Natalie A. Stewart regularly works on high-value complex cross-border financings, advising on debt securities, global offerings, commercial paper programs, Eurobond offerings, private placements, syndications and bilateral facilities and regulatory capital transactions. Ms. Stewart has over a decade of transactional and advisory experience on a wide range of banking and finance transactions, with a particular focus on debt capital markets, structured finance and securitisations, advising both financial institutions and corporate clients. Ms. Stewart has particular experience in UK, US and international capital markets transactions including complex structured offerings and convertible bonds. Ms. Stewart has also served multiple secondments, including at Goldman Sachs, Bank of America and Credit Suisse. Ms. Stewart is a former Vice-Chair of the Firm's Associates Committee.
Ms. Stewart earned an LL.B. (Hons) and LPC from BPP Law School and a B.A. (Hons) from the University of Exeter.
The Debt Capital Markets team in the London office of Duane Morris, in which Ms. Stewart is a partner, was recently ranked as a Firm to Watch in the latest edition of Legal 500 UK.
Areas of Practice
Banking and Finance
Advised Sterling National Bank (NKA Webster Bank, National Association) as to English law matters, as agent and lender in a $20 million secured private equity sponsor led recurring revenue financing transaction to a SAAS company engaged in providing supply chain planning and price optimisation solutions.
Advised Cohen & Company, an accounting and wealth management firm, as structuring and placement agent in connection the issuance of $45 million 6.00% Surplus Notes due 2042 by Brotherhood Mutual Insurance Company.
Advised Cohen & Company, an accounting and wealth management firm, as structuring and placement agent of $20 million Senior Floating Rate Notes due 2032 by Omaha National Group, Inc.
Advised SMI 2018 Finance LP, an affiliate of accounting firm Cohen & Company, as purchaser of $65 million 5.375% Senior Unsecured Notes due 2028 by Clear Blue Financial Holdings LLC.
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 its offering of $600 million of 6.875% Perpetual Resettable Step-up Subordinated Securities on the Singapore Stock Exchange.
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 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.
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 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 Heylo Housing Group Limited, an innovative for-profit shared ownership housing company providing affordable housing in the UK, in a £250 million financing provided by a direct lending funder; the deal 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, 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 its closing of a 365-day European multi-currency syndicated revolving credit facility totalling $1.85 billion, as well as the extension and increase of its $3.65 billion 3-year facility, with the facilities including Trafigura’s first sustainability-linked loan structure.
Represented Trafigura Funding S.A., a subsidiary of Trafigura Pte. Ltd, a market leader in the global commodities industry, in connection with a sustainability-linked private placement of $203.5 million of senior guaranteed notes to institutional investors in the United States, which, at the time of completion, was believed to be the largest sustainability-linked private placement deal in the US.
Representing a UK restorative justice charity in converting from a Community Interest Company into a Charitable Incorporated Organisation, including advice on Charity Commission regulatory requirements and filings.
Represented a UK lifeboat charity in connection with its contract negotiations for the purchase and fitting of a lifeboat, including adaption of the lifeboat in accordance with the Rescue Boat Code.
- England and Wales
- BPP Law School, LL.B. and LPC, 2009
- University of Exeter, B.A. (Hons), 2007
- Duane Morris
- Partner, 2023-present
- Associate, 2020-2022
- Jones Day
- Associate, 2014-2019
- Bank of America, DCM Legal
-Secondee – 2017-2018
- Goldman Sachs, Mortgages Legal
-Secondee - 2015-2016
- Paul Hastings (Europe) LLP
- Associate, 2012-2014
- Trainee Solicitor, 2010-2012
- Credit Suisse, Fund-Linked Products Legal
-Secondee – 2011-2012
- Financial Ombudsman Service
- Adjudicator, 2009-2010
Honors and Awards
- Nominated for Best Lawyers: Ones to Watch in the United Kingdom.
- Nominated for Law.com Female Rising Stars award
Civic and Charitable Activities
- The Hive Food Bank
- Trustee, 2015-present
- The University of Exeter Student’s Guild
- External Trustee, 2020-present.
- Co-author, “New-Climate related Financial Disclosure Regulations for UK Companies,”, Lexology
- Co-author, "LIBOR Transition: Borrower Tax Consequences and Final Regulations" The Banking Law Journal, April 2022
- Contributor, Duane Morris London Blog
- Co author, PRIIPs: Debt Capital Markets – Practical Law
- Co-author, "LIBOR Transition: Synthetic Sterling LIBOR for Limited Tough Legacy Loans," Duane Morris Alert, November 9, 2021
- Co-author, "New Guidance Documents on Green Loan Principles and Sustainability Linked Loan Principles for a Post-COVID-19 World," Lexology
- Co-author, "New Guidance Documents on Green Loan Principles and Sustainability Linked Loan Principles for a Post-COVID-19 World," Duane Morris Alert, May 19, 2020
- Co-author, "New COVID-19 UK Government Financing Options Available," Duane Morris Alert, March 31, 2020
- Interviewed,"Tough Climate Disclosures Are Now Required in the UK," Brink News, May 17, 2022