Client Story Stats (2)


 

elephant talk logo png

Elephant Talk Communications (now Pareteum Corporation) is a NYSE listed telecoms company providing mobility, messaging and applications services.

Elephant Talk wanted to complete a multi-million dollar debt finance transaction. Security would be taken by way of share pledges over subsidiaries in the UK, Ireland and the Netherlands.

 

Legal Need


 

Lawyers Hired


  Jurisdiction: UK, Ireland and Netherlands    Time Required: 1 week
  Legal Area: Refinancing    Experience: Ex-A&O
  Requirement: Support for a multi-million dollar debt finance transaction   Accolades: Chambers Global Listed
 
 
The problem

Elephant Talk’s General Counsel needed UK, Irish and Dutch counsel input on documents provided by the US lender’s local counsel and some company secretarial corporate housekeeping documentation, as well as some legal opinions on the secured assets.

The GC was seeking City calibre advice in the three relevant jurisdictions without the inflated City firm fees.
How Lexoo helped

Through Lexoo Elephant Talk was able to review competitive, fixed fee quotes from carefully selected boutique firms run by ex City lawyers.

Within a week, the GC engaged a cross border Lexoo team consisting of:
- an ex-A&O and BLP Partner with 15 years experience in banking and finance for the UK elements.
- A Chambers Global listed managing partner of a boutique finance firm in Dublin for the Irish elements; and
- A Netherlands specialist finance boutique run by ex-City finance partners for the Dutch elements.

Lexoo worked closely with the lawyers in each jurisdiction to ensure that they delivered the right opinions at the right time. And after the deal completed Elephant Talk received just one invoice from Lexoo.

Speech bubbleBenefits for Elephant Talk

Elephant Talk’s GC was able to outsource the time consuming process of finding, vetting and getting quotes from local lawyers in three jurisdictions to Lexoo, who had existing trusted and reviewed quality firms in each location. This freed up the GC’s valuable time to concentrate on negotiating and finalising the US loan documentation.

The GC was conscious of internal pressure to keep costs down on the foreign-law parts of the transaction and having received “eye-watering” estimates from large firms, was very satisfied to receive a “very competitive” fixed fee quote for City-calibre advice on these three elements.

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