Hogan Lovells featured in China Business Law Journal’s 2012 Deals of the Year report
06 December 2012
WASHINGTON, D.C., 6 December 2012 – Hogan Lovells is proud to announce it has been recognized in the Banking & Finance and International Trade categories in China Business Law Journal’s 2012 Deals of the Year report.
In the Banking & Finance category, Hogan Lovells was recognized for its role in the US$1.5 billion oil prepayment financing between client Petróleos de Venezuela, S.A. (PDVSA) and Industrial and Commercial Bank of China Limited. This cross-border deal was the second prepayment financing ever completed by a Chinese bank and the first such financing in Latin America. The complex three-layered structure used in the financing was designed to achieve a self-liquidating prepayment facility secured by oil and oil products. Led by partners Bruno Ciuffetelli (Caracas) and Keith Larson (Washington, D.C.), the team advising PDVSA included partner Jun Wei and counsel Michael Zou in Beijing, partner Anton Louwinger in Amsterdam, of counsel Nick Tidnam and associate Erica Porter in London, and associate Wylie Levone in Washington, D.C.
In the International Trade category, Hogan Lovells was recognized for securing a complete victory for the U.S. Grains Council (the Council), the trade association for U.S. feed grains exporters, in the Chinese antidumping investigation of Dried Distillers Grains with Solubles (DDGS) from the United States. As a result, no antidumping tariffs will be imposed on U.S. DDGS exported to China. Prior to the legal proceeding, these exports accounted for more than US$500 million in annual U.S.-China trade. The Hogan Lovells team was led by Ambassador Clayton Yeutter (senior advisor, Washington, D.C.), and Washington, D.C. partners Mark McConnell, Deen Kaplan, and Warren Maruyama. Several additional Hogan Lovells lawyers also contributed as part of the Council’s team.