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Practice Experience
Hallam Chow's practice primarily involves project financing, structured financing and energy and infrastructure and oil & gas joint ventures, as well as asset-based financing, including equipment and facility leasing.
In the area of project financing, Hallam has worked with lenders and equity investors in projects involving gas-fired, coal-fired, alternative energy and manufacturing facilities.
He has also worked with lessees, lenders and equity investors in leases involving aircraft; hydro-electric, nuclear, coal and gas fired electrical generating facilities; oil-drilling equipment; building and other equipment in the area of leveraged leases.
Recent significant experience with energy and infrastructure and oil and gas projects includes advising:
- Saudi Aramco in a joint venture with China's Sinopec to jointly develop a 400,000 barrels-per-day (bpd) refinery project in Yanbu’, on the west coast of Saudi Arabia.
- Asian Development Bank (ADB) in its proposed loan to a subsidiary of a water project company, to invest in multiple project companies for the rehabilitation, expansion and operation of water treatment and/or distribution facilities throughout China.
- ADB in relation to loans of up to RMB250 million to a PRC affiliate of publicly listed environmental technology company Tsinghua Tongfang Co Ltd, for financing projects to build, rehabilitate and privatize water supply and treatment plants in the Songhua River Basin – the third largest river basin in China.
- ADB in a US$60 million loan to Chinese subsidiaries of China WindPower Group Limited, a company listed on the Hong Kong Stock Exchange. The loans will be used to invest in, construct, operate and maintain new wind power projects in China.
- ADB in its financing to Paris-based Dalkia Group in connection with the financing of district heating, district cooling and cogeneration projects in the People’s Republic of China to improve energy efficiency and reduce air pollution.
- ADB in the acquisition of a stake in China Gas Holdings as part of a package that will provide approximately US$149 million funding to be used to establish, acquire and operate a series of new natural gas distribution projects through joint ventures with local governments and state-owned enterprises across China. This is the first natural gas distribution network project supported by ADB, as well as the ADB's first long-term local currency debt financing in China.
- Saudi Aramco in the RMB 30 billion (approximately US$4 billion) limited recourse financing to the Fujian Refining and Ethylene Joint Venture Project, which will be the largest world-class integrated refining and chemicals complex in China and represents the largest ever project financing for a Sino-foreign joint venture in China. Saudi Aramco, ExxonMobil and Fujian Petrochemical and Refining Company (an affiliate of Sinopec) are the project sponsors. The project has been named "Project Finance Deal of the Year" at the IFLR's Asian Awards 2008; "Asia Pacific Oil & Gas Downstream Deal of the Year" and one of the "Top Ten Global Project Finance Deals for 2007" by Project Finance Magazine; and one of the "Deals of the Year 2007" by Asian Counsel.
- Various lenders, including the Bank of Tokyo-Mitsubishi UFJ, Societe Generale, Mizuho Bank, Credit Agricole, BBVA Hong Kong Branch and Banco Santander in loans totaling approximately US$2 billion to a major Chinese oil company.
- ADB in connection with its proposed equity investment in HNA Airport Holding (Group) Co. Ltd. This is ADB's first investment in the airport business in China and the project will help to support the Group's plan to privatize, rehabilitate, expand, upgrade and operate small and medium-sized airports in the central and western regions of China.
- A consortium of project sponsors – BP, CNOOC, Mitsubishi, INPEX, Nippon Oil, JOGMEC, Kanematsu, Overseas Petroleum and LNG Japan – in connection with the US$884 million "Fujian Tranche" financing of the Tangguh LNG project in Indonesia.
- As finance counsel, BP Berau and the other sponsors in connection with the US$2.6 billion financing of the Tangguh LNG Project in Indonesia operated by BP. The transaction is named as the "Asia-Pacific LNG Deal of the Year 2006" by Project Finance and was also included as one of Asian Counsel's "Deal of the Year 2006".
- DEG – Deutsche Investitions - und Entwicklungsgesellschaft mbH and Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO) in a US$36 million financing to China Water Group (HK) Limited for the acquisition by China Water Affairs Group Limited of companies involved in water supply, waste water treatment and water related businesses in China, and modernization of the businesses of such companies, together with a warrant instrument giving the right for DEG and FMO to subscribe for shares in China Water Affairs Group Limited.
- Bank of China, Standard Chartered Bank, Industrial and Commercial Bank of China, Calyon, The Hong Kong and Shanghai Banking Corporation, Standard Bank Plc and Sumitomo Mitsui Banking Corporation in the US$1.5 billion acquisition financing for COSL Norwegian AS, a wholly owned subsidiary of China Oilfield Services Limited, an affiliate of CNOOC Ltd, in connection with its US$2.5 billion acquisition of Awilco Offshore ASA, a Norwegian oil and gas drilling contractor. This acquisition occurred during a period of high demand for oil and gas in China, increased COSL's drilling rig-fleet to from 15 to 22 and provided COSL with further opportunities to market its non-drilling services, such as marine transport and seismic mapping, to Awilco's existing customers like BP, Statoil and Repsol.
Hallam's leasing experience includes advising:
- Nomura Holdings, Inc., Nomura Babcock & Brown Co., Ltd. and BBAM Aircraft Management LLC, in a Sharia law compliant sukuk issuance with a total aggregate principal amount of US$100 million. This was the first sukuk involving a Japanese multinational corporation. Proceeds from the sukuk issuance were used to finance the purchase of one Boeing 737-800 aircraft and one Airbus A320-232 aircraft on lease to Norwegian Air Shuttle ASA and Wizz Air Hungary Ltd. respectively. The sukuk issuance and related sale and leaseback of the respective aircraft required coordinating businesses and legal counsel across multiple jurisdictions including Hong Kong, Japan, Dubai, England, Malaysia, Indonesia, Norway and the United States. This deal received an honorable mention in Asian-Counsel’s "Deals of the Year 2010", nominations for the “Islamic Finance Deal of the Year” at the ALB SE Asia Law Awards 2011 and "The Japan In-House Counsel Network Award Debt Market Deal of the Year" at the ALB Japan Law Awards 2011.
- AirAsia X Sdn Bhd, as lessee, in connection with the sale and leaseback of two Airbus A330 aircraft. ICBC Financial Leasing Co., Limited acted as arranger and the aircraft were registered in Malaysia.
- HSH Nordbank AG in the financing of a Boeing B737-700 aircraft for China Eastern Airlines.
- Kuwait Finance House (KFH) in the lease financing to AirAsia in its acquisition of six Airbus aircraft, the first Islamic lease financing by AirAsia, a Malaysia-based low cost carrier.
- HSH Nordbank AG as commercial lenders in the financing of two Airbus A320 aircraft by AirAsia.
- BNP Paribas and Natexis Transport Finance as ECA lenders, Natexis Transport Finance as commercial lender, BNP Paribas as mismatch loan lender and the European export credit agencies, ECGD, COFACE and Euler Hermes in connection with the first delivery of six Airbus A320s to AirAsia.
- BNP Paribas, as lender, security trustee and agent, and each of ECGD, COFACE and HERMES in the US$300 million financing of five aircraft leased to China Eastern Airlines.
- ICBC Financial Leasing (Beijing) and Industrial and Commercial Bank of China (Macau) in the financing of three Boeing 747-400 aircraft for China Airlines.
- Various aircraft leasing transactions involving Czech Airlines, Onur Air and LOT in which Hallam worked with Eximbank.
- In relation to a US$1.6 billion leveraged lease transaction in which he worked with an Austrian hydro-electric facility as lessee.
- In relation to a US$637 million capacity sales transaction in which he worked with a Belgian utility company as lessee.
- In relation to a US$480 million cross-border pickle lease transaction in which he worked with a Dutch utility as lessee.
- In relation to a US$900 million cross-border LILO transaction in which he worked with an Austrian hydro-electric facility as lessee; leveraged lease transactions with respect to the Solvay auto parts manufacturing facility in Michigan in which he worked with several institutional investors.
- In relation to a lease back transaction with respect to Pemex oil drilling and producing platforms in which he worked with several equity investors; a US$1.2 billion cross-border lease in which he worked with a Dutch utility as lessee; and the restructuring of the Luz solar energy facilities in California.
Prior to joining White & Case, Hallam did internships with the Honorable Michael Farrell; the Honorable Richard Salzman; United States Senator Frank Lautenberg; United States Congressman Glenn English; the United States Chamber of Commerce; the United States Department of Justice and Sotheby's.
Bars and Courts
Registered as Foreign Lawyer for the Law Society of Hong Kong
New York State Bar, 1995
Education
JD, Georgetown University Law Center, cum laude, International Academy of Trial Lawyer's Award for Juvenile Justice Clinic, 1994 AB, Georgetown University, magna cum laude, Phi Beta Kappa, Pi Sigma Alpha, Sophomore English Honors, 1991 St. Antony's College, University of Oxford, Visiting Student, 1989‑1990
Professional Associations and Memberships
American Bar Association Advisor to the Dean’s Advisory Council for Columbia University, School of Social Work Honorary Advisor to the Beijing University Law School Alumni Council New York State Bar Association Asian American Bar Association of New York National Association of Insurance Companies
Awards and Recognition
Chambers Asia 2008 to 2012: Leading Individual (Projects and Infrastructure: China and Hong Kong) Chambers Asia 2012: Leading Individual (Asset Finance: Asia Pacific) Chambers Asia 2011 to 2012: Leading Individual (Aircraft Finance: China) Chambers Global 2012: Leading Individual (Asset Finance: Asia Pacific) Chambers Global 2011 to 2012: Leading Individual (Projects and Infrastructure: China) Asia Pacific Legal 500 2011/2012: Leading Individual (Asset Finance: Hong Kong) Asia Pacific Legal 500 2009 to 2012: Leading Individual (Projects and Energy: Hong Kong) IFLR1000 2009 to 2011: Leading Individual (Project Finance: Hong Kong) Guide to Leading Practitioners (China) 2011: Energy
Languages
English French Mandarin Cantonese Shanghainese
Citizenship
United States
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