White & Case advises CMOC Group on ground-breaking pre-export financing transaction
1 min read
Global law firm White & Case LLP has advised CMOC Group Limited (CMOC) on a ground-breaking US$600 million bridge and five year pre-export financing (PXF) arranged by China Construction Bank (Asia) Corporation Ltd. and provided by a syndicate consisting of People's Republic of China and international lenders.
"The successful closing of this innovative cross-border transaction was an opportunity for CMOC to optimize its Brazilian operations' financing structure," said White & Case partner and Beijing Office Executive Partner David Li, who led the Firm's deal team. "Our role advising on it demonstrates White & Case's experience advising on the financing of complex transactions with innovative structures, and our understanding and ability to support our clients in their commitment to sustainable economic development."
This is one of the first PXF transactions by a Chinese mining company and has one of the longest international PXF terms. The term facility is for the primary purpose of financing the export activities of CMOC's subsidiary in Brazil and is backed by the borrower's receivables from exports of niobium in connection with CMOC's niobium assets in Brazil. CMOC Brazil is the second largest producer of niobium in the world and the project is supported by CMOC's leading beneficiation technology and its own trading network.
The White & Case team which advised in the transaction was led by partner David Li (Beijing) and included counsel Nathaniel Crowley (Hong Kong), associate Cherry Zhou and legal consultant Decheng Zhang (both Beijing).
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