Pillsbury Expands in Structured Finance with New York Partners
Pillsbury Named to BTI Client Service Top 30 List
The Buttonwood Gathering 2012
Trade & Commodities Finance
Pillsbury‘s Trade & Commodities Finance practice encompasses traditional trade financing such as letters of credit and forfeiting, as well as the more highly structured financings of aircraft and cross-border infrastructure projects supported by government guarantees or insurance. In particular, our attorneys are experienced with the financing of equipment supported by export credit agencies, and the financing of international infrastructure projects that involve participation by governmental and quasi governmental agencies such as the US Export-Import Bank, World Bank, International Finance Corporation, the Overseas Private Investment Corporation and foreign governments.
Pillsbury attorneys also advise banks and other financial institutions on a wide range of commodity finance transactions and an array of collateral categories, including livestock, cocoa, steel, mining, cotton, grain, soybeans, and energy products. As the demand for commodities has increased, so has the need for legal guidance in understanding the complexities of these financial structures. We work with a multitude of deal structures—including single-bank and syndicated credit facilities, domestic and cross-border transactions, and dollar-denominated and multicurrency loans—and have counseled clients with respect to a whole host of transactional aspects, including:
- receivables financings
- structured commodities financings
- pre export financings
- secured and unsecured credit facilities
- repurchase agreements
- warehouse receipts
- uncommitted facilities
- intercreditor agreements
- collateral management
Pillsbury also advises clients on the structuring, negotiating and documenting of stand-alone commodity derivatives, as well as commodities derivatives that are embedded in larger financings. We advise on the creation and documentation of swaps, options, and other tailored commodities derivatives to meet the particular needs of clients and their counterparties.
We represent lenders, equity investors, and purchasers of equipment, and work with sovereign guarantees and other financial instruments designed to mitigate political risk. We have helped clients structure deals around the globe, including Algeria, Bangladesh, Pakistan, India, Ethiopia, Canada, China, Uzbekistan, Thailand, Korea, Jordan, Malaysia, Israel, Peru, Mexico, Turkey, Brazil and Guatemala.
Our experience in evaluating performance risk, coupled with our extensive country and industry knowledge, enables us to advise clients on an advantageous structure for each financing opportunity. While certain aspects of trade and commodity financing are relatively straightforward, many complexities arise because these transactions often involve cross-border, multi-jurisdictional issues, particularly if the local law is not completely clear. One of the advantages of our long-term involvement in the international trade and commodities markets is our familiarity with the local laws including foreign trade and exchange controls, enforcement rights, and remedies. If the need arises, Pillsbury attorneys are experienced in resolving disputes both through local court systems and arbitration tribunals worldwide.
Pillsbury is a recognized leader in the energy industry and one of the few international firms whose experience spans the entire value chain in this sector. Our clients benefit from the depth and breadth of Pillsbury’s experience and our multi-disciplinary approach. For example, when European banks began to focus on financing alternative fuel deals, we were able to combine our knowledge of renewable energy with our commodities finance experience. Additionally, the firm has one of the leading climate change and sustainability practices in the country. This group contains a number of environmental attorneys with years of experience with emissions trading programs, offering the legal experience needed to design greenhouse gas reduction projects, secure marketable credits for such reductions, and make sound investments in these credits.
Leading industry publications have recognized our work in trade and commodities finance. Pillsbury has been named the world's "Best ECA Finance Law Firm" by Trade Finance magazine for three years in a row, in recognition of our worldwide excellence in Export Credit Agency finance. We have also worked on a number of novel transactions that industry publications have recognized as “Deals of the Year.”