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By Nick Flitterman

Russian’s seek Portland views on financing football clubs

Recognising Portland’s leadership in advising on the financing of new stadia and football clubs, The Moscow News recently sought the views of Portland’s Head of Stadium Finance, Harry Philp, on the situation in Russia compared to its European counterparts. The article can be found by clicking on this link.

Other articles on Portland work on Stadium Finance can be found here.

For further information on Stadium Financing or related advice, contact Harry at harry.philp@portlandadvisers.com

By Nick Flitterman

Portland Advisers demonstrates thought leadership in Next Generation Broadband

Portland Advisers has been appointed by the Fibre to the Home Council (Europe) to undertake a study into potential financing stimulus packages for Next Generation Broadband rollout on the basis of Public-Private Partnerships (PPP).

The results of this study will be presented by Jacek Krauze of Portland Advisers and Stefan Stanislawski of Ventura Team, our consortium colleagues, at the FTTH Council’s headline event of the year in Munich in February.

Details of the Conference can be found by clicking here. For discounted admission to the FTTH Council Europe Conference please use the discount code MUFTTH22 to buy places at €390 plus €3 green donation (instead of the usual €490).

For further details, please contact Jacek at jacek.krauze@portlandadvisers.com or on +44 20 71 83 83 98.

By Nick Flitterman

O3b Closes New $137m financing

On 31st October 2011, O3b Networks, advised by Portland Advisers and HSBC, achieved Financial Close on a $137m incremental financing round for the construction of four additional satellites that will boost both capacity and redundancy its MEO satellite constellation.

Nick Flitterman, Portland’s Head of Telecoms and lead advisor to O3b said: “This is another great achievement for O3b and a testament to the strong support of its core investors and lenders for the company’s plan to bring high speed internet connectivity to those Other Three Billion people around the world. Despite continuing difficulties in the financial markets, and increasing pressures on US Dollar liquidity, we have succeeded in structuring the financing in a way that benefits all stakeholders and enables O3b to almost double its capacity over the emerging markets – a win-win for its investors, lenders and customers.”

The additional financing comprises an US$85m Coface-backed Senior Debt Facility provided by HSBC, ING, CA-CIB and Dexia and an additional $52m of equity provided by a group of the existing shareholders and a new investor, Luxempart.

O3b’s shareholders include leading  satellite operator SES, Google, the global cable operator Liberty Global, HSBC Principal Investments, the Development Bank of South Africa, Sofina and Satya Capital, with SES now the largest minority shareholder.

For more information on this transaction, or on related topics, please contact Nick directly on nick.flitterman@portlandadvisers.com or +44 20 71 83 83 85.  Also see the Case Study describing the role Portland Advisers.

Press coverage of the financing can be find by clicking on the links below.

www.o3bnetworks.com

https://www.sys-con.com/node/2058566

By Nick Flitterman

Tottenham Hotspur F.C. win their challenge on the Olympic Stadium

Tottenham Hotspur F.C. (“Tottenham”) successfully won their Judicial Review challenging the financial support being provided by the London Borough of Newham (“LBoN”) to West Ham United F.C. (“West Ham”) in their attempt to secure tenancy of the new Olympic Stadium post the games in 2012. Tottenham successfully argued that the financial support being provided by LBoN was not commercially attainable and was significantly favouring West Ham in its bid to secure the stadium. Following the Judicial Review, LBoN withdrew its financial support for West Ham and the Olympic Park Legacy Committee announced that it would reopen the tender process for the rights to the future tenancy of the stadium

Portland Advisers prepared the Expert Witness statement on behalf of Tottenham which was key element of the Tottenham case.

For further information, contact harry.philp@portlandadvisers.com

 

 

Portland

By Nick Flitterman

Portland wins Green Africa Power advisory mandate with PIDG Trust

Portland Advisers, as part of the Trinity Consortium also including Trinity International LLP, a law firm with a specialised focus on Africa, and Evolution Markets, a carbon broker  and transaction structuring firm, has won the advisory mandate to progress the development of PIDG’s Green Africa Power (“GAP”) initiative.  Each of the three members of the consortium brings together directly relevant experience in relation to the GAP concept and in developing a comprehensive business model for GAP respectively.

GAP’s overriding purpose is to facilitate the development of renewable power generation capacity on a broad scale in sub-Saharan Africa, one of the most power starved regions in the world, and, in doing so, providing a platform for further socio-economic development. Using funds from donor nations, GAP intends to apply a variety of support instruments  that are being designed to directly address the typical weaknesses and restrictions that cause projects in these regions to stall before financial close.

For further information please contact either Klaus Frietsch (klaus.frietsch@portlandadvisers.com / 020 7183 8394) or Darryck Luiz (darryck.luiz@portlandadvisers.com / 020 7183 8391).

By Nick Flitterman

Tottenham Hotspur F.C. Appoint Portland Advisers

Tottenham Hotspur F.C. (“Tottenham”) today appointed Portland Advisers to act as an Expert Witness in the Judicial Review between Tottenham and the London Borough of Newham (“LBoN”) in respect of the financial support Newham was providing to West Ham United F.C. (“West Ham”) in their bid to move in to the Olympic stadium in London after the Olympic games in 2012.

Portland Advisers has been asked to review the financial structure of the support which is being provided by LBoN and the assumptions which are being made in respect to the commercial and financial viability of West Ham occupying the stadium.

Portland will provide its findings to Tottenham for submission to the courts and Judicial Review.

For further information, contact harry.philp@portlandadvisers.com

 

By Nick Flitterman

US Ex-Im Bank appoints Portland on Samalkot

Portland Advisers has been appointed as financial advisor to US Ex-Im Bank on the $2.5 billion 2,440MW Samalkot Power Project in Andhra Pradesh, India sponsored by Reliance Power Limited.

Ex-Im is supporting the purchase of gas turbines and steam turbines from GE as well as other US goods and services. It is intended that the project will purchase natural gas from blocks operated by Reliance Industries Limited in the nearby KG Basin.

For further information, contact Portland’s Head of Energy at geoff.knox@portlandadvisers.com

By Nick Flitterman

Board Approval from US Ex-Im for Reficar

US Ex-Im Bank has announced that its Board of Directors has approved a $2.84 bilion direct loan as part of the debt financing for the $5.18 billion Reficar Expansion and Upgrade Project at Cartagena on Colombia’s Caribean coast.

The financing  will support the purchases of equipment and services from over 150 large and small U.S. engineering/design, equipment supply, contracting and process license firms, including Chicago Bridge & Iron, Foster Wheeler, Exxon/Mobil and UOP. Portland Advisers is acting as financial adviser to US Ex-Im Bank.

To view the official US Ex-Im Bank press release, click here.

For further information, contact Portland’s Head of Energy at geoff.knox@portlandadvisers.com

By Nick Flitterman

O3b Triple Award Winner

O3b Networks, the medium earth orbit satellite constellation providing fibre quality connectivity to the emerging markets, has picked up a  trio of awards from the financing community on the back of the highly innovative $770m project financing it completed in November 2010.

On top of being awarded African Telecom Deal of the Year 2010 from both of the leading Project Finance journals “Project Finance Magazine” and “Project Finance International”, O3b has now also been awarded the prestigious Deal of the Year 2010 from “Trade Finance Magazine”.

Portland Advisers acted as Financial Advisor to O3b for the debt raising. For futher information on the O3b financing, please see the earlier post on our Latest News section, the Case study included on this website or contact Nick Flitterman, Portland’s Head of Telecoms at nick.flitterman@portlandadvisers.com

  

By portland2015a

O3b Networks reaches Financial Close

On 29th November 2010, O3b Networks, advised by Portland Advisers and HSBC, achieved Financial Close on a $1.2bn financing for its first 8 satellite MEO constellation which will provide low-latency, fiber-quality internet connectivity between developing markets and the global internet infrastructure.

Nick Flitterman, Portland’s Head of Telecoms and lead advisor to O3b said: “This is a tremendous day for O3b and for those Other Three Billion people its satellites will provide internet coverage for. Despite turbulent financial markets, we have succeeded in structuring a highly innovative blend of ECA-backed and DFI senior debt alongside a tranche of Mezzanine debt, ensuring the company is fully funded through to the launch of its services in 2013.”

The complex financing comprises a US$510m Coface-backed Senior Debt Facility provided by HSBC, ING, CA-CIB and Dexia; a US$115m Senior Debt Facility and a US$145m Mezzanine Facility provided by HSBC Principal Investments, DBSA, AFDB, DEG, Proparco, FMO, IFC and EAIF; and US$410m in equity financing, of which US$230m is new equity investment.

O3b’s shareholders include leading  satellite operator SES, Google, the global cable operator Liberty Global, HSBC Principal Investments, the Development Bank of South Africa, Sofina and Satya Capital, with SES now the largest minority shareholder.

For more information on this transaction, or on related topics, please contact Nick directly on nick.flitterman@portlandadvisers.com or +44 20 71 83 83 85.  Also see the Case Study describing the role Portland Advisers.

Press coverage of the financing can be find by clicking on the links below.

www.o3bnetworks.com

BBC article on O3b (29Nov10)

Infrastructure Journal Article (Feb 2011)

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Portland wins Green Africa Power advisory mandate with PIDG Trust