Partner

Commodities & Trade Finance and Receivables & Supply Chain Finance

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+44 (0)3330 143 401 info@gunnercooke.com

Partner

Commodities & Trade Finance and Receivables & Supply Chain Finance

Expertise

Veronika Koroleva is one of the most experienced trade and commodity finance lawyers in the market. Until 2016 she led an award-winning practice at the world’s largest law firm and was recognised as a leading practitioner in trade and commodity finance and in emerging markets finance by Legal 500 and Chambers and Partners. Veronika has advised on a wide range of structured trade and commodity transactions, including pre-export and prepayment financings, borrowing base facilities and ownership-based structures, receivables finance and supply chain finance.

Veronika Advises

  • Banks and non-bank lenders
  • Corporate borrowers

Experience Highlights

  • Advising international financial institution on the global review of commodity finance products (various types of warehouse financing and ownership-based structures) across Europe, SE Asia, Africa, Latin America, MENA and the US. The project included working with local lawyers on developing standard forms of security documents and legal opinions for use in over 20 jurisdictions.
  • Advising international financial institution on the restructuring and expansion of the global supply chain/receivables finance products across North America, Europe, Africa, the Middle East and Asia, Canada and the US. The client is the largest provider of this product globally.
  • Advising commodity finance banks on syndicated borrowing base facilities to commodity traders.
  • Advising trade and commodity finance banks on template documentation and internal policies for trade finance products, participation in trade facilitation programmes of development banks and selling down of trade assets.
  • Advising Rand Merchant Bank as documentation agent and the initial mandated lead arrangers on the US$1.2 billion annual receivables-backed facility for the purchase of cocoa to Ghana Cocoa Board for crop season 2013/14. This annual facility is the largest soft commodity financing in Africa each year.
  • Advising borrower on the US$225 million project financing of the construction of a gas pipeline in Nigeria (Accugas II). The financing was arranged by Nigerian banks Stanbic IBTC Bank Plc, FBN Capital, First City Monument Bank and United Bank for Africa (African Oil & Gas Midstream Deal of the Year, Project Finance European and African Deals of the Year 2013; Best Energy Infrastructure Deal, emeafinance Project Finance Awards 2013)
  • Advising Natixis as facility agent on the initial restructuring of a US$2bn pre-export facility to Rusal Group in 2009/10. The restructuring involved US$7.8 billion of debt from overseas banks, over US$6 billion of deferred payment and contingent liabilities to Onexim, with the remainder owing to local Russian lenders. The facility was the largest outstanding PXF facility by the number of lenders in the syndicate.  Subsequently advising Natixis as facility agent on the harmonisation of terms of several pre-export facilities to Rusal Group.
  • Advising the steering committee of international creditors on an innovative restructuring of Kazakhstan’s Alliance Bank’s $4.5bn debt in 2009/10. The restructuring was the first to be carried out under newly adopted Kazakh legislation on bank restructuring post the financial crisis and was a “test case” for the subsequent bank restructurings in Kazakhstan.
  • Advised international financial institution on the restructuring and expansion of the global supply chain/receivables finance products across North America, Europe, Africa, Middle East, Asia, Canada and the US
  • Advised various financial institutions on standard forms of master receivables purchase agreements as well as ancillary documents, such as electronic banking conditions, and numerous transactions concluded using these standard form documents as a basis
  • Advising on the implementation of a buyer-led receivables purchase programme with major corporate customers in Europe and the USA involving buyers and suppliers in a number of jurisdictions, where the sale and purchase of receivables takes place over the proprietary electronic platforms of the bank and/or the customer as well as the platforms provided by PrimeRevenue
  • Advised financial institutions on participation in other banks’ supply chain finance programmes and rolling out the receivables finance products on a global basis
  • Advised a multinational pharmaceutical company on its proposed entry into a buyer-led supply chain finance arrangement with a major financial institution
  • Advised on a framework receivables purchase facility to finance the export of equipment and vehicles into the Middle East by a leading European manufacturer
  • Advising international financial institution on a promissory notes purchase facility to finance the export of telecommunications equipment into Middle East
  • Advised international financial institution on various receivables-backed equipment financings in Latin America
  • Advised a UK financial institution on various remittance-backed facilities to various African financial institutions
  • Advised on or drafted the documents for supplier-led receivables financing products for various international banks. These have included insured and non-insured versions and one-off purchase and master facility letters. Also advised numerous bank clients on specific invoice discounting/receivables purchase/forfeiting transactions

Publications

  • Served as member of editorial board of Trade and Forfaiting Review (2007 – 2013)
  • Contributed to chapters “Waivers, standstills and workouts in trade finance” and “Insolvency and related final insolvency procedures” of Practitioner’s Guide to Trade and Commodity Finance (Sweet & Maxwell, 2012)

Career History

Previous Law Firms:

  • Dentons (formerly Denton Wilde Sapte), London
  • Barclays Bank, secondee in-house counsel supporting trade finance business in the UK
  • Andersen Legal, Moscow (practising Russian law)

Education:

  • The College of Law, LPC
  • The College of Law, CPE
  • Moscow State University, Law

 

Get in touch

For further advice please contact us for a consultation.

-
+44 (0)3330 143 401 info@gunnercooke.com