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Norton Rose Fulbright

Michael Black

Tel:
Work 44 20 7444 2277
Email:
Norton Rose Fulbright

Work Department

Banking and Finance; Real Estate Finance

Career

http://www.nortonrosefulbright.com/uk/people/61430


London: Finance

Acquisition finance

Within: Acquisition finance

Led by the 'experienced' Michael Ings, Norton Rose Fulbright provides 'highly professional and commercially minded advice' to a mix of lenders and borrowers including ING Bank, RBS, HSBC, Qatar Petroleum and Octopus Investments. The practice, while it does not handle the volume of sponsor-backed leveraged deals that many of its higher ranked peers do, it does excel at handling bespoke cross-border acquisition finance mandates, particularly those with a nexus to key areas of firmwide sector strengths including energy, TMT and transport. The 'excellent' James Dunnett recently acted alongside practitioners in the firm's Montreal office for SNC-Lavalin Group on the financing associated with its acquisition of WS Atkins plc. Asset based lending (ABL) expert Michael Black is also a key resource and regularly uses the ABL product as part of the financing package to fund acquisitions for clients including Wells Fargo.

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Asset based lending

Within: Asset based lending

Able to leverage the firm's vast international network, Norton Rose Fulbright's particular sweet-spot is in relation to handling major cross-border bilateral and syndicated deals. 'Superb' team head Michael Black has particularly strong ties with North American lenders including JP Morgan and Wells Fargo and regularly acts for them as arrangers in the context of syndicated transactions, whereby ABL debt forms an integral part of the capital structure. For example, Black recently acted for Wells Fargo as arranger of a £150m ABL facility for the Pattonair group as part of a capital restructuring undertaken by Exponent (the private equity owner) as a precursor to a sale of the group. Black also regularly handles cross-border mandates with complex inter-creditor arrangements involving ABL facilities sitting alongside other debt products, including his recent work for JP Morgan on the provision of a $350m term loan and a $300m asset-based working capital facility (sitting alongside a $350m bond issuance arranged by Citibank) to facilitate the capital structure for the Huntsman Corporation after it spun off its pigments and additives business as a separate group under new parent company Venator Materials plc. Senior associates Alex Dunn and Helen Masri are also recommended.

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Bank lending: investment grade debt and syndicated loans

Within: Bank lending: investment grade debt and syndicated loans

Norton Rose Fulbright provides an 'extremely professional service' to a balanced roster of lenders and investment grade corporates across a broad spectrum of syndicated and bilateral lending work, particularly in relation to transactions which occur within sector areas of focus for the firm. For example, the team regularly handles telecommunications financing matters within the emerging markets and is able to add value by dint of its vast international network, which includes offices in jurisdictions including Turkey. 'Diligent and persuasive' senior associate Alex Zekkos also has significant telecoms financing expertise and has worked with Triptree on much of the work for Turk Telekom including in relation to a $100m term loan facility made available to it by Bank of America. The firm also has a very strong reputation for handling oil and gas financings and led by Neha Khosla recently advised longstanding client Tullow Oil plc on the refinancing of its existing senior secured reserve based lending facilities with new $2.5bn facilities comprising of a senior bank facility and a separate tranche lent by IFC. Other recommended partners include Michael Ings, for telecoms and media financing work throughout Africa; James Dunnett, for oil and gas-related financings in the emerging markets; and Michael Black, for asset based lending work.

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