Hogan Lovells' Project Finance Practice Named to Law360’s 2012 Practice Groups of the Year
22 January 2013
WASHINGTON, D.C., 22 January 2013 – Hogan Lovells is proud to announce its Project Finance practice has been named to Law360’s 2012 Practice Groups of the Year.
Law360 reviewed the nearly 550 entries that were submitted by almost 100 law firms. Winners were selected based on the significance of the litigation wins or deals worked on; the size and complexity of the litigation wins or deals worked on; and the number of significant, large, or complex deals the group worked on or lawsuits the group won between 1 November 2011, and 1 November 2012. The complete list of this year’s winners can be accessed on the Law360 website.
In the Project Finance category, Hogan Lovells was honored for its work on transactions, including:
- Advising Petróleos de Venezuela S.A. (PDVSA), the Venezuelan state-owned oil company, on a number of transactions, including its US$1.5 billion oil prepayment financing with Industrial and Commercial Bank of China (ICBC) and the negotiation and execution of a series of Engineering, Procurement, and Construction contracts with a total value of US$3 billion and in obtaining US$1 billion in financing to expand the Puerto la Cruz refinery. The Project Finance group has also advised PDVSA on a US$3 billion bond issuance announced by the company on 11 May 2012.
- Representing Nomura Securities International and other banks in a US$750 million debt offering backed by drillship revenues. The transaction provided an original and groundbreaking capital markets alternative to finance this critical asset class of deepwater drillships at a time when more traditional bank financing options were narrowed. It was the most recent of only four such transactions as of the date of closing, and the first to garner investment-grade ratings from each of the three major rating agencies. The transaction was reported to be four times oversubscribed.
- Representing the Republic of Ecuador in connection with the execution of an approximately US$260 million loan facility provided by the European Investment Bank to finance Quito’s first metro line. The project, which will be co-financed by other international financial institutions such as Inter-American Development Bank and Corporación Andina de Fomento, forms part of the local and national plan to promote sustainable development and improve people’s quality of life in Ecuador.