Focus – June 2013

Welcome to the June 2013 edition of Focus

Article – how to tie-up mining and infrastructure projects

In our main article this edition, Trinity’s Barry Burland takes a detailed and analytical look at the hypothetical possibilities available to co-finance mining and infrastructure projects, so as to overcome the all too common problem of a stranded mining asset.  The analysis includes clustering projects, government and DFI support and the re-prioritisation of revenue streams.

Case Study – reps and warranties in a share sale agreement

In our case study this edition, Trinity’s Tamila Nakazwe considers the recent case of Sycamore Bidco Ltd v Breslin and another [2012] EWHC 3443 (Ch), in which the High Court considered whether breach of express warranties in the share sale agreement could amount to an action for misrepresentation.  In particular, this case looks at the difference between warranties and representations in a share sale agreement.

New joiners

We welcome Barry Burland and Jennifer Gladstone to the Trinity team.  Before joining Trinity, Barry practised for fifteen years at Milbank, Tweed, Hadley & McCloy LLP, working in that firm’s London, New York and Asian offices. Barry’s experience in project finance has included mining, power, infrastructure, basic industrial and satellite financings. He is also experienced in corporate and acquisition finance, structured finance, capital markets transactions and restructurings. Barry has worked on significant transactions in Africa, Europe, the Middle East, India, East Asia and North and South America. Barry has been ranked as an “associate to watch’ and an ‘up-and-coming’ energy finance lawyer by Chambers.

Jennifer joins us from Linklaters LLP where she trained and qualified and was a Managing Associate in its Energy and Infrastructure group prior to joining Trinity, having worked in their London, Dubai and Singapore offices.  Jennifer has acted for bid consortia, sponsors, commercial lenders, governmental entities,  sellers and purchasers of infrastructure assets and multilateral and export credit agencies, advising clients on project, construction and finance documentation in the UK, Europe, CIS, Africa and the Middle East.

Closed deals

In the last few months, we closed or signed documentation in relation to advising a leading DFI on a major financial institutions loan in Nigeria, a Dutch trade bank on various trade finance and corporate transactions, commercial and equipment financiers on the financing of mining-related equipment in various West and Central African countries.  We have also closed several private equity deals in the agriculture, telecoms and infrastructure sectors – in particular closing an investment by a private equity fund in a West Africa pharmaceuticals business.

New instructions

We have been instructed on the several new matters in the past few months including sponsors on solar farms in Cameroon and Ghana; an African infrastructure fund on an asset sale; a Nigerian developer on a significant private equity transaction; a West African bank on the leveraged buy-out of an airport asset; and advising three separate DFIs on financial institutions transactions.

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

Awards and recognition in 2013

The latest edition of Legal 500 rates Trinity within Finance: emerging markets; Projects, energy and natural resources and Infrastructure.   Simon Norris, Paul Biggs, Patrick Leece and Kaushik Ray are all listed as “recommended lawyers’. Trinity remains the only boutique law firm to be rated in any of these sectors in Legal 500.

The International Financial Law Review (IFLR) has named Trinity as a ‘Highly Recommended’ Firm in the Energy and Infrastructure sectors in its 2013 guide.

Trinity continues to be rated as a band 2 firm in Projects and Energy, Africa-wide in Chambers and Partners.  The 2013 edition notes: “Their turnaround times and the fact that you get experienced people on every deal really stand out for me.”  Senior Partner Paul Biggs continues to be rated in band 1 as a leading individual for his Projects work in Africa.

Finally, Chirnogeni wind farm in Romania, for which Trinity advised Sponsors, was awarded PFI International’s Deal of the Year for onshore wind in the CEE region.  The project is scheduled to reach financial close shortly.

Publications

Project Finance International’s ‘Global Energy Report 2013′ features an article by partner Kaushik Ray on the challenges for sub-Saharan IPPs to reach financial close.  The article is available to subscribers of Thomson Reuters’ PFI Magazine in hard copy or online.

Speaking Events

Partner Simon Norris has just completed several capacity building seminars focussing on project finance sponsored by the Swedish Development Agency SIDA to governments in Zambia and Mozambique.   Partner Kaushik Ray spoke about the management of African corporate finance at IFLR’s Africa Forum held at London’s Waldorf Astoria in May.  Kaushik is chairing a panel on July 9 2013 at The Law Society’s International Conference on project finance in emerging markets.

Africa Down Under – Trinity in Perth

Trinity will be attending Africa Down Under again this year in Perth (August 28 – 30 2013).  With over 2,500 delegates expected, we will be following up on our successful ‘Meet ‘n Greet’ at Indaba which brought together Australian and UK mining companies with development finance institutions, commercial lenders and other investors in resources and infrastructure.  Trinity will be in touch soon in relation to events around the conference being hosted by Conrad Marais who is now based in Perth.

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.