"Sources attest that he 'stands out for his dedication to his work, commitment to perfect documentation, and ability to understand the client’s business.'"Chambers Global 2014
Jim Patti represents clients involved with transactions in the emerging markets, including Brazil, Kazakhstan, Mexico, Nigeria, Peru, Russia and Turkey, and has been particularly active in Latin America and Turkey. His work emphasizes fund-raising in all its forms and he is often involved in complex, cutting-edge transactions for which broad knowledge of the emerging markets is very beneficial. Matters include structured finance, eurobonds, infrastructure-related project finance (principally with airports) and general lending (secured and unsecured), as well as debt restructurings and corporate transactions. Jim's experience includes having structured the transaction (an Argentine airport financing) named in 2013 by Latin Finance as the "Structured Finance Deal of the Quarter Century" in Latin America as well as having established the first “future flow“ transactions in Brazil (including Banco do Brasil’s Japanese remittance transaction) and Peru, the first three MTN programs in Turkey, the first Basel III-compliant Tier 2 issuance in Turkey and the first two cross-border residential mortgage covered bond programs in Turkey. Chambers USA 2016 notes James "is 'very experienced' in emerging markets encompassing Eastern Europe, Central Asia and Latin America. His international scope is regularly utilized when advising on infrastructure-related finance, general lending and restructuring matters for domestic and international clients."
Areas of Focus
- Represented the issuers in the first three MTN programs ever from Turkey: a $3 billion program for Vakifbank, a $2.5 billion program for Garanti Bank and a $1.75 billion program for Isbank.
- Represented the lenders in numerous telecoms and infrastructure financings, including many with complex intercreditor issues, sponsor support and extensive security packages. These transactions largely involved concession-holders and thus required a focus on the regulatory requirements of the concession, including how security interests in concession-related rights could be obtained and seeking approvals from regulators. The first of these transactions started in 1995 and involved the financing for the establishment of Mexico's primary competitor to the up-until-then monopoly telecoms services company, involving multiple ECAs and commercial lenders, sponsor support and (as a public service) complex concession issues. The experience started in that transaction has grown over the past 19 years to cover different industries and countries, and it served as an exceptional foundation for later infrastructure financings.
- Represented Garanti Bank in connection with the sale by General Electric Capital Corporation of most of its 21 percent interest in the bank. GECC and the bank's other principal shareholder sold an aggregate of 24.9 percent of the bank to BBVA for €4.2 billion.
- Represented the underwriters in connection with a $300 million Rule 144A offering by the operator of Argentina’s principal airports. This 2010 offering was secured by the issuer’s rights to receive both international passenger use fees and payments from duty free shops, a structure that enabled the company to access international investors notwithstanding the country's extremely low rating. In addition to being selected as the Structured Finance Deal of the Year by Latin Finance, in 2013 Latin Finance selected this transaction as the "Structured Finance Deal of the Quarter Century" in Latin America.
- Represented the originator in Brazil's first-ever "future flow" transaction, recognized as the 2001 emerging market structured financing deal of the year by Structured Finance International and as the Latin American structured financing of the year by Emerging Market Investor. In 2008, this transaction was selected by Latin Finance as the "Most Important Structured Finance Deal in Latin America" for the past 20 years.
- Represented parties in the first-ever "diversified payment rights" transactions in Brazil (originator), Russia (arrangers), Peru (monoline insurer) and Turkey (arranger).
- Represented the arranger or issuer in the first Tier II capital markets transaction for an African bank (in Nigeria, also only the second international capital markets issuance from a Nigerian corporate) and for various Turkish banks.
- Represented the arranger in the first future flow transaction guaranteed by the Asian Development Bank (in Kazakhstan).
- Represented the debtor (Embratel) in one of the most successful corporate debt restructurings during Brazil's debt crisis in 2002-2003 (over $1 billion).
- Represented (with various partners) a large US corporate (Bell South) in the $5.8 billion sale of its Latin American operations (comprising 10 countries) to Telefónica.
Lawyer’s Work in Turkey Makes GravyChicago Daily Law Bulletin (subscription required)
June 132013International Financial Law Review
The University of Chicago Law School, JD
Georgetown University, BS, magna cum laude
- Listed as a key lawyer for Debt Capital Markets (Legal 500 2023).
- Known for emerging markets bonds (Legal 500 2015).
- "Sources attest that he 'stands out for his dedication to his work, commitment to perfect documentation, and ability to understand the client’s business.'" (Chambers Global 2014).