A suite of three pre-delivery syndicated loan facilities providing US$930 million in finance to China’s Shandong Qingyuan each of which were led by Reed Smith as lead legal adviser has been awarded ‘Overall Commodities Finance Deal of the Year’ and was listed as one of the ‘TXF Perfect 10 Deals of the Year’ at the TXF Amsterdam industry dinner on 23 May 2019.
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Each of the deals involved teams based in London, Singapore, Hong Kong and Shanghai headed by Jonathan Solomon.

The deal team comprised Jonathan Solomon, Patrick Sutton, Jade Fawcett, Chris Sai Kit Tang, Carrie Lam, Maggie Cheung, Jeffrey Yang, Catherine Jing, Cong Liu, Jessica Kenworthy, Jamie Sim, Carolyn Chia and Tania Teng.

The lending syndicates for two of the financings were led by ABN AMRO and the third financing involved a lending syndicate led by Commonwealth Bank of Australia and Westpac.

The financings were self liquidating and involved as part of the financing structure crude oil supply and guarantees from leading global crude oil suppliers together with long term base oil offtake agreements executed with China National Offshore Oil Cooperation (CNOOC).