Hallam Chow

Practice Areas

Hallam Chow is an International Partner of Haiwen & Partners and a Consultant of Haiwen & Partners LLP.

His practice primarily involves banking & finance, projects and project finance, structured finance and energy & infrastructure and oil & gas joint ventures, as well as asset-based finance, including aircraft, equipment and facility leasing.

In the area of project finance, Hallam has worked with lenders and equity investors in projects involving gas-fired, coal-fired, alternative energy, renewable energy, infrastructure and manufacturing facilities. He has also worked with Chinese and international lenders and borrowers in major outbound and inbound bank & acquisition finance transactions in multiple sectors, including technology, energy, oil & gas, healthcare, real estate and logistic assets, as well as lessees, lessors and lenders in asset finance transactions involving aircraft, rail, hydroelectric, nuclear, coal & gas fired facilities, oil-drilling and other equipments.

Career

Prior to joining Haiwen, Hallam had been a partner for over two decades with international law firms working in their New York, Hong Kong and Beijing offices.

Work Highlights

Corporate and Acquisition Finance

● Advised the Luxembourg branch of a leading PRC bank, as Agent and Security Agent, on a EUR 165 million term loan facility made to CGL Hungary VI Assets Investment Kft. and CGL Hungary EU Investment Management Kft., as Borrowers, in connection with their acquisition from the Singapore sovereign wealth fund, GIC, of a pan-European logistics property portfolio involving over 10 jurisdictions.

● Advised a wholly-owned subsidiary of a Hong Kong-based asset management company, as borrower, on a HK$1.256 billion term loan facility made from Chong Hing Bank Limited, as Lender, for financing the borrower's payment under a highly structured performance linked swap transaction.

● Advised a leading PRC bank and its ten overseas branches in Europe and Asia Pacific on the US$3.5 billion financing to Spring Chem Ltd for the subscription of the of the perpetual bond issued by CNAC (HK) Golden Bridge Company Limited, a Hong Kong Subsidiary of China National Agrochemical Company Limited and China National Chemical Corporation (ChemChina).

● Advised a syndicate of PRC and international banks on the US$4 billion facility made to China Yangtze Power International (Hong Kong) Co., Limited on the acquisition of Peru’s largest electric company Luz del Sur from Sempra Energy. The deal would be the largest acquisition made by a Chinese state-owned enterprise in the Americas since 2015.

● Advised a leading PRC bank as mandated lead arranger, bookrunner and underwriter and agent on a facility to COFCO (Hong Kong) Limited, a wholly-owned subsidiary of COFCO Corporation, China’s largest food processing company with interests in, among others, agricultural commodities trading and agricultural products processing, to take China Agri-Industries Holdings Limited private pursuant to a scheme of arrangement.

Water, Power and InfrastructureI

● Advised a syndicate of lenders including leading international and PRC banks in connection with the US$975 million financing to COSCO Shipping Ports Chancay Peru S.A. for the development, design, engineering, construction, management, and operation of a multi-purpose port facility including terminals and related infrastructure facilities located in Chancay, Peru. The Chancay Port Project was named as 2022 Typical Case of Brand Building of Central Enterprises by the State-owned Assets Supervision and Administration Commission of the State Council, which fully demonstrated the company's good image of being responsible, bearing responsibility and deeply planting the concept of green development. [It was also awarded “LatinFinance Award for Port Financing of the Year” in 2023 Project & Infrastructure Finance Awards.

● Advised a syndicate of PRC and international banks as Lenders in connection with the signing of a total of 150 million Euro financing to the Republic of Cote d'Ivoire for the renovation and construction of two road projects in Côte d'Ivoire.

● Advised one of the largest infrastructure and power companies in China, in its capacities as sponsor, EPC contractor and O&M contractor in connection with the development and financing of the Lot 32 annuity road project in Kenya.

● Advised a syndicate of leading international and PRC banks on the project financing of US$ 980 million financing to Bracell SP Celulose LTDA and Bracell SP Cellulose Trading FZCO. Bracell is the world’s largest producer of dissolving pulp and specialty cellulose, whose operations are supported by the sustainable cultivation of eucalyptus and state-of-the-art factories. The financing aims to support the ambitious Project Star in Brazil on dissolving pulp capacity expansion, from the current 250,000 tons per year to add another 1.25 million tons, in the state of San Paolo. Project Star, upon completion in 2021, is expected to be the largest foreign direct investment in the State of São Paulo in the last 20 years.

Export Credit Facility

● Advised the Export-Import Bank of China Paris Branch, as Lender, in a US$68 million term loan facility made to Serbia Zijin Copper Doo Bor, as Borrower, for financing the Borrower's working capital needs. The Borrower is Zijin Mining Group's first company in the Balkans and is one of the largest companies in Serbia.

● Advised a syndicate of PRC bank on an Euro 90 million export credit facility in connection with the financing of the development of a hotel and tourism complex at the Ouidah Port in Benin.

Oil & Gas and LNG

● Advised various leading international and PRC banks on the US$1.5 billion acquisition financing for COSL Norwegian AS, a wholly owned subsidiary of China Oilfield Services Limited, an affiliate of CNOOC Ltd, in connection with its US$2.5 billion acquisition of Awilco Offshore ASA, a Norwegian oil and gas drilling contractor. This acquisition occurred during a period of high demand for oil and gas in China, increased COSL's drilling rig-fleet to from 15 to 22 and provided COSL with further opportunities to market its non-drilling services, such as marine transport and seismic mapping, to Awilco's existing customers like BP, Statoil and Repsol.

● Advised China Gas Holdings Ltd. on the US$20 million private sector loan agreement to support natural gas and liquefied petroleum gas deliveries to households, hospitals, industry, and services crucial to the ongoing response COVID-19 and the post-pandemic recovery in Wuhan and other affected areas in Hubei province, PRC. The deal was awarded “Oil & Gas Deal of the Year (North Asia) (China) 2021”by the Asset Triple A Infrastructure Awards.

● Advised Kazakhstan Petrochemical Industries Inc. as borrower on the US$2 billion financing provided by China Development Bank Corp. (as original lender, agent and arranger) to Kazakhstan Petrochemical Industries Inc. to finance its development of a petrochemicals complex.

● Advised a Chinese sovereign fund on a US$200 million equity investment in an Ethiopian LNG project. The US$4 billion project consists of five exploration blocks in the Ogaden Basin of Ethiopia and will also involve the construction of a 700 km gas pipeline to transport up to 12 billion cubic metres of gas per year from the Ogaden Basin to the port of Damerjog in Djibouti where an LNG liquefaction and export plant will be built. The deal was awarded as "Project & Energy Deal of the Year 2018" by China Law & Practice.

● Advised the Paris branch of a leading PRC bank on the US$178 million loan to “New Silk Road Oil and Gas” Limited Liability Company, which is a joint venture between the national oil company of Uzbekistan, Uzbek NHC Uzbekneftegaz and China National Petroleum Corporation in connection with the exploration, exploitation, development and operation of the Karakul gas block in the country’s southern province of Bukhara. The first phase project development cost is earmarked at US$377.5 million. This transaction was highlighted as one of the major One Belt One Road Project by the Government of the PRC and the Republic of Uzbekistan.

Asset Finance

● Advised Minsheng Financial Leasing Corporation on its portfolio acquisition of 13 aircraft from Ryanair, China Eastern Airlines, Norwegian Air, SAS, Iberia, Aeroflot and Garuda. Currently the sale and novation of 5 aircraft has been closed. The transaction was won "China Deal of the Year" Award from AirFinance Journal 2014.

● Advised Nomura Holdings, Inc., Nomura Babcock & Brown Co., Ltd. and BBAM Aircraft Management LLC, on a Sharia law compliant sukuk issuance with a total aggregate principal amount of US$100 million. This was the first sukuk involving a Japanese multinational corporation. Proceeds from the sukuk issuance were used to finance the purchase of one Boeing 737-800 aircraft and one Airbus A320-232 aircraft on lease to Norwegian Air Shuttle ASA and Wizz Air Hungary Ltd. respectively. The sukuk issuance and related sale and leaseback of the respective aircraft required coordinating businesses and legal counsel across multiple jurisdictions including Hong Kong, Japan, Dubai, England, Malaysia, Indonesia, Norway and the United States. This deal received an honorable mention in Asian-Counsel's "Deals of the Year 2010", nominations for the "Islamic Finance Deal of the Year" at the ALB SE Asia Law Awards 2011 and "The Japan In-House Counsel Network Award Debt Market Deal of the Year" at the ALB Japan Law Awards 2011.