Leading global law firm Baker McKenzie advised on two Global Trade Review (GTR) Deals of the Year 2020. Revealing the winners on 28 April, GTR named the Municipality of Istanbul waste-to-energy plant, and the Oman Ministry of Finance hospitals as two of the 15 Best Deals from the previous 12 months. The GTR Awards recognise transactions from a mix of trade, commodity, supply chain and export finance, as well as fintech-led deals.
Baker McKenzie’s Banking & Finance practice groups in Paris & London jointly advised on:
Municipality of Istanbul waste-to-energy plant
Baker McKenzie advised Société Générale, BNP Paribas and the Black Sea Trade and Development Bank on their EUR 300 million financing, backed by the Swiss export credit agency SERV, of a new waste-to-energy project for the Istanbul Metropolitan Municipality. The project will build the biggest waste-to-energy plant in Europe, designed to process 1 million tonnes of waste a year by 2021. This is the first transaction the Swiss export credit agency (ECA) Serv had signed with the Istanbul municipality, in what was an election year in the city. BNP Paribas and Société Générale provided EUR 200 million as part of the Serv-covered facility, with the ECA supplying support via 95% political and commercial risk cover. BNP Paribas acted as mandated lead arranger and Serv as facility agent. Japanese industrial and engineering corporation Hitachi Zosen was chosen to build the facility.
The Baker McKenzie team was led by Michael Foundethakis (Partner) in Paris and Luka Lightfoot (Senior Associate) with support from Jessica Riley (Associate) in London and Muhsin Keskin (Partner) and Yarkin Sanli (Associate) in Istanbul.
Oman Ministry of Finance hospitals
Baker McKenzie advised Credit Agricole Corporate and Investment Bank, Standard Chartered Bank, MUFG Bank, Natixis, Société Générale and UK Export Finance on the separate dual tranched and commercial financings for the USD 873.7 million design, construction and development of three hospitals in Oman. They will provide intensive care, emergency services and specialist baby care to the sultanate’s citizens. Three UK Export Finance-supported buyer credits (one for each hospital), combined with both bank and UKEF lending together with three associated commercial loans were made available to the Omani government to finance the project. The complex cross-border financing structure is made up of USD 700.5 million in UKEF-supported facilities, while the three tied commercial loans total USD 173.2 million.The hospitals are the first to be constructed with export finance support in the region and on such a scale and required intensive co-ordination of six separate financing facilities. The Baker McKenzie team was led by Michael Foundethakis (Partner) in Paris, Nick Tostivin (Partner) and Luka Lightfoot (Senior Associate) with support from Adam Gardener (Associate) all London.