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)