Trilegal's project finance practice is raised to the top tier this year because of its strong track record in innovative transactions and recognition from peers. As Allen & Overy's best friend firm in India, Trilegal handles a large number of innovative cross-border and External Commercial Borrowings (ECBs) transactions, financing some of the largest projects undergoing in India, mostly in the power sector....
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Trilegal's project finance practice is raised to the top tier this year because of its strong track record in innovative transactions and recognition from peers. As Allen & Overy's best friend firm in India, Trilegal handles a large number of innovative cross-border and External Commercial Borrowings (ECBs) transactions, financing some of the largest projects undergoing in India, mostly in the power sector. "The firm has expertise working on power projects. They have handled an extensive amount of project finance transactions that are related to the power sector and this expertise is well-known in the market," says one peer and another agrees, "Trilegal is definitely a tier one firm for project finance. Their outstanding energy practice complements their project finance practice very well."
Trilegal also has a strong banking practice. The firm has been recently focusing on microfinance, restructuring and banking regulatory matters.
Clients appreciate the consistent input of partners: "Trilegal is very strong in service delivery. At Trilegal, the seniors are pretty hands on. They understand the details of the transactions well. We are quite comfortable of what is going with their team. This makes the firm stands out from the other firms," says one.
Deals
Trilegal has been advising on various high profile External Commercial Borrowings (ECB) deals across various sectors. Partner Ameya Khandge is strongly engaged in these transactions. In 2011, the firm advised Overseas Private Investment Corporation (OPIC) on its $28.5 million credit facilities for funding the SunEdison Gujarat Project in Gujarat, India. OPIC provided the funding as a term loan on the basis of certificates of participation (CoPs) issued by it to investors in the United States.
Khandge led on another deal, this time advising Credit Agricole and Mizuho Corporate Bank on the $60 million financing to Western Region Transmission (Gujarat), a subsidiary of Reliance Infrastructure, for funding its transmission lines project in Guharat and Madhya Pradesh, India. The firm was involved in due diligence of the project and drafting and documentation.
In the banking space, Trilegal has shown a strong focus in restructuring and regulatory matters. The firm has advised ICICI Bank $1.25 billion financing for GVK group's acquisition of a majority stake in certain coal and infrastructure development projects in Queensland, Australia, from Hancock Prospecting. The transaction involved the acquisition of Australian assets by the GVK group through its SPVs incorporated in Singapore. The firm is responsible in finding structuring solutions that gave the borrower sufficient flexibility in utilising its assets and at the same time provided adequate security to the lenders. Ameya Khandge and Pramit Mohanty were the lead lawyers in the transaction.
The firm has also been engaged in work related to the refinancing of foreign currency convertible bonds (FCCBs). In a recent transaction, the firm advised Axis Bank on its $96.5 million refinancing of FCCBs issued by Orchid Chemicals & Pharmaceuticals to certain foreign investors. Axis Bank led a consortium that completed the refinancing under the ECB route. Ameya Khandge, Pramit Mohanty and Prantic Sen were engaged in the deal.
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Trilegal has a well-regarded M&A practice, receiving praise from both peers and clients. A peer says, "Trilegal has been expanding very quickly in India after its foundation in 2000....
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Trilegal has a well-regarded M&A practice, receiving praise from both peers and clients. A peer says, "Trilegal has been expanding very quickly in India after its foundation in 2000. It has taken a large share in the mergers and acquisitions space and should be regarded as one of the major players." A client also praises the firm, "Trilegal is a preferable choice for corporate matters."
The firm has recently been growing its private equity capability as well with a focus on the power sector. "Trilegal has a very strong private equity practice. It has an expanding team and is often seen in a lot of high profile private equity transactions," says one peer.
Clients appreciate the firm's efficiency and strength in dpeth: "Trilegal is very good in drafting. The quality of its associates is exceptional and consistent across the firm and they often come up with very high quality drafting work."
Deals
Last year Anand Prasad led a deal advising International Paper on its $423 million acquisition of a majority stake in Andhra Pradesh Paper Mills (APPM). This transaction is the biggest acquisition in the paper industry in India to date.
The firm also advised Turner International on its joint venture with the Sahara Group. The firm was drafting the shareholders' agreement for governing the two parties.
In the private equity space, Trilegal has backed its growing reputation with a number of large-sized deals mainly in the power sector. One example in 2011 saw Nishant Parikh has led a deal advising Blackstone in its $110 million investment into Visa Power. Parikh also advised Sithe Global Power Ventures on its $261 million investment in SKS Power Generation (Chhattisgarh), an SPV set up by SKS Ispat and Power for development of a 1200MW captive coal fired, thermal power plant in Chhattisgarh.
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