Allen & Overy advises Japanese export credit agencies and commercial lenders on USD1.4 billion Pre-Export Finance Facility
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Matthias Voss
Managing Partner
Tokyo
Hitomi Komachi
Partner
Tokyo
Adam McNeill
Associate
Tokyo
Mercy Hadfield
Associate
London
Harry O'Donohue
Associate
London
André Teixeira
Senior Counsel
Washington, D.C.
Ally de Padua
Partner
New York
Daniel Resnick
External consultant
New York
Ken Rivlin
Partner, Global Co-Head Environment, Climate and Regulatory Law Group and the International Trade Group
New York
Nick Ognibene
Associate
Boston
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Publications: 25 March 2022
The facility comprises of a USD980 million tranche to be provided by Japan Bank for International Cooperation and a USD 420 million Nippon Export and Investment Insurance covered tranche from the syndicate of commercial lenders, BNP Paribas (acting through its Tokyo Branch), Citibank, N.A., Tokyo Branch, Crédit Agricole Corporate & Investment Bank, Tokyo Branch, JPMorgan Chase Bank, N.A., Tokyo Branch, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank, Limited, New York Branch.
CSN Mineração S.A is Brazil’s second largest exporter of iron ore. The facility will primarily be used to finance the capital expenditure for the construction of an iron ore ‘pellet feed’ production plant. Pellet feed is an essential raw material for low-carbon steelmaking by way of electric furnaces.
Matthias Voss, Tokyo managing partner commented: “This transaction exemplifies A&O’s premier mining financing practice. Natural resources in emerging markets will play a key role in energy transition and decarbonisation. Further, it demonstrates our ability to leverage our global network and our strong practice in Latin America, allowing us to advise Japanese and foreign financiers on their strategic and significant financings in the region”.
The A&O team comprised of Matthias Voss (Partner, Tokyo), Hitomi Komachi (Partner, Tokyo), Adam McNeill (Associate, Tokyo), Mercy Hadfield (Associate, London) and Harry O’Donohue (Trainee, Tokyo). New York law advice was provided by Bruno Soares (Partner, Sao Paolo), Andre Teixeira (Senior Counsel, Sao Paolo), Alexandra De Padua (Partner, New York) and Daniel Resnick (Associate, New York). Specialist advice on sanctions and anti-corruption issues was provided by Ken Rivlin (Partner, New York) and Nick Ognibene (Associate, Boston).