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Проектное финансирование и развитие инфраструктуры
Юристы фирмы «Клири Готтлиб», занимающиеся вопросами проектного финансирования, находят эффективные и практически осуществимые решения по всем вопросам клиентов. Мы понимаем, какое давление испытывают и с какими препятствиями сталкиваются наши клиенты при финансировании и структурировании сложных проектов. Наши юристы имеют большой опыт работы над проектами во многих отраслях промышленности и представляли интересы всех участников такого рода сделок, а именно: ведущих спонсоров проекта, кредиторов, поставщиков оборудования, фондов развития инфраструктуры, страховщиков, государственных организаций и рейтинговых агентств – при осуществлении проектов по всему миру. Главное же состоит в том, что мы никогда не упускаем из виду тот факт, что проектное финансирование не сможет решить своей основной задачи, если жесткость структуры, внутренне присущая данному подходу, не оставляет при этом места для достаточной гибкости, позволяющей учитывать текущие потребности бизнеса.
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Dec 14, 2007
Cleary Gottlieb represented Tatneft, Russia’s sixth largest oil producer, and its affiliate Taneco in a $2 billion senior secured facility from BNP Paribas to finance the construction of the first phase of a new oil refinery in Tatarstan. The facility was signed in November. Cleary Gottlieb also represented Bank Zenit in a related $350 million letter of credit to fund the purchase of supplies and services for the project.
The new refinery is the largest under construction today in Russia. By refining Tatneft’s high-sulfur "sour" crude, the refinery will pump higher-quality "sweet" crude into the national pipeline system and help reduce Russian crude's pricing discount off international oil pricing while also increasing light products export. The Russian government is also providing $660 million in financing for the refinery, which is considered a project of national strategic importance.
Feb 22, 2007
Cleary Gottlieb is representing ArcelorMittal in connection with an integrated mining, infrastructure and industrial project in Senegal, West Africa. This landmark project was signed in Dakar on February 22.
This signing concludes a two-year negotiation process, during which ArcelorMittal faced strong competition from other international mining groups. The project documentation provides for the mining of an estimated 750 million metric tons of rich iron ore reserves in southeastern Senegal, which will require the construction of a mineral port and railroads across the country. In addition, ArcelorMittal will set up a steel-processing facility to meet the demand of the West African market. The exceptional size and complexity of the project called for a tailor-made set of investment and tax and customs incentives combining advantages drawn from the country’s mining code, the investment code and the offshore company law. The closing of the transaction, which will require, among other things, a ratification law, is expected to occur in several weeks.
Feb 22, 2006
Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco), the largest copper producer in the world and a state-owned company of Chile, in its joint venture with China Minmetals Non-Ferrous Metals Co., Ltd. (Minmetals), a state-owned company of China. The transaction is believed to be the first of this nature between Latin American and Chinese companies. The parties entered into definitive documentation in a signing ceremony in the Hall of the People in Beijing on February 22, 2006.
The transaction represents an innovative financing structure for Codelco, in which the company receives a $550 million up-front payment in exchange for agreeing to supply the joint venture with 55,750 tons of copper cathodes per year for fifteen years. Upon delivery of the copper cathodes, Codelco will receive a price balance per ton adjusted for certain changes in inflation and market prices for copper cathodes. In exchange, Minmetals receives a supply of copper cathodes from the joint venture at market prices for fifteen years.
Debt financing is being provided by China Development Bank, the state-owned development bank of China. The debt financing is structured as a project finance without recourse to Codelco. The purchase of the copper supply contract from Codelco is being financed with equity contributions from Codelco and Minmetals of $110 million each and debt financing of $330 million from China Development Bank.
Dec 11, 2006
Cleary Gottlieb represented a wholly-owned subsidiary of AIG Global Investment Group (AIGGIG) in connection with its successful bid for the acquisition of P&O Ports North America, Inc. (POPNA). The acquisition was announced on December 11, and is subject to regulatory approval and other customary closing conditions. Closing is expected to occur in the first quarter of 2007.
POPNA’s operations consist of marine terminal concessions in the ports of New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans, stevedoring operations in 16 locations along the East and Gulf Coasts and a passenger ship terminal in New York City.
Jun 27, 2008
Cleary Gottlieb represented Central Térmica Loma de la Lata, S.A. (CTLL), a subsidiary of Pampa Energía, S.A., in connection with a project financing for the expansion of its thermal power electricity generation plant at Loma de la Lata, in the Argentine province of Neuquén. The project required in excess of $200 million of funding, with ABN AMRO and Standard Bank Plc providing $80 million of senior debt financing through onshore and offshore import financing facilities and letters of credit.
The project is one of the few recent externally financed deals in Argentina (and the only project financing) and was complicated by, among other things, the mandatory deposit regulations of the Argentine Central Bank known as the encaje. CTLL’s loans under the facilities (made at the time of project milestones) accrue interest at LIBOR plus a margin between 4.75% and 5.50%. Until completion of the project, the facilities are guaranteed by Pampa Energía, and are secured by CTLL’s stock and an assignment of its rights under certain electricity sales agreements at the plant.
Dec 27, 2007
Cleary Gottlieb advised International Finance Corporation and PROPARCO in their joint $35 million investment in preferred shares issued by Veolia Water Africa, Middle East and India. The shares acquired by IFC and PROPARCO represent approximately 20% of Veolia Water AMI’s share capital. The transaction closed on December 27, 2007.
IFC, the private sector arm of the World Bank Group, is the largest multilateral provider of financial services for private enterprise in developing countries. IFC provides loans, equity, structured finance and risk management products, and advisory services to build the private sector in developing countries.
PROPARCO is the private sector arm of the Agence Française de Développement, the French international development agency, and an active provider of capital to the private sector in developing countries.
Veolia Water AMI is a subsidiary of Veolia Eau – Compagnie Générale des Eaux, the water division of Veolia Environnement, the world leader in waste and wastewater services. The company operates water, wastewater and electricity services in Africa, the Middle East and the Indian subcontinent.
The purpose of the transaction is to support infrastructure development in these developing regions.
EMEA Transport Deal of the Year
(Diabolo project)
PFI Magazine (2008)
Latin American Oil & Gas Deal of the Year
(Camisea Pipeline Project Financing)
Project Finance (2005)
European Manufacturing Project Finance Deal of the Year
(Zellstoff Stendal Pulpmill)
Project Finance (2002)
Project Financing for First Ethanol Facility in the Northeastern United States
“Cleary Gottlieb’s star in the projects, energy and natural resources firmament burns bright across Latin America, and [clients] pointed to its superb capability in oil and gas, petrochemical, steel, mining and toll road financings.”
Chambers Global (2008)
“Clients’ unswerving admiration for the quality of this firm is striking: ‘What separates Cleary from others is their commitment to excellence ... they really do give you more than you ask for and it’s the key to their success.’”
Chambers USA (2008)
“With ‘a strong team spirit and great communication skills,’ this firm is further recommended by clients due to its ‘commitment, sense of responsibility, quality of work and timeliness.’”
Chambers Europe (2008)
“Cleary Gottlieb enjoys a respected presence across the region, receiving unfettered praise for its ‘superb sovereign relationships.’ Clients appreciate the team’s common-sense approach: ‘These quality lawyers are deal-oriented but also care about doing things smoothly.’”
Chambers Latin America (2008)
“The New York-based unit takes on some of the most ground-breaking and multifaceted transactions in South America.”
Chambers Global (2007)
“The team has a reputation for innovation: ‘Cleary is more creative on the commercial side - it isn’t stymied by different rules and regulations,' reported clients.”
Chambers USA (2007)
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