Edward J.Nalbantian

Partner

(T) 44.20.7039.5145

Ed Nalbantian has more than 25 years of experience representing lenders, borrowers, and counterparties in a broad range of cross-border structured and leveraged finance transactions including OTC derivatives and related debt capital markets financings.

Following the financial crisis, Ed's experience extended to the analysis and dispute resolution of credit-linked structured finance primarily from the Firm's role as Special Derivatives Counsel to the Estate of Lehman Brothers Holdings Inc. He was also a lead partner on Jones Day's multijurisdictional team representing a major U.S. bank in evaluating its risk and documentation exposure in the derivatives, stock lending, and repo markets and, subsequently, in the context of the bank's credit rating downgrade.

More recently, Ed has been involved in several major strategic portfolio acquisitions of derivatives assets on behalf of major bank clients including as the lead London partner for the Jones Day team, covering six jurisdictions, in representing BNP Paribas on its acquisition of the £1.6 billion equity derivatives business of the Royal Bank of Scotland.

In the area of leveraged finance, Ed has particular experience in infrastructure finance covering a range of project assets. Among notable transactions, Ed led Jones Day's representation of the senior banks in a €3.5 billion financing of the privatisation of SANEF, the French toll road company.

Ed served as co-leader of the Firm's Banking & Finance Practice from 2009 to 2015. He practiced in the Firm's Paris Office from 1998 to 2004 and continues to represent clients involved in the Paris market. He frequently writes and lectures on structured finance topics.

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Experience

  • Consortium of senior creditors provide €700 million to Northwester 2 for development of Belgian offshore wind farmJones Day advised the consortium of senior creditors consisting of Belfius Bank SA/NV, BNP Paribas Fortis SA/NV, Coöperatieve Rabobank U.A., De Volksbank N.V. trading as ASN Bank, ING Belgium SA/NV, KBC Bank NV, Société Générale, Sumitomo Mitsui Banking Corporation, Brussels Branch, Triodos Bank, the European Investment Bank, and EKF Danmarks Eksportkredit, in the financing of Northwester 2's €700 million (US$804.8 million) total required investment for the development and construction of a 218.5 megawatt offshore wind farm to be located approximately 50 kilometers off the Belgian coast.
  • Syndicate of banks provide €470 million to Nobelwind for refinancing of North Sea offshore wind farmJones Day advised the consortium of senior creditors consisting of Belfius Bank SA/NV, BNP Paribas Fortis SA/NV, Coöperatieve Rabobank U.A., De Volksbank N.V. trading as ASN Bank, KBC Bank NV, Nippon Life Insurance Company, Shinsei Bank, Société Générale, and Sumitomo Mitsui Banking Corporation, Brussels Branch in connection with a €470 million (US$543 million) term loan and revolving facility provided to Nobelwind NV for the refinancing of a 165 megawatt operational offshore wind farm located 47 km off the Belgian coast.
  • Koch Supply & Trading sells Rotterdam splitter to VitolJones Day advised Koch Supply & Trading on the sale of its Rotterdam located 85,000 barrel a day oil refinery to Vitol.
  • Société Générale acts as liquidity provider in issuance of US$340.5 million VRDP Shares by NVGJones Day represented Société Générale S.A., as liquidity provider, in connection with the US$340.5 million issuance by Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (NVG) of Series 5 Variable Rate Demand Preferred Shares (VRDP Shares) relating to the exchange of Series 5 VRDP Shares for certain outstanding VRDP Shares of NVG.
  • Veolia restructures debt and equity of dive support vessel "Swordfish" following collapse of shipping group, HarkandJones Day is advising the global environmental company, Veolia Environnement SA, following the collapse of the oil and gas shipping group, Harkand, arising from the continuing depression in global oil prices.
  • BNP Paribas acquires certain assets and liabilities from RBS relating to its structured retail investor products and equity derivatives businessJones Day advised BNP Paribas on its acquisition of certain assets and liabilities from Royal Bank of Scotland PLC relating to the structured retail investor products and equity derivatives businesses.
  • Global diversified financial services company acquires Texas ERCOT power and natural gas commodity business of multinational banking and financial services companyJones Day represented a global diversified financial services company in the acquisition of the Texas ERCOT power and natural gas commodity business of a multinational banking and financial services company.
  • Global diversified financial services company acquires substantially all of the commodity business of multinational financial services companyJones Day advised a global diversified financial services company in the acquisition of substantially all of the commodity business of a multinational financial services company.
  • Standard Bank sells majority interest in Standard Bank ArgentinaJones Day advised Standard Bank Group Limited in the disposal of the majority of its interest in Standard Bank Argentina S.A. (SBA) and associated local affiliates Standard Investments S.A. Sociedad Gerente de Fondos Comunes de Inversión and Inversora Diagonal Sociedad Anónima to Industrial and Commercial Bank of China Limited.
  • Harry Winston obtains $300 million credit facilityJones Day advised Harry Winston, Inc., one of the world's most prestigious luxury jewelers, in connection with its $300 million senior secured asset based credit facility provided by a multinational consortium of banks led by Standard Chartered Bank; ABN AMRO Bank N.V.; TD Bank, N.A.; and Israel Discount Bank of New York.
  • Lehman Brothers resolves action involving foreign exchange transactionsJones Day represented Lehman Brothers Holdings Inc. and Lehman Brothers Commercial Corporation in connection with the settlement of all claims relating to foreign exchange transactions between Lehman Brothers, on the one hand, and Aberdeen Asset Managers Ltd and over sixty Aberdeen affiliated and non-affiliated managed funds (collectively “Aberdeen”), on the other.
  • Wilmington Trust accepts appointment as successor trustee, registrar, and paying agent in indenture with Mobile TeleSystemsJones Day provided advice to Wilmington Trust London Limited in connection with its appointment and ongoing obligations as successor trustee, registrar, and paying agent under the relevant indenture with Mobile TeleSystems OJSC, the leading telecommunication provider in Russia.
  • RHJ International sells its 77.9% ownership of Niles Co. to Valeo for ¥15.4 billion (€135 million)Jones Day advised RHJ International SA in its sale of its 77.9% interest in Niles Co., Ltd., a Japanese auto parts manufacturer, to Valeo SA, a worldwide leader in the interior controls market, for a total cash consideration of ¥15.4 billion (€135 million).
  • Veolia obtains $1.25 billion letter of credit and revolving loan facilityJones Day advised Veolia Environnement, a worldwide supplier of environmental services for water management, energy services, transportation, and waste management, in connection with a $1.25 billion multi-currency letter of credit and revolving loan facility for itself and certain of its North American subsidiaries.
  • Altimo and Telenor sign $23.8 billion deal to create one of the largest emerging markets mobile operatorsJones Day represented Altimo in the $23.8 billion transaction between Altimo and Telenor to combine their respective holdings in VimpelCom and Kyivstar under a newly formed VimpelCom, Ltd.
  • PT Bumi subsidiary, Enercoal Resources, closes $375 million of 9.25% Guaranteed Convertible Bonds in landmark placementJones Day advised Enercoal Resources Pte. Ltd, wholly owned subsidiary of PT Bumi Resources Tbk, the largest coal mining company in Indonesia, in connection with its private placement of $375 million of 5-year 9.25% guaranteed convertible bonds due 2014, sole placement agent Credit Suisse (Singapore) Limited.
  • France Telecom completes $2.5 billion public offering of NotesJones Day advised France Telecom, one of the world's leading telecommunications operators, in connection with the $2.5 billion of 4.375% Notes due 2014 and 5.375% Notes due 2019 in a public offering, underwritten by Banc of America Securities LLC, J.P. Morgan Securities Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. and Morgan Stanley & Co. Incorporated.
  • Wilmington Trust and senior banks vote on continuation planJones Day provided assistance to Wilmington Trust Services (London) Limited, as facility agent, to a pool of senior banks in connection with their vote on the continuation plan prepared by Parquet Marty SAS and submitted to the lenders' committee.
  • Veolia completes public offering and Regulation S offering for $1.8 million of NotesJones Day advised Veolia Environnement, a worldwide supplier of environmental services for water management, energy services, transportation and waste management, in connection with $1.8 billion of 5.250%, 6.000% and 6.750% Notes in a U.S. public offering and concurrent Regulation S offering, underwritten by Banc of America Securities LLC, Credit Suisse, Deutsche Bank Securities and Merrill Lynch & Co.
  • Strategic Value Partners refinances German propertiesJones Day assisted Strategic Value Partners with refinancing a real estate investment (commercial properties) in Germany.
  • Additional Publications

    • May 10, 2004
      French Funds & OTC Derivatives – A Practical Guide, coauthor, Derivatives Week Magazine
    • October 2003
      Book Review of Droit des Dérivés de Crédit by Alain Gauvin, Banque Magazine
    • March 2002
      Whiskey and LIBOR - Financing Pernod Ricard's Seagram Acquisition, International Financial Law Review
    • April 1999
      France – Derivatives 1999 – A European Guide, co-author, Special Supplement for International Financial Law Review, Euromoney Publications
    • December 1998
      Securitisation – Public-Private Partnerships, Balance Sheet Magazine, London
    • September 23, 1996
      Produits Dérivés : un Risque Juridique à Maîtriser, Option Finance Magazine
    • September 1996
      France Modernizes Collateralization and Netting, co-author, International Financial Law Review, Euromoney Publications
    • April 1996
      Des Critères de Responsabilité en Evolution, co-author, Banque Magazine
    • March 1995
      The Prudential Framework in Repurchase Transactions, coauthor, International Financial Law Review, Euromoney Publications
    • February 1994
      France Sorts Out Netting Uncertainty, International Financial Law Review, Euromoney Publications
    • 1994
      Targeting the Capital Markets, coauthor, Capital for Shipping Annual by Lloyds Shipping Economist
    • September 1993
      Netting and Derivatives – a Practical Guide, International Financial Law Review
    • April 1991
      Restructuring Junk Bonds: Bondholders Beware, International Financial Law Review, Euromoney Publications
    • April 1991
      Restructuring Junk Bonds: Bondholders Beware, International Financial Law Review, Euromoney Publications
    • December 1987
      Eurobonds, coauthor, Supplement to Butterworth Journal of International Banking & Financial Law
    • 1981
      Legislative Analysis, Federal Proposals Regulating State Taxation of Multistate and Multicultural Corporations, American Enterprise Institute
    • 1981
      Note, The Constitutional Dilemma of State Tax Exemptions: Sears Roebuck and Co. v. County of Los Angeles, 13 Law and Policy Int’l Bus. 811

    Speaking Engagements

    • February 14, 2013
      European Banking – On the Road to Union and Harmonization?
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