Thompson Coburn partner Gerry Stoltz’s work on an $87.5 million international loan transaction on behalf of Wells Fargo Bank made Global Trade Review Magazine’s list of the Best Deals of 2011.
Out of hundreds of submissions from around the globe, the magazine, the world’s leading source of news on international trade and export finance, picked just 30 deals for its listing.
The Wells Fargo-backed loan to the Export-Import Bank of China (China Exim) allowed Chinese farmers to purchase cotton-picking equipment from U.S. manufacturer CNH America LLC.
As detailed in the March-April issue of GTR, financing for the deal was set at a fixed rate over seven years. All together, the four separate seven-year loans form the largest financing transaction in 2011 under a framework agreement between the Export-Import Bank of the U.S. and China’s Ministry of Finance. The entities signed the accord in 2005 to make it easier for the bank to help finance the Chinese government’s purchase of U.S. exports.
This transaction marks Wells Fargo’s first involvement with a transaction governed by the framework agreement. Stoltz, who has worked on other China framework agreement transactions, represented Wells Fargo in each of the four loans.
Stoltz's practice includes maritime, international and other financial transactions, including extensive debt restructurings, workouts and bankruptcies. Much of his work relates to U.S. government-guaranteed financial transactions.
Click here to read GTR's summary of the deal.