Since its inception over 40 years ago, the Firm’s corporate group has always had a strong international project finance component, particularly in developing/emerging markets. We have an extensive track record of lender representation, most notably on behalf of International Finance Corporation (the private sector financing arm of the World Bank Group), the Inter-American Development Bank, the Inter-American Investment Corporation, and a number of bilateral development finance institutions.
Becker Glynn has served as counsel in hundreds of projects throughout Asia, Latin America, Africa, the Middle East, and Eastern Europe. These transactions have included projects in a wide range of industries, including agribusiness, airports, energy generation and transmission, food processing, hotels, manufacturing, mining, oil and gas, port facilities, railroads, telecommunications and toll highways. A good number of these projects have included onward lending arrangements, where the client provides financing to a bank or financial institution for a specific “on-lending” purpose (e.g., residential mortgage finance in an emerging market or export trade finance).
Areas in which we have extensive experience:
- Deal structuring and negotiation of terms
- Escrow and reserve account arrangements
- Debt agreements of all types (senior secured, subordinated, convertible debt, and syndicated/non-syndicated)
- Intercreditor and security-sharing agreements
- Trust arrangements and security pledges of offshore collateral
- Partial credit guarantees
- The preparation and delivery of New York law legal opinions
- Shareholder guarantees and sponsor support agreements of various types
- Risk-sharing participations
- General coordination of the work of “local” counsel in the jurisdiction of a given project
- Local currency lending
Recent Notable Transactions
- 2012 Argentina, Uruguay: The Firm represented two bilateral development finance institutions in connection with the second restructuring of a pair of project financings for the expansion of a forest products company in Argentina and Uruguay in the total amount of $115 Million. The Firm had represented these lenders in connection with the original loans, made in 2006 and 2008, and with a first restructuring that took place in 2010.
- 2011/2012 Dominican Republic: The Firm represented two multilateral development finance institutions and one fund focused on Latin America in connection with a $33 Million project financing for the expansion of a telecommunications network in the Dominican Republic. The representation also included a $15 Million equity investment.
- 2011 Africa (multiple countries): The Firm represented a multilateral development finance institution and a bilateral development finance institution in connection with a $22 Million debt investment and $15 Million equity investment in a company engaged in satellite telecommunications business in remote areas.
- 2011 Brazil: The Firm represented a multilateral development finance institution in connection with the $125 Million financing of a Brazilian bank via a syndicated loan, composed of both a Reais-linked loan and Dollar- and Reais-denominated tranches.
- 2011 Honduras: The Firm represented funds established by a multilateral development finance institution in connection with an equity investment of $32 Million in a Honduran commercial bank and a $38 Million subordinated loan to the same bank that was intended to qualify as Tier 2 capital.
- 2010 Argentina: The Firm represented an English company listed in London engaged through subsidiaries in mining operations in South America in connection with a $65 Million loan made to a joint venture company in which the lender had a 51% equity interest. The representation also involved the restructuring of approximately $49 Million in shareholder loans to the joint venture company.
- 2010 Argentina: The Firm represented a bilateral development finance institution in connection with a $60 Million pre-export facility to an Argentine agribusiness.
- 2010 Asia (multiple countries): The Firm represented a multilateral development finance institution in its role as agent for a $28 Million facility established by an affiliate of that institution to promote protection of the environment and sustainable economic development. The representation involved loss sharing arrangements for three programs undertaken by the client, and a facility to finance renewable energy projects in Asia.
- 2010 Colombia: The Firm represented two multilateral development finance institutions in connection with a $30 Million project financing for the expansion of a container terminal port in Colombia.
- 2010 Mexico: The Firm represented a multilateral development finance institution in connection with the settlement of defaults under loans made to a Mexican financial institution, with a total unpaid amount of the Mexican Peso amount equivalent of $129 Million.
- 2010 Vietnam: The Firm represented a consortium of multilateral and other development finance institutions in connection with a $100 Million project financing for the expansion of a container terminal port in Vietnam.
- 2009 Argentina: The Firm represented a multilateral development finance institution in connection with a $160 Million project financing for expansion of an oil exploration and development company in Argentina.