Efficient, cost-effective transaction closing for the world’s largest off-shore windfarm
Norton Rose Fulbright advised a consortium of 29 banks and 3 ECAs on three separate financings of one of the world’s largest offshore windfarms. The scale of the transactions were significant, involving an exceptionally high volume of documentation and conditions precedent. Managing the approvals processes for 29 lenders, alone was a significant challenge.
Given the scale of the transactions and the number of parties involved, it was essential that we tackled the transactions in an intelligent and innovative manner – a conventional approach would not have sufficed. Our teams utilised innovative processes and legal technology to ensure that the transaction closed in a timely manner, regardless of the scale of the matter.
The conditions precedent process involved several hundred CPs, each one requiring the approval of each of the 29 lenders. In addition to the CP process, the virtual closing involved more than 80 signatories and several hundred signature pages.
A team of paralegals in our Newcastle-based Legal Services Team managed the processes through the use of an online transaction management platform, which brought the transaction documents and CPs together in one digital checklist which all parties could access simultaneously. The timely virtual closings and signing process involving more than 80 signatories and several hundred signature pages was made possible by our dedicated team of Newcastle paralegals and their expertise in using electronic signature software.
Results and benefits
Our client was able to close the transactions within the agreed timeline and to budget; two of which were in parallel, with the third closing 8 months later. Traditionally, the entire CP process and signing would have been undertaken by more senior resource and completed by email and phone calls, using isolated document management systems and Word checklists, updated and circulated on a daily basis. Without the use of our alternative resourcing, innovative processes and legal technology, it would not have been possible to close the transactions in such a timely and cost-effective manner.
Our solution also enables greater transparency and improved experience for all parties. All stakeholders could access the platform and see the live status of all CPs and documentation throughout the process.