Simmons is advising the MoD on the Future Strategic Tanker Aircraft (FSTA) project – the largest defence PFI project seen in the
Under the terms of the deal, the Air Tanker consortium - comprising EADS, Rolls-Royce,
The mandate is a major boost to Simmons, which was dropped from the MoD’s panel of legal advisors in January 2006 after a 20-year relationship.
The City firm’s team was led by asset finance partner Kim Walkling, alongside projects partner Richard Armitage, real estate partner Nick Jones and banking head James Bresslaw.
Walkling told Legal Week: “Not being on the panel hasn’t adversely impacted our work with the MoD. This is an extremely complex PFI deal and one of the most challenging to date. Our ability to advise the MoD on a project of this scale is testament to the strength in depth that we can offer clients in this area.”
Clifford Chance advised AirTanker, having been instructed by the consortium in 2001. City-based finance partner Gavin Teague led the team for the City giant.
Linklaters advised a consortium of banks that provided £2.5bn of financing for the deal, with global project finance chief Bruce White leading the team for the magic circle firm.
White commented: “We are delighted to have advised on this enormously important transaction and to have brought it to financial close, particularly given the late switch to bank-only financing.”
