Representative Experience

Acted for Natixis as liquidity provider and depositary on Latin America’s inaugural issuance of Enhanced Equipment Trust Certificates. As the first-ever EETC from Latin America, it earned Latin America Deal of the Year.

Represented Sumitomo Chemical, as a sponsor, regarding project documentation and financing of the $5.2 billion Rabigh, Saudi Arabia refining and petrochemicals complex, Project Finance International’s Middle East and Africa Petrochemical Deal of the Year.

Represented agent lender secured by multiple condominium projects facing environmental, criminal activity and construction completion issues. Obtained receiver that resolved issues resulting in receiver’s sale of the condominium projects to a national developer.

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  • Asset Finance
    • Represented Mizuho Securities as initial purchaser in connection with the issuance of $709 million in tranched debt securities and the private placement of equity for a $1B global portfolio aircraft serviced by GE Capital Aviation Services. 
    • Represented a variety of U.S., Canadian and European banks on locomotive, railcar and railcar lease portfolio acquisition financings and warehouse facilities. 
    • Represented BNP Paribas and a multinational finance company, as lead arrangers/joint bookrunners, in AIM Aviation Finance Limited’s novel $667 million debt issuance – awarded Airfinance Journal’s European Deal of the Year.
    • Represented Nedbank on the U.S. Ex-Im Bank financing of Boeing aircraft for South African low-cost carrier Comair, which won African Deal of the Year by Airfinance Journal.
  • Bank & Leveraged Finance
    • Advised an American multinational investment banking and financial services corporation as arranger, administrative agent and lender in $1 billion across several senior secured credit facilities to companies within the Digicel Group.
    • Served as counsel to Norway’s largest financial services group as a syndicate lender for a secured financing to Hill-Rom Holdings.
    • Counseled an American financial services company as agent in a revolving credit facility to Independent Bank Group.
    • Acted as U.S. counsel to a French multinational banking and financial services company as agent in connection with a secured financing.
    • Acted as counsel to a regional bank in Southern California as lender in a $230 million credit facility to ConvergeOne Holdings Corp.
  • Derivatives
    • Handled call spread and warrant transactions to enable a communications industry client to hedge its common stock dilution risk in connection with an issue of convertible debt securities. 
    • Helped major airlines utilize commodity derivatives to hedge the risk of higher future fuel costs.
    • Represented a major government institution in resolving risks presented by a multibillion-dollar portfolio of credit derivatives and structured securities entered into by a leading international financial institution.
    • Advised government and corporate pension and retirement plans to enable them to limit risks associated with the investment strategies they were pursuing.
    • Achieved Second Circuit reversal of a district court decision in credit derivatives litigation, and obtained judgment for our client Société Générale.
  • Project Finance
    • Represented Tenaska on the project financing of its 925 MW natural gas-fired combined-cycle electrical generating facility in Westmoreland County, Pennsylvania. 
    • Represented America’s largest power generator on the $360 million term loan, energy tax credit and letter of credit facility project financing of a portfolio of 24 solar farms in North Carolina.
    • Advising Midwest Fertilizer Corporation regarding its proposed development and financing of a $2+ billion fertilizer plant in Indiana, including the issuance of $1.259 billion in tax-exempt bonds.  
    • Represented JX Nippon Oil & Gas on the development and project financing of the $1 billion carbon capture and sequestration, pipeline and enhanced oil recovery project at the W.A. Parish power plant in Texas.
    • Represented JP Morgan Securities and Barclays as underwriters on the issuance of tax-exempt private activity bonds for the Portsmouth Bypass Project, the first P3 road project in Ohio.
    • Serving as project counsel in the development, financing and operations of the Idaho Wind Partners 183-megawatt portfolio of wind generation projects in Idaho.
    • Advising Tozzi Green and its affiliate Ergon Peru on the financing of an approximately $150 million project for off-grid solar power installations under three concessions with the Government of Peru.
  • Regulatory Compliance
    • Represented large foreign banking organizations regarding many regulatory aspects of the Federal Reserve’s enhanced prudential standards rule.
    • Represented numerous Swiss banks in Department of Justice/IRS investigations into alleged facilitation of U.S. tax evasion.
    • Represented of foreign bank in connection with an investigation of foreign exchange benchmark rate manipulation.
    • Represented a major financial institution and its board of directors in investigations by bank regulatory agencies and Department of Justice regarding alleged participation in money laundering and related issues.
    • Represented PHH Corp. in its $4.8 billion divestiture of its fleet management division to buyer Element Financial Corp., which improved PHH’s balance sheet for initiatives including buying back stock and redeeming corporate bonds.
    • Represented UnionBanCal Corporation in a $3.5 billion going-private transaction.
    • Represented BancWest Corporation and BNP Paribas in a $2.4 billion purchase of United California Bank.
    • Represented several major international financial institutions in money laundering investigations.
    • Represented a major international financial institution in joint federal and state investigation into trade sanction violations.
  • Trade & Export Credit Agency Finance
    • Acted for Turkish Airlines on a deal awarded Tax Lease Deal of the Year, involving the U.S. Ex-Im Bank-supported Japanese Yen-denominated financing of a new Boeing 777-300ER aircraft.
    • Represented Globeleq Inc. in connection with its purchase, development and financing by U.S. Ex-Im Bank and CABEI of a 200 MW portfolio of wind generation assets in Central America.
    • Advised BNDES in connection with financings for Azul, American Airlines, Hong Kong Aviation Capital, JetBlue and Republic Airways.
    • Counseled Development Bank of Japan, as guaranteed lender, in connection with over 20 U.S. Ex-Im Bank financings.
    • Represented Export Development Canada on the financing of four Bombardier aircraft for an Italian carrier.
    • Represented ABN-Amro in connection with the U.S. Ex-Im Bank financing of three Boeing 777 aircraft for Pakistan International Airlines.
    • Representing a global banking and financial services company in connection with the U.S. Ex-Im Bank loan to Abener Energia S.A. and Instalaciones Inabensa S.A. in connection with the construction of two solar parabolic trough plants totaling 100 MW.
    • Represented FMO and ABSA Bank Limited on refinancing arrangements in relation to the management buy-out of Copperbelt Energy Corp. (Zambia).
    • Represented JBIC, NEXI, K-Exim and the corporate lenders on the proposed financings for the Hassyan IPP in Dubai.
  • Dispute Resolution
    • Representing RMBS trustee, as insured, defendant and counterclaimant in a mortgage insurer’s action seeking to rescind multiple mortgage insurance policies covering 11 securitizations.
    • Defeated gift cardholders’ class action claims against a national bank that it violated consumer protection and unfair competition laws, setting important precedent permitting use of arbitration clauses in consumer financial contracts.
    • Won class action dismissal against bank holding company alleging multibillion-dollar trust-preferred securities’ redemption breached securities’ indenture and violated implied covenant of good faith and fair dealing by establishing Dodd-Frank as “capital treatment event” justifying redemption.
    • Represent lenders and automobile dealerships in putative class actions alleging Rees-Levering Automobile Sales Finance Act, Unfair Competition Law and Consumers Legal Remedies Act violations related to car sales and repossessions.
    • Defended national bank in a class action regarding ATM deposits. Compelled certain class representatives to individual arbitration and obtained summary judgment as to remaining class representative. Judgment affirmed on appeal.
  • Insolvency and Restructuring
    • Represented agent for $325 million credit syndicate in recovering full repayment through a refinancing of a multinational consumer rental business that required resolution of intercreditor agreement issues with significant second-lien lender syndicate.
    • Represented $700 million lender to owner of three power-generating facilities impacted by natural gas price decline. Facilitated resolution with guarantors and bankruptcy filing achieving full recovery of amounts owed.
    • After a failed workout effort, achieved complete recovery for lender through the bankruptcy of a multistate dairy and calf-raising operation of some $68 million in loans, including all fees, despite second priority position on some real estate.

Practice Area Highlights

Received more than a dozen Deal of the Year awards for energy and project finance transactions, and in 2015 alone, seven transportation finance transactions received Deal of the Year recognition.

Voted Export Credit Agency Law Firm of the Year and Best Trade Finance Law firm in North America by Trade Finance magazine.

The Legal 500 ranked Project Finance practice among the top in the United States in 2014 – 2016.

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  • Asset Finance
    • The Legal 500 U.S. ranked Pillsbury for Asset Finance, noting us as a “go-to” choice considered by banks and lessors as “one of the best firms in the aviation business.”
    • Achieved Chambers USA, Chambers Global Aviation and High-Net Worth: Private Aircraft “Tier 1” recognition, and rankings by Chambers Global–Aviation Finance; Chambers UK–Asset Finance; Chambers USA-Aviation Finance; Chambers Asia-Pacific-Aviation Finance.
    • Airfinance Journal consistently selects transactions on which Pillsbury lawyers advise for Deal of the Year awards. In 2015 alone, we received seven such awards for aviation finance.
    • Assisted clients in financing or refinancing of more than 1,000 commercial and corporate jet aircraft with an aggregate value exceeding $60 billion.
    • Editor’s Deal of the Year: Listing of AA4+ on the LSE specialist fund market
    • European Deal of the Year: DVB Bank’s debut securitization
    • Latin America Deal of the Year– LATAM’s inaugural EETC
    • Sale and Lease back Deal of the Year – New form of financing for Emirates’ A380.
    • Capital Markets – EETC Deal of the Year: Turkish Airlines’ yen-denominated EETC
    • Tax Lease Deal of the Year: Turkish Airlines’ U.S. Ex-Im-supported French tax lease.
  • Bank & Leverage Finance
    • Nationally ranked by Chambers USA for Corporate M&A, Banking & Finance, Investment Funds, Venture Capital, and International Trade. Pillsbury advises on financing of energy and infrastructure projects in 70+ countries worldwide.
  • Project Finance
    • Pillsbury garnered top rankings in 2015 U.S. News & World Report/Best Lawyers’ America’s best law firms survey and Tier 2: Nationwide, Houston and San Francisco Project Finance Law.
    • Pillsbury’s ranked among the top globally by Chamber Global 2015 for Project Finance.
    • Two transactions on which Pillsbury advised in 2015 – Lima Metro Line 2 project in Peru and Petro Rabigh 2 project in Saudia Arabia – achieved Project Finance International Deal of the Year recognition.
  • Regulatory Compliance
    • Twice named to the Financial Times Innovative list, Pillsbury was among the 10 most innovative law firms in North America in 2015.
    • U.S. News - Best Law Firms ranked Pillsbury Tier Two for National Banking and Finance Law.
    • BTI Consulting Group recognized Pillsbury as a Banking Leader in the Banking and Financial Services section of its Client Relationship Scorecard report.
  • Trade & Export Credit Agency Finance
    • We received Airfinance Journal’s African Deal of the Year recognition for Nedbank, Ex-Im Bank and financing for Comair in 2015 and Ethiopian Airlines Ex-Im financing in 2012.
    • We received Airfinance Journal’s Tax Lease Deal of the Year for U.S. Ex-Im-supported French tax lease work and Engine Deal of the Year for U.S. Ex-Im Bank guaranteed spare engine financing work for Turkish Airlines.
  • Dispute Resolution
    • Received American Lawyer’s 2015 “Global Dispute of the Year” Award in the area of Investigations for our achievements in guiding multiple Swiss banks through the DOJ’s Swiss Bank Program.
    • Nationally ranked by Chambers USA: Banking & Finance and by U.S. News/Best Law Firms for Financial Services Regulation, Securitization and Structured Finance Law and Litigation - Banking & Finance.