Trio of firms head up BP's $5bn oil revenue loan deal with major banks
Linklaters has taken the lead role for BP as the oil giant moves to borrow $5bn (£3bn) by pledging sales revenues from two oil fields. BP has raised the multibillion-dollar sum via a banking deal involving oil revenues from two separate fields in Azerbaijan and Angola, with Herbert Smith advising the arranging banks on the $3bn (£2bn) Angola loan and Baker & McKenzie advising the banks on the Azerbaijan deal.
August 17, 2010 at 09:32 AM
2 minute read
Linklaters has taken the lead role for BP as the oil giant moves to borrow $5bn (£3bn) by pledging sales revenues from two oil fields.
BP has raised the multibillion-dollar sum via a banking deal involving oil revenues from two separate fields in Azerbaijan and Angola, with Herbert Smith advising the arranging banks on the $3bn (£2bn) Angola loan and Baker & McKenzie advising the banks on the Azerbaijan deal.
BNP Paribas and Standard Chartered were the arranging banks on the Angola loan, while on the Azerbaijan deal, Royal Bank of Scotland and Societe General have arranged a $2bn (£1bn) loan for BP.
City-based energy and infrastructure partner Manzer Ijaz led the Linklaters team, which also included City banking partner Toby Grimstone.
The Herbert Smith team is understood to have been led by Moscow energy partner Ed Baring alongside City energy finance partner Jason Fox, while City project finance partner Calvin Walker led the Bakers team.
BP has moved to sell off a host of global assets worth billions to finance the substantial clean-up bill from the ongoing Gulf of Mexico oil spill.
Recent deals have handed roles to City firms including Slaughter and May and CMS Cameron McKenna, while Freshfields Bruckhaus Deringer also won a role for the company during the summer as it moved to avoid unwanted takeover bids as a result of the spill.
For more, see:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
'Headaches,' Opportunities Ahead for Corporate and Trade Lawyers Advising Foreign Businesses
4 minute read
Simmons & Simmons Make Waves with 'Legal Personhood' Initiative for Whales
2 minute read
Leigh Day Cleared of Wrongdoing in £55M Shell Settlement with Nigeria
2 minute readTrending Stories
- 122-Count Indictment Is Just the Start of SCOTUSBlog Atty's Legal Problems, Experts Say
- 2Judge Rejects Walgreens' Contractual Dispute Against Founder's Family Member
- 3FTC Sues PepsiCo for Alleged Price Break to Big-Box Retailer, Incurs Holyoak's Wrath
- 4Greenberg Traurig Litigation Co-Chair Returning After Three Years as US Attorney
- 5DC Circuit Rejects Jan. 6 Defendants’ Claim That Pepper Spray Isn't Dangerous Weapon
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
