News – June 2012

Welcome to the June 2012 edition of Focus.

Articles ‘ African LMA and new Zambian foreign currency restrictions

In our main article this month, Kaushik Ray takes a look at the use and impact of the Loan Market Association’s ‘African LMA’ finance documents, six months after their launch.  In a Focus Legal Update, we take a look at the potential impact in Zambia of new regulations restricting the use of foreign currency in domestic transactions – the impact on any Euro, Dollar, Sterling or Rand lending into Zambia may be significant.

New joiner

We welcome to the Trinity team Luke Muchamore. Luke is a senior lawyer who trained and qualified as a solicitor at Allen & Overy LLP, and was a Senior Associate in its Projects, Energy and Infrastructure group prior to joining us, having worked in the London, Paris and Luxembourg offices of Allen & Overy LLP.  Luke primarily advises on project contract documentation including concession agreements, construction contracts, operation and maintenance contracts and ancillary documentation such as direct agreements and performance security. Luke’s experience includes the energy and infrastructure sectors in respect of projects in the UK, Europe, Africa, China and the Middle East.

Closed deals

In the last two months, we closed or signed documentation in relation to the following transactions:

— Advising an Africa-focussed commercial bank on the pre-export financing relating to oil assets inFrancophone Central Africa

— Advising a major commercial lender on the financing of a $700m rail project in Malawi and Mozambique

— Advising the sellers on the sale of an oil exploration business focusing on opportunities in West Africa

— Advising a UK-based fund on the sale of its interests in several equipment finance special purpose vehicles

— Advising an Africa-focussed commercial bank on the pre-export financing relating to certain commodities in West Africa

— Advising a major commercial lender on the financing of a telecoms transaction in Zambia

— Advising a major commercial lender on the financing of the refurbishment of an airport in Ghana

New instructions

We have been instructed on the following new matters in the past two months:

— Advising the developers of a mine in Nigeria

— Advising a commercial lender on three renewables projects in the South African renewable energy programme (Phase 2)

— Advising a telecoms financing business concerning a third party investment

— Advising a consortium in relation to the construction of a major leisure and commercial facility in Rwanda

Apart from the above, we continue to work day-to-day on transactions in Ivory Coast, Kenya, Ghana, Mozambique, Sierra Leone, Ethiopia, Rwanda, Mauritius, South Africa, Zambia, Madagascar, Uganda, Tanzania, Liberia and Nigeria as well as in the UK and Romania.

We are also fresh from providing client seminars to clients in Europe and beyond on matters such as debt-to-equity convertible loans; North African jurisdictional developments; and other market updates.

Rankings

We are pleased to confirm that we have placed well in the Chambers & Partners 2012 rankings for Projects & Energy work in Africa alongside some of the largest firms in the market. The guide also ranks all of Trinity’s partners individually with Trinity Senior Partner Paul Biggs one of only three in the top tier. With 28 firms rated overall, Trinity is equal first in terms of number of named individuals.

Projects & Energy: Africa-wide

• Band 1 Allen & Overy LLP; Clifford Chance LLP; Herbert Smith
LLP; Linklaters; Norton Rose LLP; White & Case LLP

• Band 2 Trinity International LLP; Chadbourne & Parke LLP; Cleary Gottlieb Steen & Hamilton LLP; [Dewey & LeBoeuf LLP;] Hunton & Williams LLP; Milbank, Tweed, Hadley & McCloy LLP; SNR Denton

• Band 3 Baker & McKenzie; Baker Botts UK LLP; Eversheds LLP; Fasken Martineau LLP; Gide Loyrette Nouel AARPI; Mayer Brown International LLP; Miranda Correia Amendoeira & Associados; Simmons & Simmons LLP; Vinson & Elkins RLLP; Webber Wentzel

• Band 4 Bowman Gilfillan; DLA Piper LLP (US); Greenberg Traurig Maher LLP; Orrick Rambaud Martel; Shearman & Sterling LLP

Getting in touch

As ever, if you have any comments or questions about Trinity, about Focus, or generally, please get in touch.

You can follow us on Twitter @TrinityIntLLP.