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Herbert Smith's fledgling finance department has received a major boost after completing the firm's first deal for ANZ Investment Bank.
The firm, led by partner Jason Fox, acted for ANZ on a $100m (£63.5m) revolving credit facility for Norwegian oil and gas company DNO ASA.
Herbert Smith did not have to attend a beauty parade for the work. But it did win a beauty parade for another deal against Allen & Overy last year, but that deal did not go ahead in the end.
"We chose Herbert Smith for this deal after getting to know them last year and instructing them on a deal that never went ahead," explained an ANZ spokesperson.
ANZ has instructed White & Case and Linklaters on major financings in the oil and gas sectors in the past. The bank does not have a formal legal panel and is known to be keen to spread work around. ANZ bankers tend to choose the law firms for their deals before their choices are vetted by the legal department.