Hogan Lovells Wins "Project Finance Deal of the Year" at the China Law & Practice Awards 2012
21 September 2012
Hogan Lovells won "Project Finance Deal of the Year" at the China Law & Practice Awards 2012 for the US$1.5 billion ICBC oil-backed financing to Venezuela company PDVSA.
The awards honour the outstanding achievements of leading law firms in China and recognize the most innovative deals advised on over the past year.
Hogan Lovells was also shortlisted in six other categories, including:
International Team of the Year - Banking & Finance
International Team of the Year - Projects, Energy and Infrastructure
International Firm of the Year - Intellectual Property
International Firm of the Year - Real Estate & Construction
International Firm of the Year - TMT
M&A Deal of the Year - Joy Global US$1.4 billion acquisition of International Mining Machinery (IMM)
The winning 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 cross-border 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.
The sixth annual China Law & Practice Awards 2012 ceremony was held at the Park Hyatt in Beijing on 13 September. Launched in 1987, the publication provides intelligence on legal developments in China and their impact on companies conducting business in the region.