Global Trade Finance

Banking & Finance is a founding practice of the firm and remains one of our signature strengths. Drawing on decades of experience, Mayer Brown offers a leading global trade finance platform.

Mayer Brown has extensive experience in the following areas:

Mayer Brown has extensive experience in the following areas:

Trade Receivables Securitization 
Non-Recourse and Limited Recourse Receivables Purchase
Supply Chain Finance
Trade Finance
Asset Based Receivables Lending 

Trade Receivables Securitization
A few of our notable trade receivable securitization engagements include representing:

• A major global bank in relation to a facility for the purchase of trade receivables originated by certain group companies of a leading technology manufacturing company in a number of European jurisdictions and Malaysia. The structure accommodates the securitization of receivables originated by group subsidiaries in France, Hungary, Malaysia, Poland and Scotland. This transaction is not only structured as a European-style true-sale transaction, but also complies with the requirements of the US GAAP true-sale analysis and involves bankruptcy-remote special-purposes entities in Ireland, the Netherlands and the Malaysian offshore financial centre, Labuan. This was the first revolving securitization structure of its kind to receive a foreign exchange license by the Malaysia central bank, Bank Negara. It was also one of the first securitizations to be structured in the emerging markets of Hungary and Poland, despite the absence of specific securitization enabling legislation in those jurisdictions.
• A diversified global manufacturing company and its diversified global financial services subsidiary in two separate securitizations through a syndicate of banks and bank-administered commercial paper conduits of more than $3 billion of trade receivables originated by more than 40 group businesses.
• Dow Chemical Company and certain of its subsidiaries in the structuring and restructuring of a €500 million trade receivables securitization program involving eight European countries and a separate $1.1 billion two-tier conduit trade receivables securitization with a deferred purchase price structure.
• A major global bank in dozens of on- and off-balance sheet trade receivables securitizations, including the following:
  - A $320 million securitization of trade receivables for a major television and motion picture distribution company.
  - A $1 billion syndicated trade receivables securitization for a major oil exploration, production and refining company. This transaction was designed so that the funding for the originator could be in the form of either cash or trade letters of credit.
  - A $1.3 billion securitization of trade receivables for a leading telecommunications company that received off-balance sheet treatment under FASB 166/167 utilizing the deferred purchase price structure.
  - A $300 million trade receivables securitization for one of the largest US suppliers of consumable dental products, equipment and software. This transaction also utilized the deferred purchase price structure to achieve off-balance sheet treatment under FASB 166/167.
  - A $700 million syndicated trade receivables securitization for an established leader in the worldwide electronics market.
  - A $175 million securitization of receivables arising out of automotive leases and the provision of related services.
  - A $200 million securitization of accounts receivable and interchange payments for a large railroad company.
• A major global bank in a $500 million trade receivables securitization for more than 25 subsidiaries of the Tribune Company in conjunction with the Tribune Company’s DIP financing. This transaction was awarded the 2009 Americas Structured Finance Deal of the Year by International Financing Review.
• The New York branch of a German Landesbank in multiple transactions involving the securitization of German trade receivables.
• A Dutch financial institution and its conduit in multiple transactions involving the securitization of German trade receivables.

Non-Recourse and Limited Recourse Receivables Purchase 
A few of our notable receivables purchase engagements include representing:

• Several major global banks in designing and/or streamlining market-appropriate documentation for use in various receivables purchase-based product offerings.
• A major global bank in a $400 million receivables purchase facility for a global manufacturing company.
• A diversified global manufacturing company in monetizing accounts receivable subject to excess concentration limits in its existing trade receivables securitization program.
• A diversified global financial services company in monetizing large volumes of accounts receivable originated by its affiliated operating businesses.
• The French finance arm of a global diversified industrial group, in the structuring of several non-recourse or limited recourse factoring facilities, including the following:
  - An €80 million non-recourse and off-balance sheet factoring facility to the French, German and Swiss members of the Constellium Group.
  - A €60 million limited recourse factoring facility to members of the Vita Group in eight jurisdictions.
  - A €30 million limited recourse factoring facility to members of the Dubag/ VitaSheet Group in three jurisdictions.
  - A €60 million non-recourse and off-balance sheet factoring facility to a French tile manufacturer.
• The UK and French finance arms of a global diversified industrial group in the structuring of combined invoice discounting and factoring facilities to European members of the Linpac Group.
• A major global bank in a $285 million receivables purchase facility for a global chemicals company.
• A major global bank in a $500 million receivables purchase facility for a global manufacturer of display technology.
• A major global bank in a $100 million receivables purchase facility for a global fuel distribution company.
• A major global bank in the structuring of a €600 million factoring facility for the French, Spanish and Portuguese members of an international computer group.
• Cemex France and Cemex England in a €600 million receivables purchase facility arranged by a Dutch financial institution.
• A global metals company in a €90 million pan-European receivables purchase facility arranged by a Dutch financial institution.
• A leading German factoring bank in connection with the non-recourse factoring of pan-European trade receivables pools.

Supply Chain Finance
A few of our notable supply chain engagements include representing:

• CEMEX in a cross-border supply chain program for its suppliers. We evaluated proposals from four platform operators, and assisted CEMEX in the development of receivables purchase, technology and other contracts to be used by the parties.
• A major global bank in a cross-border supply chain program in which we, on behalf of our client, negotiated technology and receivables purchase contract forms with reference to local law requirements in other jurisdictions.
• A multilateral financial institution in a multijurisdiction, cross-border supply chain finance program with emphasis on developing countries without extensive supply chains or vendor liquidity. The program includes multiple web-based vendor platforms and has involved consideration of receivables in Brazil, Bangladesh, Pakistan, India, Vietnam, Turkey, China, Indonesia, Sri Lanka, Cambodia, Jordan, Egypt and Mexico.
• A leading insurance company in negotiating the first transaction in which a major regulated American insurance company will be permitted to participate, as investor, in the supply chain finance market.
• A major global bank in documenting and supporting a large supply chain finance program for the suppliers of a large multinational manufacturing company.

Trade Finance 
A few of our notable trade finance engagements include representing:

• Banco WestLB do Brasil SA and Banco Santander do Brasil S.A., as the lead arrangers, on a $470 million pre-export financing for Bahia Specialty Cellulose S.A. Trade & Forfaiting Review named this transaction Deal of the Year 2010 for its innovative structure, which combined both pre-export financing and project-financing features.
• A major global bank, as the lead arranger, on a $150 million pre-export financing for Paranapanema S.A., a Brazilian producer and exporter of copper products.
• Glencore International AG, Natexis Populaires and a major global bank in relation to a $233 million pre-export oil bridge facility made to the Republic of Congo. The facility was guaranteed by the Republic of Congo Ministry of Finance.
• A major global bank in connection with its biannual review of the bank’s standard form trade finance documentation.
• A Swiss bank in connection with the creation of the bank’s standard form trade finance documentation.

Asset Based Receivables Lending
A few of our notable ABL matters include representing:

• A major global bank as agent in a $400 million syndicated revolving ABL credit facility for the Belden Group.
• A major global bank as agent in a $750 million syndicated revolving ABL credit facility for the Jefferies Bache Group.
• A major global bank as agent in a €200 million syndicated revolving ABL credit facility for the Univar Group.
• A major Canadian bank in a $350 million receivables-only ABL facility.
• A US super-regional bank as agent in a $100 million syndicated revolving ABL credit facility for a metals group.
• A global metals company in the renewal of a $500 million syndicated revolving ABL facility involving the Luxembourg, Belgian, French, German and Brazilian members of the group.

• Tier 1 ranking in Asset-based lending (Legal 500 UK, 2020)
• "Demonstrates prowess handling acquisition financings and on deals in the asset-based lending space." (Chambers UK, 2020)
• “Very technical and knowledgeable team excels in handling highly structured big-ticket multi-jurisdictional asset based lending mandates for funds, banks, sponsors and corporates." (Legal 500 UK, 2020)
• “[The team] ticks all boxes [and provides] great industry knowledge, value for money, top quality and timely services and lawyers who deliver solutions on their feet and are extremely goal oriented” (Legal 500 Asia Pacific 2019)