The financing is a landmark deal for the Asian structured trade finance market as it is the first offshore international borrowing by an independent Chinese oil refinery and also the largest ever Chinese structured commodity finance deal to be completed.
The team was led out of London by partner Jonathan Solomon (who leads the Reed Smith EMEA and SE Asian trade finance practice) and who was supported by lawyers in the firm’s Hong Kong, Shanghai and Singapore offices. Reed Smith has a pre-eminent experienced global trade finance team which enabled the firm to service the deal around the clock.
“We were hugely excited to work on this transaction for ING Bank and the lender syndicate, said Jonathan Solomon. “It was a hugely rewarding experience to bring together our experienced practitioners across our global platform to successfully advise on this transaction and to close this record breaking Chinese commodity financing.”