for its expertise in finance across south-east Asia, with a stand-out offering for transactions involving India. The group is particularly adept at leveraged transactions, acquisition, private equity-driven and real estate finance, as well as share-backed deals. The group is jointly chaired by Gautam Narasimhan, whose ‘knowledge in India and Indonesia couple with his qualifications in multiple jurisdictions make him an incomparable external legal asset‘ and Chris Bishop, who has a stellar record for financings in emerging jurisdictions and structured financings involving US-listed shares. Prakash Raja Segaran is a key name for Singapore law advice in relation to cross-border transactions. Scott Lovell is recommended for project, infrastructure and energy finance work.

Practice head(s):

Gautam Narasimhan; Chris Bishop

Other key lawyers:

Jason Humphreys; Prakash Raja Segaran; Scott Lovell

Testimonials

‘Allen & Overy’s Asia finance practice is the best in the region. A&O has the sector knowledge, expertise, bench depth and diligence to get deals done. ’

‘Gautam Narasimhan is an outstanding finance partner who ranks among the best in any region. His knowledge in India and Indonesia couple with his qualifications in multiple jurisdictions (England, India, NY and Singapore) make him an incomparable external legal asset. ’

‘Sound legal advice, availability of very hands on resources who are always available to speak to you on crucial issues when a transaction is live. they are one of the most diverse law firms in the region.’

‘I have worked very closely with Gautam Narasimhan who despite his seniority makes himself available regularly.’

The team has very good technical and market knowledge in the acquisition financing space, given the number of deals they do. Their banking and finance team has a lot of depth at both the senior and junior level and is well supported by their other practices.’

Gautam Narasimhan has very deep market knowledge, is very hands on and is able to give clear-cut, commercial advice.’

Key clients

DEG

Indies Special Opportunities Ltd (Indies)

Ichthys LNG Pty Ltd

Work highlights

  • Advised a global financial services group and a Singaporean multinational banking and financial services corporation as the mandated lead arrangers and bookrunners and global coordinators in relation to a bridge to bond facility (BTB Facility) and an offering of subordinated unsecured notes pursuant to Regulation S. The proceeds of the BTB Facility and Tier 2 Notes were used to finance the acquisition of Aviva, Ltd (Aviva Singapore) by a consortium comprising TPG, certain existing shareholders of Singapore Life Pte. Ltd. (Singlife) and Aviva Plc.
  • Advised the arrangers on the USD600m to HT Global IT Solutions Holdings Limited (the Borrower), a Mauritius vehicle owned by certain Barings Private Equity Asia (BPEA) funds, guaranteed by HT Global Parent B.V. (the Guarantor), a Dutch vehicle owned by certain BPEA funds, and secured by, among other things, the shares in the Borrower and the Guarantor.
  • Advising a group of international banks acting as arrangers in respect of an acquisition financing for a top tier private equity sponsor in relation to an acquisition primarily in India.

Clifford Chance

Clifford Chance‘s team is praised by clients for being ‘technically sound and understands the commercial considerations‘, as it advises banking and fund clients on their regional transactions, often acting as international coordinating counsel and able to work alongside colleagues in key regional financial centres. Co-heading the department, the ‘excellentAndrew Hutchins is a cross-border finance veteran with experience in leveraged transactions and acquisition finance; Thomas England (‘extremely thorough and can be relied upon to close large deals with the minimum of fuss‘) advises borrowers and lenders on new money and restructuring transactions across Asia Pacific; and Nicholas Wong takes the lead on project finance. Counsel Joanne Chan is increasingly active in complex financial restructurings.

Practice head(s):

Andrew Hutchins; Thomas England; Nicholas Wong

Other key lawyers:

Joanne Chan; Jervis Chan

Testimonials

‘We use Tom England for complex finance work. He is extremely thorough and can be relied upon to close large deals with the minimum of fuss.’

‘The team is technically sound and understands the commercial considerations. I appreciate their assistance and ability to find solutions.’

‘Andrew Hutchins is excellent. He provides sound and clear advice.’

Lawyers in CC are generally of high quality, definitely value for money!

Key clients

ICG Strategic Equity Advisors LLC

Maybank Kim Eng Securities Pte. Ltd.

UBS AG

Keppel Infrastructure Trust

Invesco Real Estate Asia

Pierfront Private Credit

Bank of America

PGIM – various funds

ABN AMRO Bank N.V.

ING Bank N.V.

Work highlights

  • Advised Keppel Infrastructure Trust (KIT) and Metro Pacific Investments Corporation (MPIC) on the acquisition of Philippine Tank Storage International Holdings, Inc. (PTSI), which owns the largest petroleum products import storage facility in the Philippines, the Philippine Coastal Storage & Pipeline Corp. (PCSPC).
  • Acting for DBS, Standard Chartered Bank and Goldman Sachs on the facilities made available to Maxeon Solar in connection with its spin-off from Total’s subsidiary (SunPower) pursuant to three separate facilities (including a working capital facility) under an overarching common terms agreement.
  • Acted for Bank of America as coordinating bank for the arrangement of THB and USD denominated facilities for a bid acquisition by TCC Group for Tesco Thailand and Tesco Malaysia.

Linklaters

Known for being ‘one of the few firms that can provide advice through many key jurisdictions‘, Linklaters handles the spectrum of financing transactions for lenders and high-profile creditors, utilising the firm’s strong international office network in cross-border deals across the region. The group is increasingly active in the area of fund finance, as well as banking deals involving India, Indonesia and Vietnam.  From Singapore, ‘legal guru‘ and structured finance expert Philip Badge spearheads the Asia banking team. Managing partner Christopher Bradley, who was key to the development of the practice, has a broad workload that includes leveraged, infrastructure and acquisition finance deals. Cross-border finance specialist Fiona Gray draws on recent in-house experience at an investment bank to act for large banking and sponsor clients. Andrew Payne is the name to note for financial restructurings. In April 2021, the department was joined by managing associate Weiling Lee from Simmons & Simmons.

Practice head(s):

Philip Badge

Other key lawyers:

Christopher Bradley; Fiona Gray; Andrew Payne; Dior Lin; Douglas Doherty; Weiling Lee

Testimonials

‘Chris Bradley has built the preeminent banking finance and private credit team in South East Asia with uniquely flexible skills to adapt to any financing transaction regardless of size or complexity. ’

‘Chris Bradley is one of the most commercial and knowledgeable lawyers I have ever worked with.

Doug Doherty stands out as an associate.’

‘We work regularly with Phil Badge on complex finance transactions. Phil is a legal guru in the banking sector. He has a huge amount of experience and his deep knowledge is also helpful. ’

‘Doug Doherty is an exceptional senior associate.’

‘Reasonable pricing for top quality service. multiple onshore affiliated firms. Technical yet commercial approach to commercial matters.’

Linklaters have a very strong banking and finance practice in Singapore and South East Asia. They have deep knowledge of the region and combine this with a strong knowledge of international market practice. They are one of the few firms that can provide advice through many key regions including India, Vietnam, Indonesia and Singapore.’

Phil Badge and Chris Bradley are the key partners and combine very well to provide consistently high quality advice. They have a deep understanding of the markets and are very solution orientated.’

Key clients

AEA International Holdings Pte Ltd.

TVS Logistics Investment UK Limited

Standard Chartered Bank

Bank of China (Hong Kong) Limited

China Development Bank

China Development Bank Hong Kong Branch

Citigroup Global Markets Asia Limited

CTBC Bank Co., Ltd.

Mizuho Bank, Ltd.

Standard Chartered Bank (Singapore) Limited

Sumitomo Mitsui Banking Corporation, Singapore Branch

United Overseas Bank Limited

Bank of China (Hong Kong) Limited

Work highlights

  • Advising AEA International Holdings Pte. Ltd. in its capacity as the borrower and other International SOS group in connection with a US$320m multicurrency facilities agreement provided by a syndicate of international banks.
  • Acted for BNP Paribas and HSBC as arrangers in the SGD158m bridge and SGD225m term loan financing to China Maple Leaf Educational Systems Ltd to part fund its acquisition of the Canadian International School in Singapore.
  • Acted as Hong Kong and Singapore law counsel to Deutsche Bank AG as mandated lead arranger in the AUD1.3bn, HKD 180.3m and SGD 240.8m syndicated facilities agreement to AirTrunk Finance Company Pty Limited, AirTrunk Singapore Pte. Ltd. and AirTrunk Hong Kong Holding Limited in connection with the sale of the AirTrunk Group via a bid process to Macquarie Infrastructure and Real Assets and for the purposes of re-financing the existing indebtedness of the AirTrunk Group.

Ashurst LLP

Ashurst LLP's team works closely with colleagues in the firm's China offices, handling banking transactions locally and involving Indonesia, India, Malaysia, Vietnam and the Philippines for a strong mix of banks and private equity houses. The overall team is led by Jean Woo, who is noted for her work involving event-driven lending, funds financing and export credit agency-backed loans. Chin Chuan Chen leads the project finance group covering the China region; while Alfred Ng is another project finance expert with a focus on south-east Asia. The group was joined by Andrew Roche from Latham & Watkins LLP in January 2021, adding further project finance capabilities. Evan Lam takes the lead on financial regulations, as well as advising on derivative transactions and fintech issues. Promoted to counsel in November 2020, Cara Stevens' diverse practice includes cross-border structured lending and asset-backed transactions.

Practice head(s):

Jean Woo

Other key lawyers:

Alfred Ng; Chen Chin Chuan; Andrew Roche; Evan Lam; Cara Stevens

Testimonials

‘They have a great team at all levels, responsive, commercial and also generally people you would like to keep in contact on a regular basis. ’

‘Jean Woo heads the banking team and is intelligent, commercial and is one of the go-to partners of her generation. Chen Chin Chuan is well regarded for his large scale infrastructure finance work (including pipeline and high speed rail deals). ’

‘The Ashurst banking and finance team are incredibly commercial in assisting clients with their concerns. Their in depth knowledge of banking documents provides clients with surety that they are being protected.’

‘I have worked with Jean Woo and Cara Stevens on numerous banking transactions and always turn to the both of them when seeking Singapore banking and finance legal advice. As a client, they both provide practical and commercial advice which is tailored to be readily understood by all parts of the business whether it be management, the board or general counsel. Both partners can always be trusted to deliver their advice quickly and efficiently and it is a pleasure to work with the both of them.’

Diverse banking and finance practice with particular focus on general corporate lending and fund finance, and green/sustainable finance. In terms of how it compares with other firms, it provides comparatively better value for money in that their fee quotes tend to be very competitive whilst not losing out on quality.’

Key clients

Australian and New Zealand Banking Group (ANZ)

Credit Suisse AG

Deutsche Bank AG

HSBC Bank plc

DBS Bank plc

ICBC and ICBC (Standard)

Societe Generale, Singapore Branch

Bank Mandiri

VP Bank

Bank of China

China Development Bank

China Construction Bank

HPS Investment Partners

White Oak ABL, LLC

Indies Capital Partners

PTT International Trading (the trading arm of PTT plc the National Oil Company of Thailand)

Freepoint Commodities Singapore

Sumitomo Mitsui Banking Corporation

Investec Bank plc

Work highlights

  • Advised Australia and New Zealand Banking Group (ANZ), Sumitomo Mitsui Banking Corporation (SMBC) and Shinhan Bank as joint mandated lead arrangers and bookrunners in relation to a US$450m syndicated green loan to SK Battery America, Inc., a subsidiary of listed Korean oil refining company SK Innovation Co., Ltd.
  • Advised Victory Park Capital Advisors on the financing by way of note issuance of an Indonesian based consumer lending platform to Kredivo.

Baker McKenzie Wong & Leow

According to clients, Baker McKenzie Wong & Leow‘s team ‘understands what the banks require and are prepared to provide the proper legal advice in order for the bank to make key credit decisions‘. The firm is on a number of banking panels, including for Standard Chartered Bank and regional panels such as for Bank of China. Jointly leading the department, James Huang is an expert in regional project finance; while Emmanuel Hadjidakis ‘ practice involves acquisition, structured and property finance, as well as Islamic financing and restructuring. Kah Chin Chu advises borrowers and lenders, including state-owned companies around the region. Principal Kenneth Chuah has developed a solid trade finance practice.

Practice head(s):

James Huang; Emmanuel Hadjidakis

Other key lawyers:

Kah Chin Chu; Kenneth Chuah; Kunal Katre; Amanda Toh

Testimonials

‘We instruct Emmanuel Hadjidakis on finance transactions. He is extremely responsive and the team has a strong bench of associates. Kunal Kutre is very knowledgeable when discussing Indian law issues.’

‘The Baker McKenzie team that I deal with is always professional. They understand what the banks require and are prepared to provide the proper legal advice in order for the bank to make key credit decisions. Fees charged are reasonable.’

‘The individuals I work with have gone out of their comfort zones to assist my transactions. They give me confidence to negotiate with my clients.

‘Professional legal team with the willingness to go the extra miles with and for their client. Strong cross border presence. Display competence in trade finance’

I have worked with Kenneth Chuah for more than 3 years and he has always been professional and willing to provide his legal advice/expertise in prompt manner particularly in the receivables finance area.’

Key clients

Standard Chartered Bank

HSBC Holdings

UBS Group AG

Deutsche Bank AG

ANZ Bank

Rabobank

Mitsubishi UFJ Financial Group

Sumitomo Mitsui Banking Corporation

Mizuho Bank

DBS Bank

United Overseas Bank

Oversea-Chinese Banking Corporation, Limited

CIMB Bank Berhad

RHB Bank Berhad

BlackRock, Inc.

Shaw Kwei & Partners

Keppel Capital Holdings

Goldbell Evolution Network Pte Ltd

Perusahaan Listrik Negara (Persero)

The Olayan Group

Natixis

Work highlights

  • Advised Sumitomo Mitsui Banking Corporation, mandated lead arrangers and bookrunners, on $1.75 billion and JPY31.72bn syndicated loan facilities for PT Indofood CBP Sukses Makmur Tbk to acquire 100% of the issued share capital of Pinehill Company Limited from Pinehill Corpora Limited and Steele Lake Limited, the largest syndicated loan financing/acquisition financing in Indonesia for 2020.
  • Advised Standard Chartered Bank on the SGD450m senior-term and revolving credit facilities for Aviva-Singlife Holdings Pte Ltd in connection with the acquisition of Aviva’s Singapore operations by a consortium, which the overall acquisition was valued at approximately SGD3.2bn, making this one of the largest deals in the Southeast Asian insurance sector and the largest in Singapore.
  • Advised PLN on a $500m “green” financing facility with a guarantee from the World Bank’s Multilateral Investment Guarantee Agency (MIGA), the first green loan by PLN and by any State-Owned Enterprise in Indonesia.

Latham & Watkins LLP

Latham & Watkins LLP‘s banking and finance practice has a strong track record in regional and international leveraged finance transactions, as well as acquisition financings and bank-bond deals. The Singapore office acts as a hub for the firm’s south-east Asia transactions, and lawyers are well versed in cross-border issues involving Thailand, the Philippines, Malaysia, Vietnam, Indonesia, and increasingly, India. Practice head Timothy Hia was appointed local chair of the finance department in Asia in 2020 and has experience across the waterfront of financings. Associate Chuan Wei Kong is also recommended for his acquisition finance acumen.

Practice head(s):

Timothy Hia

Other key lawyers:

Chuan Wei Kong

Key clients

TPG Capital

Warburg Pincus

Adani Enterprises Limited

San Miguel Corporation

EMP Bentu Limited

PT Energi Mega Persada Tbk

Melco Resorts & Entertainments Limited

MyRepublic Group Limited

OCP Asia

Corbin Capital Partners, L.P.

Deutsche Bank

Goldman Sachs (Asia)

Barclays

Citibank

Morgan Stanley

Work highlights

  • Advised a consortium comprising TPG Capital, Sumitomo Life Insurance Company and others on a Senior Facility and a Bridge-to-Bond financing to finance a transaction to combine SingLife with global insurance company Aviva plc’s Singapore life insurance business, Aviva Ltd.
  • Advised TPG on the approximately US$140m term loan and revolving credit facilities for (i) payment of the cash consideration payable in respect of the acquisition of shares in Greenfields Dairy Singapore Pte. Ltd and related costs and expenses; (ii) financing or reimbursing capital expenditure of the Group; (iii) acquisition of land in Indonesia; (iv) financing working capital requirements of the Group; (v) refinancing existing indebtedness.
  • Advised Hongkong United Ascend on a term loan facility in connection with its acquisition of UTAC Holdings Ltd, an electronic component & hardware company.

Milbank

The ‘solution-driven and consistent‘ team at Milbank is noted for advising global financial institutions active in Asia on regional transactions, with a particular reputation for matters involving Indonesia, where it has expertise in the energy and natural resources sectors. The group also acts for borrowers, which alongside lenders, it assists with project finance, syndicated lending, acquisition finance, debt capital markets deals and distressed transactions. Taking the lead is David Zemans, who has vast experience in regional and cross-border financings. Jacqueline Chan focuses on work arising from Indonesia and Vietnam, specialising in structuring debt transactions. James Murray is an expert in resources financing and is particularly active in the area of multi-sourced finance. Dual-English and -New York qualified James Orme is another core practitioner.

Practice head(s):

David Zemans

Other key lawyers:

Jacqueline Chan; James Murray; James Orme

Testimonials

‘They do thorough analysis of most appropriate course of action to be taken by the client. They are a diverse firm with best use of technology.’

‘David Zemans, their Asia head, makes himself available on crucial issues. He has great partners in James Murry and Jame Orme on financing side.’

‘Understand the market well. Thoughtful when it comes to conveying commercial aspects while protecting interests of lenders. Collaborative with sponsors and partners alike.’

Solution-driven, consistent team with sufficient experience and access to precedents. Specialists in Indonesia especially power sector.’

James Murray is highly accessible, commercially driven and engaging approach.’

Key clients

PT Adaro Indonesia / PT Adaro Energy Tbk

PT Saptaindra Sejati

Asian Development Bank

International Finance Corporation

MUFG

SMBC

PT Bank Mandiri (Persero) Tbk.

Standard Chartered Bank

Citibank N.A.

The Export-Import Bank of Korea (KEXIM)

The Korea Trade Insurance Corporation (K-Sure)

DBS Bank Ltd

Bangkok Bank

Bank Negara Indonesia

Bank of China

Maybank

PT Bank Rakyat Indonesia Tbk

KEB Hana Bank

CIMB Bank

KDB Bank

Credit Suisse

Deutsche Bank

Metro Pacific Investments Corporation

PT Indika Energy Tbk

ANZ Bank

Work highlights

  • Advised Indonesia-based coal company PT Adaro Energy Tbk’s mining contractor unit PT Saptaindra Sejati as the borrower in connection with the refinancing of a US$350m revolving loan facility.
  • Advised the lenders in connection with the financing of the 2,000MW Jawa 9+10 power project in Suralaya, Indonesia which is being developed by PT Indo Raya Tenaga, a special purpose project company.
  • Advising ANZ Bank in connection with a US$1.25bn loan to Kestrel Coal Resources in Australia which is owned by EMR Capital Ltd and PT Adaro.

Norton Rose Fulbright

Norton Rose Fulbright is most known for advising its high-profile banking clients on project finance transactions across Asia Pacific, where clients rate it as ‘a leading firm in the commodity and energy finance space‘. The team is also well versed in asset finance, as well as acquisition and leveraged financings, structured trade and commodities finance, securitisations and derivatives and Islamic finance structures. The department is led by Singapore office head Yu-En Ong (‘brilliant lawyer, extremely versatile, immediately sees the commercial reality for the client‘), who is triple-qualified in England, Hong Kong and Singapore. ‘Excellent deal closerJanelene Chen  is another key lawyer with experience in sponsor-, borrower- and lender-side cross-border work.

Practice head(s):

Yu-En Ong

Other key lawyers:

Janelene Chen

Testimonials

Yu-En Ong sets the standard that integrity matters.’

Janelene Chen is an excellent deal closer – gets things done by trying to close gaps bit create new ones.’

Norton Rose Fulbright is very well known to be a leading firm in the commodity and energy finance space. We have worked with NRF in several occasions to roll out innovative financing structures for corporate clients in the oil and gas space. Lawyers from NRF are very knowledgeable and constantly able to provide insightful thoughts around how best to structure a financing solution.’

Great industry knowledge, good partner access, a top energy firm.’

Yu-En Ong. Brilliant lawyer, extremely versatile, immediately sees the commercial reality for the client, gives clear and efficient advice. He is the reason we use Norton Rose Singapore. ‘

Key clients

DBS Bank Ltd

Deutsche Bank

ING Bank N.V., Singapore Branch

L Catterton

Malayan Banking Berhad

Work highlights

  • Advised DBS Bank on Singapore’s first transaction pegged to Singapore Overnight Rate Average (SORA) in the agribusiness sector – a S$200m (US$146m) revolving credit facility that has been granted by DBS Bank Ltd to Wii Pte Ltd. (guaranteed by Wilmar International Limited).
  • Advised Deutsche Bank on a US$25msustainability-linked loan facility to Corrie MacColl – a subsidiary of Halcyon Agri Corporation Ltd. – to finance the company’s capex investments for its rubber plantations in Cameroon and Malaysia. Halcyon Agri Corporation is a Singapore-based supply chain manager which specialises in the origination, production and distribution of natural rubber.
  • Advising ING Bank Singapore on its US$75m portfolio financing to Cleantech Solar SEA Pte Ltd to refinance Cleantech Solar Asia’s existing financing and provide additional funds to support the development of further solar rooftop projects for C&I customers in Thailand, Malaysia, Singapore, Cambodia and Vietnam.

White & Case Pte. Ltd.

White & Case Pte. Ltd.'s team advises lenders and sponsors on a wide variety of transactions in south-east Asia; and the firm's global footprint gives it 'a unique insight into transactions which involves several countries'. The group has significant expertise in cross-border structures involving leveraged and acquisition finance, mezzanine finance, fund lending, private-credit and structured financing. The group has longstanding expertise in ESG and is regularly instructed on sustainable financing projects, particularly concerning green assets. 'Solution-oriented' Alexander McMyn heads the team, which includes Charles McConnell, who has an additional specialism in non-contentious insolvency and restructuring.

Practice head(s):

Alexander McMyn

Other key lawyers:

Charles McConnell

Testimonials

‘W&C has a wide network and caters to almost all jurisdictions. This enables them to have a unique insight into a transaction which involves several countries.’

‘Charles McConnell – in-depth knowledge of LBOs; ability to marry the clients wants with market practice and able to figure out bespoke solutions’

Strength in depth – excellent partners, strong associates. Very commercial. They focus on getting the deal done, and not on irrelevant negotiations. Very much a safe pair of hands. Excellent technical skills and product knowledge. Commercial and responsive.’

White & Case has greatly increased their banking and finance capabilities in Singapore and South East Asia recently with key hires. They have been involved in many high profile transactions recently and can be trusted to deal with complex and challenging transactions in a calm and methodical manner.’

Alexander McMyn is their key partner for banking and finance matters. He is very user friendly and solution orientated.’

Key clients

Australia and New Zealand Banking Group Limited

Bangkok Bank PCL

Citi

Deutsche Bank AG

UBS AG

Work highlights

  • Advised Deutsche Bank AG, Singapore Branch as mandated lead arranger of a US$350m debt financing to an Indonesian subsidiary of Edgepoint Group, an Asia-focused towers business sponsored by the US$25bn infrastructure investor, Digital Colony.
  • Advised ANZ on US$300m capital call facility to Macquarie Asia-Pacific Infrastructure Investments 3 Pte. Ltd. as borrower, with security provided by Macquarie Asia-Pacific Infrastructure Fund 3 LP and Macquarie Asia-Pacific Infrastructure Fund 3 SCSp, and carrying out due diligence of fund documents and carried out due diligence of fund documents.
  • Advised Bangkok Bank Public Company Limited, a leading Thai commercial bank, on its US$2.3bn acquisition of a majority shareholding in Bank Permata Tbk, a major commercial bank in Indonesia, from Standard Chartered Bank and PT Astra International Tbk.

Herbert Smith Freehills LLP

The finance team at Herbert Smith Freehills LLP is known for cross-border financings in emerging south-east Asian jurisdictions, including Myanmar, Malaysia, the Philippines and Indonesia. For transactions under Singapore law, the firm has an alliance with Prolegis LLC. The team has a strength in project and asset finance, with a specialism in the energy, infrastructure and natural resources sectors, as well as for aircraft finance work. Adrian Cheng heads the team, as well as leading the Asia finance group; and is adept at cross-border financings, often supported by senior associate Salonika Kataria. Siva Subramanian is an aviation finance expert, working closely with Samuel Kolehmainen. Senior associate Jessica Loy is increasingly active for reserves-based  and prepayment financing deals.

Practice head(s):

Adrian Chen

Other key lawyers:

Siva Subramanian; Samuel Kolehmainen; Salonika Kataria; Jessica Loy

Testimonials

‘HSF presents a strong team and ensures work is undertaken at the right levels, which helps manage costs and ensures a quality product.’

‘Adrian Cheng is always available and is able to provide pragmatic and commercial solutions to issues that arise.’

Key clients

Singapore Airlines

Asian Development Bank

Australia and New Zealand Banking Group Limited

Citibank

DBS Bank Ltd

Mizuho Bank Ltd

MUFG Bank., Ltd

State Bank of India

Sumitomo Mitsui Banking Corporation

BNP Paribas

United Overseas Bank

Bain Capital

Work highlights

  • Advising Bain Capital on its landmark acquisition of Virgin Australia Group out of administration. The corporate rescue of Virgin Australia is one of the highest profile and complex deals of 2020 and of the last decade. It is also significant as one of the Asia Pacific region’s first restructurings following the Covid-19 crisis, completed in an expedited timeframe
  • Acted for a group of nine lenders, including State Bank of India, Citibank, The Hongkong and Shanghai Banking Corporation Limited, Bank of America, DBS Bank, in relation to a US$ 1bn term loan facility to Reliance Industries Limited (RIL).
  • Advising Borneo Motors on its trade facilities with various banks in Singapore and Hong Kong. The banks included local and international banks in such jurisdictions.

Hogan Lovells Lee & Lee

At Hogan Lovells Lee & Lee, lawyers focus on cross-border financing transactions, working alongside colleagues in the firm’s regional and international offices. The group is newly active in the Singapore loan markets and practice head Charlie Clayton-Payne is an international finance specialist advising borrowers and lenders on various transactions, including syndicated lending and cross-border sponsor-backed acquisition finance. Samantha Campbell is an English-qualified project finance specialist with vast experience regionally, with special oversight for the firm’s Vietnam and Mekong region practice. Soumitro Mukerji has left the practice to join Mayer Brown.

Practice head(s):

Charles Clayton-Payne

Other key lawyers:

Samantha Campbell; Kaveeta Sandhu; Soumitro Mukerji

Testimonials

‘They have a lot of experience in China real estate financings, and have strong in-house PRC knowledge and capability. ’

For Singapore, Charles Clayton-Payne is our primary contact. He is great to deal with, sensible, responsive, technically strong but gets what we’re trying to achieve commercially. He does not tie himself or us up in knots of technical risk.’

Key clients

Affirma Capital

Agricultural Bank of China Limited

Allied Gold

Australia and New Zealand Banking Group Limited

Bank of China (Hong Kong) Limited

BNP Paribas SA

Coöperatieve Rabobank U.A.

MUFG Bank, Ltd.

Oaktree Capital Management

Oversea-Chinese Banking Corporation Limited

UBS AG

Work highlights

  • Advising a syndicate of lenders led by Coöperatieve Rabobank U.A., BNP Paribas and PT Bank BNP Paribas Indonesia on the US$145m and IDR1.45bnterm and revolving facilities for the FKS Group. The facilities refinanced an existing USD term loan in place at the FKS Group and provided additional flexibility to the FKS Group, including an onshore Indonesian Rupiah tranche, to allow the FKS Group to manage and streamline its overall financing strategy.
  • Advised Oaktree on its subscription for up to US$1bn of private secured notes in a subsidiary of Vedanta Resources. The proceeds of the notes are permitted to be used to fund an offer by Vedanta Resources to acquire up to 10% of the shares in Vedanta Limited, an Indian mining conglomerate that is listed on the NYSE, the National Stock Exchange and the Bombay Stock Exchange.
  • Advised OCBC Bank on its participation in a approx. US$800m umbrella subscription line financing provided to SSG Capital. The facilities are to be used by SSG for liquidity purposes.

Jones Day

Jones Day‘s cross-border finance practice advises banking clients on transactions throughout the region, with expertise in acquisition, structured, trade and real estate finance, secured and unsecured syndicated lending, project and commodity deals, as well as an increasing amount of sustainable financing work. Managing partner of the Singapore office Sushma Jobanputra  heads the department, and has an additional specialism in non-contentious financial restructuring. Vinay Kurien‘s practice extends to debt capital markets deals.

Practice head(s):

Sushma Jobanputra

Other key lawyers:

Vinay Kurien

Testimonials

Depth of knowledge, client service and ability to provide practical legal advice in extremely complex stakeholder situations with significant uncertainty of outcomes.’

Sushma Jobanputra is exceptional. She stands out as a legal partner, not just an advisor, willing to act as a sounding board for difficult situations even in the absence of a formal engagement. She is honest, has high integrity and is an excellent stragegiser, capable of giving easily understood and digestible advice on some of the most complex negotiations I have been involved in.’

Key clients

Asian Development Bank

Crestline Direct Finance, L.P.

Glencore Singapore Pte Ltd

Godrej Consumer Products Limited

Greystar Real Estate Partners, LLC

Hyatt Hotels Corporation

Kartesia Management SA

L-Catterton Asia

Maxeon Solar Technologies

Petroliam Nasional Berhad (PETRONAS)

UPL Limited

Work highlights

  • Advised the direct lending arm of a U.S.-based alternative investment management firm, as administrative agent, collateral agent, and sole lead arranger, in connection with a $70m term senior secured term loan facility provided to a leading global mobile advertising technology company.
  • Advised Kartesia Management SA, on the conciliation procedure, restructuring and refinancing of ORAPI and the refinancing and restructuring of its holding company La Financière MG3F through multiple equity and debt instruments.
  • Acted as lead counsel advising Maxeon  Solar Technologies on the structuring, documentation and implementation of a complex multijurisdictional secured syndicated $125m financing transaction obtained from a group of banks (structured as a combination of a two term loans and a working capital facility) undertaken in connection with the spin-off of Maxeon from SunPower Corporation in August 2020.

King & Spalding LLP

King & Spalding LLP‘s ‘seamless‘ banking and finance team advises global and regional banks, credit funds, corporates and private equity sponsors on a wide range of cross-border financings. The group is increasingly involved in novel mandates, including in relation to pre-payment financings and sustainable lending. Andrew Brereton who is considered an 'unsurpassed' finance lawyer, heads the team. Associate Soumya Bhagavatula has developed a strong reputation in the private equity space and is deeply involved in sustainable lending issues.

Practice head(s):

Andrew Brereton

Other key lawyers:

Soumya Bhagavatula; U-Glen Lim

Testimonials

‘King & Spalding’s Singapore finance practice immediately raised itself to the upper echelon of finance in Asia with the hiring of Andrew Brereton a couple of years ago. The team is smart, responsive, and effective.’

‘Andrew Brereton is unsurpassed as a finance lawyer in Asia. For any financier, he is a reliable first stop. He has the experience, knowledge and work ethic to help deals succeed. He also has extraordinary people skills for a senior finance lawyer. Soumya Bhagavatula is an outstanding associate who will no doubt become an influential partner in her own right.’

‘The team works seamlessly with clients to ensure that their best interests are met from a legal perspective, while ensuring that a transaction is driven to closing and that commercial interests are also met.’

‘Andrew Brereton is a trusted adviser who truly understands a clients needs and internal processes and will work to ensure these are met.’

Key clients

Asia Capital Reinsurance Group Pte. Ltd.

Star Energy Geothermal

Bumi Armada

Keppel Capital Holdings Pte. Ltd

Mitsui & Co., Inc.

Bank of Philippine Islands

Pierfront Capital Mezzanine Fund Pte. Ltd.

Nomura

Work highlights

  • Advised Star Energy Geothermal on the successful refinancing of its US$1.25bn senior secured facilities with a landmark US$1.1bn green bond issuance and the termination of its associated interest rate swap positions with its syndicate of mainly Asian lenders and hedging providers.
  • Advised Greenko on the M&A and financing aspects relating to a strategic sale of warrants and shares in Greenko Energy to Orix Corporation. Greenko Energy is one of the largest independent renewable power producers in India with an operational capacity of c.4.1 GW across wind, solar, hydro and thermal energy projects.
  • Advised a Singapore-based data centre developer on its S$70m term and revolving green loan facilities (one of the first Singapore Dollar financings to adopt the Singapore Overnight Rate Average for its day-1 interest rate) for its improvement of an existing data centre asset in Singapore.

Mayer Brown

Mayer Brown‘s banking and finance group predominantly acts for international and Singaporean banking clients. In Angelia Chia , the group has an expert in structured trade and commodities finance, as well as bank governance. Ian Roebuck and Kayal Sachi  lead the acquisition and leveraged finance and fund finance practices. Roebuck is increasingly active in advising banks and funds on fund finance facilities; while Sachi is focused on advising banks and borrowers on India-related financing transactions. The team has been strengthened with the hire of Soumitro Mukerji who has joined from Hogan Lovells Lee & Lee.

Practice head(s):

Angelia Chia; Kayal Sachi; Ian Roebuck

Testimonials

Dedicated, efficient, empathetic, active service.’

Key clients

HSBC

ADB

MUFG

ING

JP Morgan

Sumitrust

BNP Paribas

Wells Fargo

Deutsche Bank

Société Générale

Morrison Foerster (Singapore)

Morrison & Foerster (Singapore) LLP's finance and projects group provides transactional and regulatory advice to multi-national lenders and borrowers. The group has expertise in acquisition, private equity and real estate finance, and is able to collaborate with the firm's technology transactions group for sector-specific deals across Asia. Yemi Tépé leads the team and is a member of the firm's global finance committee. Hong Cheong Wong has experience in transactions conducted under Singapore, Hong Kong, English and New York law, and with a fluency in Mandarin, is often called upon in deals emanating from China.

Practice head(s):

Yemi Tépé

Other key lawyers:

Hong Cheong Wong

Testimonials

‘The team is exceptionally responsive to client demands, and persistent in negotiations. Yemi Tépé and Hong Cheong Wong provide very commercial advice which allows us to move deals along at pace.’

‘Specific knowledge about buy-out finance, Experience of the deals in both Japanese and global market’

‘Experienced and incredibly thoughtful team. Unparalleled responsiveness to our needs, always a step ahead of us in terms of what to anticipate. Makes my life easier.’

‘Yemi Tépé is a great lawyer, trusted adviser and person. She brings great experience and expertise, but more importantly she really understands our needs and goes the extra mile.’

The team is exceptionally responsive to client demands, and persistent in negotiations. Yemi Tépé and Hong Cheong Wong provide very commercial advice which allows us to move deals along at pace.’

Depth of coverage and knowledge throughout Asia abs ability to execute on on various complex transaction structures.’

Availability around the clock and ability to execute on quick turnarounds.’

 

Key clients

GLP

Work highlights

  • Advised GLP on its US$658m sustainability-linked loan, which is GLP’s first SLL and one of the largest SLLs in the Asia Pacific region.

Simmons & Simmons

The financial markets department at Simmons & Simmons is most known for its cross-border trade and commodity finance work, but it is increasingly active across funds, real estate and acquisition finance, as well as margin lending. The group has a significant regulatory offering, and has substantial experience in advising on LIBOR transition, where matters are led by supervising associate Rui Wen Tan. Calvin Tan heads the team, and is a structured lending expert. Senior associate Gayna Wong is another key team member.

Practice head(s):

Calvin Tan

Other key lawyers:

Rui Wen Tan; Gayna Wong

Testimonials

Prompt turnaround, commercially sound work, quite competitive in terms of quoted fees for projects or specific work pieces.’

Calvin Tan is commercially astute and extremely practical approach to marrying up legal needs with commercial wants.’

Key clients

Gunvor Singapore Pte. Ltd./ Gunvor Group Ltd

Parkway Pantai Limited

Citibank N.A., Singapore Branch

J.P. Morgan Chase Bank, N.A., Singapore Branch

Oversea-Chinese Banking Corporation Limited

ING Bank NV

Natixis, Singapore Branch

Standard Chartered Bank, Singapore Branch

UBS AG

Societe Generale

Gunvor Singapore Pte Ltd

Sahara Energy

BB Energy

Work highlights

  • Advised on a US$450m revolving facility agreement entered into by Gunvor Singapore with a club of lenders and guaranteed by Gunvor Group Ltd.
  • Advised Parkway Pantai on the extension of S$1.1bn multicurrency term and revolving credit by a syndicate of local and international lenders.

Stephenson Harwood LLP

Banking and finance is a core plank of Stephenson Harwood LLP‘s Singapore offering. The department acts for domestic and international banks, investment companies and corporates in a wide variety of transactions, with a particular focus on asset, shipping and aviation finance. The team is also instructed on restructuring and insolvency matters, where it can draw on the firm’s local alliance firm Virtus Law LLP – Stephenson Harwood (Singapore) Alliance. Gregory Xu heads the team and has a significant reputation for ship leasing deals. Senior associate Clement Leung is an expert in aircraft financings, often coordinating cross-border transactions.

Practice head(s):

Gregory Xu

Other key lawyers:

Clement Leung; Pedram Norton; Jeffrey Tanner

Testimonials

‘Always there to help you – any time a day. Always well coordinated and ready to help. Never had any issues.’

‘Always good advice and ready to help. Top class lawyers’

The team has extensive cooperation with us in banking, aircraft financing, and structured financing. Compared with other law firms, the price is relatively favourable but the quality of service is still very commendable.’

Professional and efficient service team.’

Very professional in ship financing, high work efficiency and pleasant cooperation experience.’

Key clients

MUFG Bank

Mizuho Bank

TransAsia Private Capital Limited

Golden Equator

ABN AMRO Bank N.V.

BNP Paribas

Credit Agricole

Credit Suisse

Shanghai Pudong Development Bank

Axis Bank

HDFC Bank

ICICI Bank

Q&M Dental

Bank of Communications

Bank of Baroda

China Minsheng Banking Corporation

Aditya Birla Finance Limited

OCP Asia

UOB

Campana Group

BioNTech

ING Bank

Standard Chartered Bank

Bank of Singapore

Avendus Finance

China Development Bank

Asian Development Bank

Australian and New Zealand Banking Group Limited

State Bank of India

HSBC Bank

LOGOS

Work highlights

  • Acting on a limited basis as local counsel to State Bank of India, Hong Kong Branch on its US$1bn loan financing from Japan Bank for International Cooperation (JBIC).
  • Advising SEB and a syndicate of five other banks and financial institutions on a US$155m loan facility to part finance BW Group’s Epic Gas Ltd’s acquisition of Lauritzen Kosan’s fleet of 17 owned-vessels to become BW Epic Kosan Ltd.
  • Advising the creditors of Agritrade International in the judicial management of Agritrade International, with a total debt of about US$1.55bn, one of the largest insolvencies in Singapore. Also advising the creditors on the restructuring of Agritrade Resources.

DLA Piper

With a firm presence throughout south-east Asia, DLA Piper's Singapore banking and finance team is often instructed on cross-border financing transactions. Leveraged buy-outs and acquisition finance are areas of particular expertise, and it is also praised by clients for its trade finance offering. Timothy Tan  heads the team and also takes the lead in matters involving Indonesia and Thailand for borrowers and lenders. Vincent Seah has developed a reputation for project finance, with a focus on the energy sector.

Practice head(s):

Timothy Tan

Other key lawyers:

Vincent Seah

Testimonials

‘DLA Piper has shown to be flexible and has great connectivity with the Chinese clients in particular onshore but also in south-east Asia and Hong Kong.’

Great at working on cross border transactions. Very experienced and client oriented. Very easy to work with.’

Strong performers and very knowledgeable. Very reliable.’

The team is always helpful even on ad-hoc advice/potential transaction. The team is well-versed on trade financing transactions and have set up various trade programme for a number of banks; as such, they would be one of my go-to firm at structural stage to gauge on whether what we are thinking to do are doable, market standard and if there are any red-flags.’

Key clients

Deutsche Bank

DBS Bank

Capital Square Partners

TTCL Public Company

Sojitz Corporation

INPEX Corporation

Barito Pacific

Korea Electric Power Company (KEPCO)

Indonesia Power

Proterra Partners

Work highlights

  • Advised Capital Square Partners on LBO acquisition financing to acquire the CSS Corp group of companies.
  • Advising a consortium of TTCL Public Company, Sojitz Corporation,, INPEX Corporation, and Shikoku Electric Power Company and Chukoku Electric Power Company on all aspects of the development and financing of the 388MW Ahlone LNG-to-power project in Myanmar.
  • Advising Barito Pacific and Indonesia Power, in their role as sponsors, on all aspects of the development and financing of the US$3.3bn 2x1000MV Jawa 9 & 10 coal-fired power station in Indonesia, involving Euler Hermes, KEXIM and K-Sure.  This is a pathfinder project involving the financing of a completely new structure in Indonesia.

Gibson Dunn

Gibson Dunn has developed a niche for advising debtors, sponsors and corporates facing liquidity issues on debt restructuring and reorganisations. The group also handles acquisition and project finance, as well as debt capital markets transactions and structured products. At the helm is Jamie Thomas, who also co-chairs the firm’s global finance practice group. Of counsel U-Shaun Lim is another name to note with experience in derivatives.

Practice head(s):

Jamie Thomas

Other key lawyers:

U-Shaun Lim

Key clients

UBS

Bank of America

MedcoEnergi

Mizuho Corporate Bank

Goldman Sachs

Japanese Bank for International Cooperation

Duniatex Group

OCP Asia (Hong Kong) Limited

MAXpower Group Pte Ltd

PT Indika Energy Tbk

Sritex Group

Work highlights

  • Advised Indonesian textile conglomerate, Sritex Group, on the restructuring of approximately US$1.8bn of debts.
  • Advised Duniatex Group and the textile conglomerate owner Mr. Sumitro, on the restructuring of approximately US$1.59bn of debts.
  • Advised PT Indika Energy Tbk, an Indonesia-based integrated energy company, as borrower of a Term Loan B style financing with Deutsche Bank AG, Singapore Branch, Standard Chartered Bank (Singapore) Limited and Bank Mandiri for, amongst others, the refinancing of existing indebtedness, which will sit pari passu with various high yield notes.

HFW Singapore LLP

HFW Singapore LLP‘s banking and finance team excels in shipping and aviation finance, with additional expertise in trade financial transactions. The group is well versed in transactions from around the Asia Pacific region, with recent experience in deals involving China and Japan. John Forrester  is the key name for ship finance, while David Brotherton  takes the lead on aviation financings, often supported by Ling Lui .

Practice head(s):

John Forrester; David Brotherton

Other key lawyers:

Siri Wennevik; Ling Lui; Alexandra Forrest; Ami Brett

Key clients

PPL Shipyards

Oman Shipping Company S.A.O.C.

KDB Asia Limited

ALAFCO Aviation Lease and Finance Company K.S.C.P.

Work highlights

  • Advising PPL Shipyard on the restructuring of its credit facilities to Borr Drilling Limited, an international drilling contractor dual listed in Oslo and New York.
  • Advising Oman Shipping Company S.A.O.C. on a secured sale and leaseback financing by way of a Japanese operating lease with call option (JOLCO) of two Marshall Islands registered bulk carriers owned by two separate subsidiary companies of OSC. The JOLCO was arranged by FPG Asset & Investment Management Middle East FZ LLC and Societe Generale and the bank debt was provided to the lessors by Societe Generale.
  • Acting for Oman Shipping Company S.A.O.C. on a secured sale and leaseback financing by ICBC Leasing of two newbuilding VLCCs constructed in Korea by DSME. The vessels (named “SUR” and “DHALKUT” respectively) were delivered by DSME to two Marshall Islands incorporated subsidiaries of OSC and then immediately sold to (and leased back from) two Hong Kong subsidiaries of ICBC Leasing.

King & Wood Mallesons

At King & Wood Mallesons, John Shum takes the lead for banking and finance work, primarily facilitating finance and investments related to China’s Belt and Road initiative in the region. Areas of expertise include syndicated lending, corporate, acquisition and leveraged financing, as well as finance deals concerning real estate and projects. Shum also handles debt capital markets transactions.

Practice head(s):

John Shum

Testimonials

They have a team of seasoned partners, have worked in the region and provide a good blend of local and international expertise.’

Good product knowledge for various jurisdictions – a one-stop solution provider. Proactive solution provider, understands the banks’ risk requirements and provides/develops ideas that fits within the credit and legal appetite of the bank.’

Very accessible in terms of time and reasonable in terms of costs. In client discussions, does not try to demonstrate “value addition” for the sake of it but rather tries to achieve closure. Happy to assist on client discussions or working with internal stakeholders.’

Understands the deliverables and time sensitivities around the same.’

Open to new ideas and structures.’

There is a good trust in the working relationship and is one of our go-to firms for legal assistance.’

Key clients

CMB Wing Lung Bank Limited

Standard Chartered Bank

China Minsheng Banking Corp., Ltd.

Banco Santander, S.A.

Societe Generale

China Merchants Bank Co., Ltd. Hong Kong Branch

Chong Hing Bank Limited

China Minsheng Banking Corp., Ltd, Hong Kong Branch

Shanghai Pudong Development Bank Co., Ltd. London Branch

Mega International Commercial Bank Co., Ltd. Hong Kong Branch

GE Renewable Energy

Work highlights

  • Advised Standard Chartered Bank, China Minsheng Banking Corp. Ltd Shenzhen Branch and Banco Santander, S.A., and Société General Hong Kong Branch on a US$195m SINOSURE financing for the development of Vietnam’s largest waste-to-energy plant.
  • Advising on the secured financing provided by the Singapore Branch of a German bank to certain subsidiaries of Elite Logistics Fund for the acquisition of three logistics properties in the United Kingdom.
  • Advising an asset manager focused on impact investing in relation to the project financing of a Recirculating Aquaculture System for the cultivation of Atlantic salmon in Mie, Japan.

Shearman & Sterling LLP

Shearman & Sterling LLP advises creditors, sponsors and corporate borrowers on a wide range of transactions, with a particularly strong recent track record in project-related financings. The group is able to harness the firm’s corporate, funds and capital markets lawyers in a variety of financing structures, often involving leveraged deals, investment-grade financing and asset-based lending. Ben Shorten heads the Asia project development and finance team alongside Bill McCormack . David Clinch joined from Herbert Smith Freehills LLP in June 2021, adding further expertise in projects and energy finance.

Practice head(s):

Ben Shorten; Bill McCormack

Other key lawyers:

David Clinch; Jean-Louis Neves Mandelli

Key clients

A consortium of Chinese lenders including Sinosure, Chinese commercial banks and ECAs

Abu Dhabi Future Energy Company PJSC (Masdar)

China Development Bank

Clifford Capital

International Finance Corporation

Investcorp Asia Financial Services

Sumitomo Mitsui Banking Corporation

Work highlights

  • Advising Masdar and PJBI in connection with the financing of the 145MW Cirata floating PV project in Indonesia valued at $127.24m.
  • Advising Clifford Capital and SMBC on the permanent financing of a 300 MW HFO IPP developed by the Summit group in Kodda, Gazipur.
  • Advising Investcorp in connection with: (i) the refinancing of Viz Branz’s existing facilities with a S$180m term loan and revolving credit senior facilities agreement and other debt financing related aspects of the Viz Branz acquisition described further below and (ii) a co-investment structure at the fund level.

Watson Farley & Williams LLP

Watson Farley & Williams LLP‘s Singapore practice is well integrated into the firm’s global office network, and is regularly instructed on finance deals throughout the Asia Pacific region for creditors and borrowers. The group is led by Mei Lin Goh, an asset and project finance specialist focusing on the energy and natural resources sectors. Charles Viggers is another key name in the asset finance team.

Practice head(s):

Goh Mei Lin

Other key lawyers:

Charles Viggers; Arrow Zhang

Key clients

Sumitomo Mitsui Trust Bank, Limited

Crédit Industriel et Commercial (CIC)

European ECAs for Airbus exports (Euler Hermes, UK Export Finance and Bpifrance Assurance Export)

Industrial and Commercial Bank of China

BNP Paribas

Société Générale

Credit Agricole Corporate & Investment Bank

Woori Bank

Deutsche Bank

Bank of America NA

Bank of Communications Co., Ltd.

BW Maritime Pte Ltd

Credit Suisse

Crédit Industriel et Commercial, Singapore Branch

DVB Bank SE

ING Bank N.V., Singapore Branch

Korea Development Bank, Seoul Branch

MUFG Bank Ltd

Nord LB

Oversea-Chinese Banking Corporation, Limited

Sumitomo Mitsui Banking Corporation

Hongkong and Shanghai Banking Corporation

ANZ Banking Group Limited

Mizuho Bank Ltd

Commerzbank AG

Work highlights

  • Advising MUFG Bank Ltd and Development Bank of Japan Inc. as lenders on the US$155m Tangguh LNG Carrier Refinancing. Together with WFW, WTL advised MUFG Bank as Facility and Security Agent, and Development Bank of Japan Inc. as lenders on two non-recourse credit facilities totalling US$155m for the international, cross-border refinancing of two LNG carriers owned by joint venture companies belonging to NYK Line, Sovcomflot Group (and Samudera Shipping Line Ltd. The loans comprise tranches with tenors of four and eight years.
  • Acting as English law counsel for Buss in relation to a US$150m term loan facility led by Wells Fargo Securities LLC as administrative agent. We reviewed the English law documents and issued legal opinion to the creditors.
  • Advising European banks on the refinancing of Singapore flagged vessels m.v.s. “PSU First” and “PSU Tenth” under one facility and refinancing the m.v. “PSU Ninth” under a separate facility.