INTERNATIONAL FIRMS FIRM BRIEFINGS Sullivan & Cromwell
2012 Firm Overview Active jurisdictions
Brazil, Chile, Colombia, Ecuador, Guyana, Mexico, Peru, Puerto Rico, Venezuela
Key offices London, Los Angeles, New York, Paris, Washington
Most active disciplines
Disputes: Financial and corporate, Tax, White-collar crime Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/Asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition Tax: Corporate tax, Indirect tax, Transfer pricing
Key energy sectors LNG, Mining and metals, Oil and gas, Traditional power
Key infrastructure sectors Airports and aviation, Ports and shipping, Rail, Roads
Law capability English, US
Key partners John Estes, Sergio Galvis, Chris Mann, Inosi Nyatta, Fred Rich
Sullivan & Cromwell’s Latin America practice earns consistently high praise from clients across a range of industries. In particular, clients sin- gle out practice head Sergio Galvis for praise. “They really lead the process on behalf of the borrower. For us to get non-resource project debt is challenging, so we’re grateful. We feel we’re getting good advice – they’ve had so much experience with project finance deals that they know what terms are market or off-market,” says one client. “The team at Sullivan & Cromwell is exceptional and I would be happy to rec- ommend them to any company looking to develop a mining or energy project,” the same client adds. “The work they do is always first-rate and far-sighted. They’re not
cheap, but you know you’re getting what you pay for,” says a second client. “They are the best lawyers in mining project finance in the world,” a third client enthuses. In a deal that the firm characterises as the largest Latin American
project financing signed in 2012, practice head Galvis is providing on- going counsel to Sumitomo Metal Mining Company, Sumitomo Cor- poration and Quadra FNX Mining in a $1 billion financing for the $3 billion Sierra Gorda Copper-Molybdenum Project in Chile. The source of the financing is the Japan Bank for International Cooperation and a consortium of commercial banks including Sumitomo Mitsui Bank- ing Corporation, Sumitomo Trust & Banking Company, Mizuho Cor- porate Bank, and The Bank of Tokyo-Mitsubishi UFJ. Nippon Export and Investment Insurance provided insurance to the four commercial banks involved. The remainder of the insurance came from Sumitomo Metal Mining Company, Sumitomo Corporation, and Quadra. Galvis’s other ongoing representations include providing counsel to
Toronto-based HudBay Minerals as sole sponsor in the financing of the Constancia copper project in Peru, advising Kinross Gold Corpo- ration in relation to the Fruita del Norte project in Ecuador and rep- resenting Inmet Mining Corporation and Minera Panamá in the Cobre Panama copper project, which involved a mine as well as a 300MW coal-fired power plant. Partners Chris Mann in New York and Richard Morrissey and Ben
Perry in London represented Canada Pension Plan Investment Board in its $1.15 billion acquisition of a 49.99% of Chilean toll road oper- ator Grupo Costanera, a deal closing in August 2012. In December 2011, Mann advised Chrysler de Mexico Loan in financing for the manufacturing of Ducato vehicles at a plant in Saltillo, Mexico. The client had previously used Sullivan & Cromwell’s services in successfully
22 ENERGY & INFRASTRUCTURE | LATIN AMERICA 2013
seeking a $400 million line of credit from Mexico’s development banks, Nafinsa and Bancomext, for the purpose of manufacturing Fiat 500 vehicles in Toluca, Mexico.
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