White & Case LLP has deep roots in emerging markets finance work, which includes high-end structured trade and commodity finance transactions. Acting for bank creditors, traders/offtakers, exporters, sellers; sovereigns and state-owned owned entities such as national oil companies, the firm has a presence across the full spectrum of transaction structures. Debt finance partners Christopher Czarnocki and James Hardy lead the group. Emerging markets specialist Hardy advised borrowers AGP Worldwide Operations GmbH and AGP Group on a $250 million secured loan financing. Czarnocki acted for Ghana's Ministry of Finance and Ministry of Energy in the $750m monetisation of royalties payable to the state by companies operating in the gold commodity sector, achieved through the assignment of rights to such royalties to special purpose vehicles which will be listed on the Accra and London stock exchanges.

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Key clients

AGP Glass Worldwide Operations GmbH
Helios Investment Partners
Ministry of Finance (Ghana), Ministry of Energy (Ghana)
Deutsche Bank
Puma Energy
Petrobras
Ministry of Finance Ukraine
Africa Finance Corporation
Afreximbank
Ghana National Petroleum Corporation
Oi S.A.
A.P. Møller Holding A/S

Work highlights

Advised the Ministries of Finance and Energy of Ghana in connection with the monetisation of royalties payable to the state by companies operating in the gold commodity sector.
Advised Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, on the US$1.283 billion to US$1.583 billion acquisition of the entire offshore shallow water business of Exxon Mobil Corporation in Nigeria.
Advised the lenders in connection with a US$1.4 billion loan to Chevron and Nigerian National Petroleum Company (NNPC) to help monetise reserves, increase production and support the energy transition through the production of gas for domestic supplies.