Drew D. Salvest

Partner

  • Drew D. Salvest
  • Phone: +44 20 7786 2115

    Import to Address Book

  • Duane Morris
    Citypoint, 16th Floor
    One Ropemaker Street
    London, UK EC2Y 9AW

Drew D. Salvest has more than 30 years of experience advising on U.S. and international capital markets transactions, including advising on securitizations, convertible bonds and other complex structured offerings. He regularly advises the originator on matters related to Europe’s largest trade receivables securitization program.

Mr. Salvest also advises European, Central Asian, Middle Eastern and North African sovereign, corporate and financial institution issuers and their bankers on a broad range of debt securities and other debt products that are sold to or placed with investors and banks pursuant to U.S. Securities and Exchange Commission-registered public offerings, as well as global offerings, commercial paper programs, Eurobond offerings, private placements, syndications, prepayments and bilateral facilities.

Mr. Salvest is a 1987 graduate of New York University School of Law and a cum laude graduate of Amherst College.

Areas of Practice

  • Capital Markets

  • Banking, Finance and Securities

Admissions

  • England and Wales
  • New York

Experience

  • Duane Morris
    - Partner, 2019-present
  • Jones Day
    - Of Counsel, 2019
    - Partner, 2012-2018
  • Mayer Brown LLP
    - Partner, 2002-2012
  • Andersen Legal
    - Partner, 2001
  • Dewey Ballantine
    - Partner, 1997-2001

Education

  • New York University School of Law, J.D., 1987
  • Amherst College, B.A., 1978

Honors and Awards

  • Rated as "Highly Regarded" for Capital Markets and Financial Services by IFLR1000, 2020-2022
  • Listed in Chambers UK

  • Listed in Legal 500 UK

Representative Matters

  • Advised Trafigura Group, a market leader in the global commodities industry, in connection with an $800 million five-year amortising loan underwritten, coordinated and arranged by Société Générale, acting through its Frankfurt branch, and syndicated to several participating banks. The loan is guaranteed by the government of the Federal Republic of Germany acting through the German Export Credit Agency (ECA) Euler Hermes Aktiengesellschaft. The guarantee is provided under Germany’s Untied Loan program to support a commitment by Trafigura to deliver a minimum 425,000 Mtonnes of copper cathode to a designated German importer.

  • Advised Cohen & Company, a financial services and investment firm, as structuring and placement agent in connection with the issuance of $50 million 6.72% Surplus Notes due 2042 by Benchmark Insurance Company.

  • Advised Cohen & Company, a financial services and investment firm, as structuring and placement agent in connection with the issuance of $17,250,000 6.85% Surplus Notes due 2042 by Dakota Truck Underwriters and $7,750,00 6.85% Surplus Notes due 2042 by First Dakota Indemnity Company.

  • Advised Trafigura Group, a market leader in the global commodities industry, in connection an $800 million four-year term loan jointly underwritten and arranged by Deutsche Bank and another international bank and syndicated to several participating banks. The loan is guaranteed by the government of the Federal Republic of Germany acting through the German Export Credit Agency (ECA) Euler Hermes Aktiengesellschaft. The guarantee is provided under Germany’s Untied Loan program to support a commitment by Trafigura to deliver substantial volumes of gas into the European gas grid, and ultimately into Germany, over the next four years. Trafigura will supply the gas to Securing Energy for Europe (SEFE).

  • Advised Trafigura Group, a market leader in the global commodities industry, in connection with (i) a $5.3 billion Credit Facilities Agreement entered into with a syndicate of European Banks with Bank of China Limited, London Branch, Coöperatieve Rabobank U.A., ING Band N.V., Société Générale and UniCredit Bank AG as bookrunners and mandated lead arrangers and (ii) a $2.3 billion equivalent multi-currency revolving credit liquidity facility entered into a syndicate of banks with Mizuho Bank, Ltd., Société Générale, Sumitomo Mitsui Banking Corporation and UniCredit Bank AG as bookrunners and mandated lead arrangers.

  • Advised Trafigura Group in connection with a $400 million loan facility agreement with China-Africa Fund for Industrial Cooperation Co., Ltd and China-LAC Industrial Cooperation Fund.

  • Advised Trafigura Group, a market leader in the global commodities industry, in connection with a JPY 93.75 billion (USD 790 million) Term Loan Credit Facility entered into with a syndicate of Japanese Banks with MUFG Bank, Ltd., Mizuho Bank Europe N.V., Sumitomo Mitsui Banking Corporation and Development Bank of Japan Inc. as bookrunners and mandated lead arrangers.

  • Advised Trafigura Group, a market leader in the global commodities industry, in connection with a Credit Facility with an initial commitment of $63 million entered into with HARP Issuer Plc, a special purpose loan re-packaging entity organised and arranged by UBS Investment Bank.

  • Advised Cohen & Company, a financial services and investment firm, as structuring and placement agent of $15 million Floating Rate Surplus Notes due 2042 by Golden Bear Insurance Company.

  • Advised SMI 2018 Finance LP, an affiliate of financial services and investment firm Cohen & Company, as purchaser of $65 million 5.375% Senior Unsecured Notes due 2028 by Clear Blue Financial Holdings LLC.

  • Advised Cohen & Company, a financial services and investment firm, as structuring and placement agent of $20 million Senior Floating Rate Notes due 2032 by Omaha National Group, Inc.

  • Advised Cohen & Company, a financial services and investment firm, as structuring and placement agent in connection with the issuance of $45 million 6.00% Surplus Notes due 2042 by Brotherhood Mutual Insurance Company.

  • Represented Heylo Housing Group Limited, an innovative for-profit shared ownership housing company providing affordable housing in the UK, in two financing transactions totaling £700 million provided by a direct lending funder; the deals involved a bespoke security structure to ensure that legal and beneficial title over properties in the portfolio was secured.

  • Represented Trafigura Group Pte. Ltd , a market leader in the global commodities industry, and various subsidiaries, in connection with a European multi-currency syndicated revolving credit facility totaling USD $1.9 billion.
  • Represented Trafigura Group Pte. Ltd , a market leader in the global commodities industry, in connection with a Japanese yen-denominated term loan of JPY 76.8 billion (circa USD $720 million equivalent at spot rate).
  • Represented Trafigura Group Pte. Ltd , a market leader in the global commodities industry, in connection with Trafigura’s fifth issuance in the US private placement market, wherein US $203,000,000 Senior Notes were issued with tenors of 5, 7 and 10 years.
  • Advised Trafigura Group Pte. Ltd., a market leader in the global commodities industry, in connection with its offering of $600 million of 6.875% Perpetual Resettable Step-up Subordinated Securities on the Singapore Stock Exchange.
  • Represented Trafigura Group Pte. Ltd., a market leader in the global commodities industry, in connection with the issuance of €262.5 million Perpetual Resettable Step-Up Subordinated Securities listed on the Singapore Stock Exchange and a US $88 million tap issuance of its 5.50% Senior Guaranteed Notes listed on the Irish Stock Exchange. These securities were issued in connection with Trafigura’s acquisition of 98% of the outstanding share capital of Nyrstar NV through a UK scheme of arrangement of Nyrstar.
  • Represented Trafigura Pte Ltd., a market leader in the global commodities industry, in connection with its entry into a 365-day USD revolving credit facility (US $760 million), a 1-year CNH term loan facility (US $445 million equivalent) and a 3-year USD term loan facility (US $300 million).
  • Advised Trafigura Group Pte. Ltd., a market leader in the global commodities industry, in connection with the issuance and placement of $500 million of asset-backed notes issued by Trafigura Securitisation Finance PLC in a Rule 144A and Regulation S offering and listed on the Irish Stock Exchange.
  • Represented Trafigura Funding S.A., a subsidiary of Trafigura Group Pte. Ltd., a market leader in the global commodities industry, in its private placement of US $140 million of Senior Guaranteed Notes to institutional investors in the United States.
  • Represented Trafigura Group Pte. Ltd., a market leader in the global commodities industry, in connection with its entry into its 365-day multi-currency syndicated revolving credit facility totaling US $2.05 billion and the exercise of the first extension option available on the 3-year tranche of its 2018 ERCF, thereby extending the facility by 365 days.