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Practice Area: Banking
Outcome: (Not available)
Description: Trilon Financial Corporation: Mr. Herbst was primary U.S. counsel to Trilon in its US$120 million secured senior loan to Royal Oak Mines extended to finance the opening of the Kemess mine. As U.S. counsel, he worked with Vancouver and Toronto counsel advising on U.S. commercial issues, drafting security instruments relating to U.S.-based security and rendering security opinions for the senior lender and the mezzanine lenders. Mr. Herbst represented a non-bank lender in a series of asset-based loans, ranging from $250,000 to $1,000,000, secured by fishing vessels. Due to the repetitive nature of the transactions, the lender and Mr. Herbst were able to develop and offer a successful, economical fixed-fee product to borrowers using standard forms and structures. Mr. Herbst represented a non-bank equipment lender in a refinancing of an asset-based term loan secured by a fleet of factory trawlers operating in Argentine waters. The borrower had a particularly complex transnational corporate structure, and the transaction involved structuring and documenting security and cross-guaranties through several layers of corporate ownership.