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McGrigors and Herbert Smith have taken the lead roles to advise on a $1bn (£542.66m) financing facility for a Scottish oil and gas exploration and production company that will see the development of a massive Indian oil field.
McGrigors advised Edinburgh-based Cairn Energy, which focuses its operations on South Asia, while Herbert Smith advised Royal Bank of Scotland and the International Finance Corporation (IFC) as finance providers.
The funds will be used primarily to finance Cairn's oil field development and production, particularly in India's Rajasthan block, which includes the largest oil discovery in the country for 22 years. The funds will also be used to refinance debt.
Banking partner Iain Macaulay led the McGrigors team, while the Herbert Smith team was led by project finance partner Adrian Cheng and head of finance Jason Fox.
The syndicated hybrid revolving credit facility of up to $1bn will comprise an $850m (£461.26m) development tranche and a $150m (£81.4m) corporate tranche.
Herbert Smith provided the lenders with English law advice, working alongside alliance member Stibbe, which provided Dutch law advice, and local counsel Freehills in Australia, Maclay Murray & Spens in Scotland and J Sagar Associates in India.