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London – International law firm Sullivan & Worcester (Sullivan) has advised Mizrahi Tefahot Bank Ltd, London Branch (UMTB) in relation to its role in the funding of Essar Oil UK’s (EOUK) $150 million receivables portfolio.

The bank, the third largest in Israel, provided part of the funding for a structured receivables financing facility, to support EOUK’s working capital requirements. Hamburg Commercial Bank AG (HCOB) provided the remainder of the funding.

As EOUK says, the transaction highlights the banking community confidence in EOUK’s financial and operating performance and enables it to finance operations at low cost while optimising overall cost and capital structure.

Michael Gehler, Head of Corporate Lending at UMTB, commented: "We are pleased to support EOUK through the provision of a receivables facility which fits well within our bank’s core objectives of providing a variety of working capital solutions to companies based in the UK."

Geoffrey Wynne, head of Sullivan's Trade & Export Finance Group, added: "Sullivan is pleased to have advised UMTB in this transaction which secures key funding for Essar using a structured form of receivables financing."

The Sullivan team advising UMTB was led by trade and export finance partner Geoffrey Wynne with associate Dyna Yates and trainee Pedro Leake-Bandeira.

About Sullivan
Sullivan & Worcester (Sullivan) is a leading global law firm. With over 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. As a global law firm, Sullivan represents clients around the world on a wide variety of matters and issues affecting them globally.

In London, the office’s market-leading and multiple award-winning trade finance practice is the premium provider of legal advice in relation to trade, export and commodity finance transactions to major trade finance banks and other financial institutions, funds, corporate borrowers, agents and trustees, and national and international organisations. The team’s unique offering includes an integrated insurance and dispute resolution service handling both transactional and contentious instructions.