Case Studies

Short summaries of case studies are listed below.  Clicking on the case study title will provide a more detailed description.

Bank of America Subscription Financings

An approach to risk that helped Bank of America leap ahead in global subscription finance. Haynes and Boone was involved in the early development of subscription lines as a product, and has represented major institutions in these financings since 1988. Ten years ago, we helped Bank of America enter this space, and it is now the dominant institution on the lending/agent side. >>

Crawling into Our Client’s Skin

Despite rising sales, our client Hercules, Inc. - a manufacturer of specialty chemicals - faced severe pressure from imports of carboxymethylcellulose (CMC), an essential ingredient to products as varied as ice cream to eye drops to oil well lubricants. >>

Global Finance Made Simple

We represented a large international bank that provides financing to a multi-national REIT with operations in six different international jurisdictions, including the U.S., the EU, Japan and China.  To accomplish that, there was a separate credit facility for each of the six jurisdictions.  Navigating the twists, turns and peculiarities of each of the six credit facilities made life difficult for the borrower.  We simplified things by creating a single global credit facility to service the borrower. >>

Showing Latin American Capabilities in a “Deal of the Year”

Our client, MMX Mineração e Metálicos S.A. (MMX), needed assistance to structure Brazil’s first mining project financing.  The integrated iron ore mining operation in the state of Amapa, located on Brazil’s far northern border, required a nearly 200-kilometer railway and the construction of a loading facility to connect the mine to an existing port location on the Amazon River.  In addition to its own complexity, the deal involved multi-source financing and an intricate off-take arrangement with another construction phase project located on the other side of the globe. >>

Strategic Disposition

Our client, Mirant, wanted to sell a group of utilities and power generation facilities in Jamaica, Trinidad, the Bahamas and Curaçao.  We designed prototype purchase and sale agreements, allowing the businesses to be sold either as a group or on a modular basis, broken up into constituent parts.  This enabled Mirant to put the Caribbean businesses out for competitive bid in an orderly way and to maximize revenues from the sale, as well as to defer their decision on how to consummate the sale or sales until they had the most complete and accurate information possible.  Commonalities in the prototype agreements, and the ability to proceed with either a group or modular sale, allowed the client to make "apples to apples" comparisons regarding price and terms being offered by potential purchasers. >>

The Client in the Driver's Seat

Our client, InterOil Corporation, was positioned to use its very substantial natural gas discoveries to develop an LNG liquefaction facility in Papua New Guinea.  It was clear from the start that, while InterOil had the resources, vision and expertise to drive the project, some very large U.S. and European financial players needed to be brought into the project to provide additional development stage financing to allow the project to move ahead.  The fact that negotiations needed to transpire across several time zones (Papua New Guinea is in the vicinity of Australia) was a complicating factor.  Through tough negotiation and creative structuring, we were able to assist InterOil in securing the development funding InterOil needed, while keeping them where they belonged - in the driver's seat of this complex project. >>