Philip is a partner specialising in banking and finance. He has extensive experience advising both lenders and borrowers on a range of acquisition, asset, structured, development and project finance transactions.
Philip advises on structuring, risk allocation and security/collateral issues.
He also advises a number of key clients on issues relating to derivatives trading, regulatory matters, secondary debt trading, restructuring and sub-participation.
Philip has a strong track record dealing with complex financing transactions in the energy and financial institutions sectors. This year he has worked closely with both the pensions and the insurance team on a number of structured finance transactions in the financial institutions sector. He has also continued to expand his international work in the energy sector whilst retaining a local connection by leading on a number of important local market transactions.
Philip's capital markets and derivatives expertise provides specialist support for a number of financial institution clients.
Examples of experience include advising:
- Advising a leading national charity in relation to its working capital funding and cash management arrangements in the context of its charitable status and objects
- Acting for a global corporation on the establishment of a long term bespoke escrow account arrangement in relation to its ongoing contributions to fund its pension scheme. The transaction involve provision of financial services advice in relation to the regulatory categorisation of the transaction, drafting bespoke escrow documentation, establishing a viable security structure and advising on the opening of custody and investment management relationships with leading international financial institutions
- Acting for the lender in relation to its appointment as account bank, accession to the existing security trust and inter-creditor documentation and the provision of certain banking and ancillary facilities in connection with the financing arrangements of a water utility
- Acting for lenders on the provision of banking facilities to a major brewery in the south of England, including the provision of a £20 million revolving credit facility featuring an embedded derivative enabling the borrower to draw down at a fixed or floating rate
- The trustee of a pension scheme on a complex cross border structured reinsurance transaction relating to an annuity contract entered into by the trustee. As part of the transaction, advice was given to the trustee in relation to structuring and security issues, which included amongst other things, a parent guarantee, a deed of charge over a cash and securities account, a security assignment and charge and related documentation
- A leading financial institution on the broker documentation relating to the appointment a single global vendor of an execution only service for exchange traded assets and the provision of certain electronic trading services in respect of the institution's worldwide investment administration service
- An international private bank on a number of transactions relating to investments in high value London Property
- A major telecommunications company in relation to its disposal of a portfolio of defaulted consumer debts. The advice included preparing a pro forma sale agreement and advising on the regulatory, commercial and legal issues arising in connection with the transaction
- A multinational energy and commodity trading company on the project financing aspects of its joint venture investment in the construction of an oil storage tank farm and related pipeline infrastructure in connection with a long term fuel supply arrangement in West Africa.
"The ‘experienced and pragmatic’ Philip Withey is noted for his track record assisting financial institution clients with capital markets and derivatives transactions. "
"Takes his time understanding the business and what we are trying to achieve. He is quite thorough, pragmatic and commercial too," according to sources. He is noted for handling transactions in the energy and financial services sectors.