Nine law firms led by Mayer Brown LLP have advised Credit Suisse on a secured US$220 million loan to Canada-based oilfield services company Tuscany International Drilling and its subsidiary, Tuscany South America.
The loan was used by Tuscany Rig Leasing to finance the acquisition of French drilling company Caroil on 16 September.
The financing deal closed on 13 September. Regional counsel to Credit Suisse was provided by four firms in Latin America - Brigard & Urrutia Abogados in Colombia, Rodrigo, Elías & Medrano Abogados in Peru, Tauil & Chequer – affiliated with Mayer Brown LLP in Brazil and Perez, Bustamante & Ponce in Ecuador. Credit Suisse was also advised by Stikeman Elliott LLP in Canada, Maples and Calder in the Cayman Islands, Arendt & Medernach in Luxembourg and Mayer Brown International in France.
Tuscany was advised by Sanclemente Fernandez Abogados in Colombia, Osler, Hoskin & Harcourt LLP in the US and Canada, Rubio Leguía Normand in Peru, Machado, Meyer, Sendacz e Opice Advogados in Brazil, Estudio Juridico Olmedo Cisneros & Asociados in Ecuador, Ogier in the Cayman Islands, Olswang LLP in France and AMMC Law in Luxembourg.
Hogan Lovells and Pinheiro Neto Advogados provided counsel to the Bank of New York Mellon, which acted as global and Brazilian collateral agent.
Challenges posed by the transaction included managing the collateral structure and clearing the legal requirements to enable the acquisition of Caroil across different jurisdictions, including Brazil, Colombia, Ecuador, Peru and France.
Brigard & Urrutia partner Carlos Fradique-Mendez says that dealing with the legal title and ownership of the collateral also proved difficult. He says that as a number of the rigs located in Ecuador, Brazil, Tanzania and other countries would be coming in and out of Colombia on a regular basis, it was necessary to structure the transfer of property in a way that would not conflict with Colombian customs regulations, foreign exchange regulations and tax regulations.
Counsel to Credit Suisse
In-house counsel - Manuel Alvarez
US
Mayer Brown LLP
Partner Douglas Doetsch and associate Gabriela Sakamoto
Colombia
Brigard & Urrutia Abogados
Partner Carlos Fradique-Méndez and associate David López Bruce
Canada
Stikeman Elliott LLP
Partner Michael Dyck
Peru
Rodrigo, Elías & Medrano Abogados
Partners Diego Peschiera and Jose Chiarella and associate Nicolas Cornejo
Brazil
Tauil & Chequer – affiliated with Mayer Brown LLP
Partner Eduardo Soares and associates Lea Yassuda and Renata Mendes
Ecuador
Perez, Bustamante & Ponce
Partner Bruno Pineda and associate Natalia Almeida
Cayman Islands
Maples and Calder
Partner Tim Frawley and associate Abraham Thoppil
France
Mayer Brown International
Partner Jean-Pierre Lee and associate Yasmine Haghighi
Luxembourg
Arendt & Medernach
Associates Anne Reuland and Emmanuelle Klefehn
Counsel to Tuscany Drilling International and Tuscany South America
US
Osler, Hoskin & Harcourt LLP
Partner Michele Moss and associate Evan Low
Colombia
Sanclemente Fernandez Abogados
Partner José Gabriel Fernández and associate Maria Elena Lares
Canada
Osler, Hoskin & Harcourt LLP
Partner Neal Ross and associate Evan Low
Peru
Rubio Leguía Normand
Partner Oscar Arrus and associates Gilbert Ramos and Diego Harman
Brazil
Machado, Meyer, Sendacz e Opice Advogados
Partner Giovanni Biscardi and associates Daniane Carvalho and Mariana Meditsch
Ecuador
Estudio Juridico Olmedo Cisneros & Asociados
Cayman Islands
Ogier
Partner James Bagnall, counsel Colin Berryman and associate James Heinicke
France
Olswang LLP
Partner Stephan Alamowitch and associate Yelena Vodjevic
Luxembourg
AMMC Law
Partner Marjorie Allo and associate Arnaud Arrecgros
Counsel to the Bank of New York Mellon
US
Hogan Lovells
Partner Robert Ripin
Brazil
Pinheiro Neto Advogados
Partner Bruno Balduccini and associate Tatiana Guazzelli
(Latin Lawyer 28.09.2011)
(Notícia na Íntegra)