K&L Gates has advised Sumatra Copper & Gold plc (Sumatra) and its Indonesian subsidiary PT Dwinad Nusa Sejahtera (Dwinad) in the US$45 million financing of its Tembang Project in Sumatra, Indonesia, by Nomura Singapore Limited (Nomura) and Indonesia Eximbank, financial institutions based in Singapore and Jakarta, Indonesia, respectively.
The acquisition results in a combined production from the two companies amounting to approximately 84 000 barrels of oil per day in 2013, making Det norske oljeselskap ASA one of the largest listed independent E&P companies in Europe in terms of output.
The acquisition was financed partly through a USD 3 billion reserve based lending (RBL) facility, which is also to our knowledge the first RBL to be governed by Norwegian law.
Shearman & Sterling advised Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, Citigroup Global Markets Inc. and HSBC Bank USA, N.A., as joint lead arrangers and joint bookrunners, in connection with a $1 billion financing, the first stage of the proposed $12.9 billion financing, related to the development and construction of a new airport in Mexico City, a project described as Mexico's biggest infrastructure project in recent years and among the largest in the world.
Clifford Chance has advised Asian Development Bank (ADB), Japan Bank for International Cooperation (JBIC), and four Thai banks: Bangkok Bank, Export-Import Bank of Thailand, Kasikornbank and Siam Commercial Bank on the financing of the 290 MW Nam Ngiep 1 cross-border hydropower project in Lao People's Democratic Republic (Lao PDR). This is JBIC's first project financing loan to Laos.
Clifford Chance has advised Eksport Kredit Fonden (EKF) and a group of local and international lenders on the US$315 million financing for the 150MW Burgos Wind Project in the Philippines.
Burgos Wind Project is sponsored by Energy Development Corporation (EDC) and is aiming to be the first wind project to benefit from the new feed-in-tariff regime for renewables in the Philippines. Once operational, it will be the largest wind farm in the country.
A Weil team advised Morgan Stanley in providing committed financing for BGC Partners Inc. (BGC), a leading global brokerage company servicing the financial and real estate markets, in its $675 million hostile offer for rival GFI Group (GFI). BGC, which already owns 13.5% of the target’s shares, is offering $5.25 per share in cash for GFI, a 15% premium to a competing $4.55 offer CME Group Inc. has made to acquire GFI.
Linklaters advised UniCredit Bank AG and Crédit Industriel et Commercial SA as Lenders on the project financing of a portfolio of two wind farms with a total capacity of 22 MW located in the North of France.
This portfolio was developed by Sorgenia France and was acquired immediately prior to closing by a fund managed by Glennmont Partners (ex-BNPP Clean Energy Partners).
Norton Rose Fulbright has advised ASX-listed Tiger Resources Limited (Tiger) on the acquisition of the remaining 40% interest from its joint venture partner, the Kipoi Copper Project.
The acquisition—which involved lawyers from Norton Rose Fulbright’s Melbourne, Perth, Paris and Johannesburg offices—saw Tiger obtain all outstanding shares in Société d'Exploitation de Kipoi SA, the owner of the Kipoi Copper Project in the Democratic Republic of Congo.
Norton Rose Fulbright advised Botswana’s state-owned mining and smelting company, BCL Limited, on its purchase of Russia’s Norilsk Nickel operations in Africa.
The acquisition of Norilsk Nickel’s 50 percent participation interest in Nkomati Nickel and Chrome Mine is the first significant investment by BCL into South Africa. In Botswana, BCL has increased its 15 per cent interest in Tati Nickel to full ownership.
Watson, Farley & Williams (WFW) has assisted Capital Stage AG, a German renewable energy company, on a refinancing facility worth up to €23 million from Bayerische Landesbank, a primary German public law credit institution. The refinancing concerns a solar portfolio consisting of seven greenfield photovoltaic parks operating in the Emilia-Romagna, Abruzzo and Marche Regions in Italy, with an overall nominal capacity of approximately 14.1 MW.