Juris Corp partner
UK-headquartered international firm Simmons & Simmons Bristol- and London-based
According to a Juris Corp press release, Standard Chartered Bank sanctioned a fund based and non-fund based loan facility up to $20m for Indian auto component manufacturer The Hi-Tech Gears Limited, to invest in its off-shore subsidiary in Canada:
The deal was signed on 15 February 2017.
The facility was in its off-shore subsidiary (Ontario Inc) in Canada. The facility was subsequently utilized by the off-shore subsidiary to part-finance the acquisition of Teutech Industries Inc, a Canadian company engaged in developing, manufacturing, fabricating and assembling parts for the automotive and commercial industries:
The facility was secured by hypothecation of movable fixed assets, debt service reserve account and immovable properties and structured in a manner such that it may be drawn in tranches with an on-shore guarantee element to provide an additional cushion as security.”
...Given the structure, nature and sector involved, this mandate is testament to the unconventional routes as it is a mix of ECB route (fund based) and Onshore Bank Guarantee Facility (Non Fund Based).