White & Case Advises on Ground-Breaking US$1.2 Billion Financing of Nigerian Fertiliser Project
United Arab Emirates
February 21, 2013 ... Global law firm White & Case LLP has advised the lenders on the ground-breaking US$1.2 billion financing of Indorama's nitrogenous fertiliser complex in Rivers State, Nigeria, the largest fertiliser plant in Africa.
The financing was provided by a diverse group of international and Nigerian lenders comprising a number of Development Finance Institutions, international banks and leading Nigerian banks. IFC, Stanbic IBTC Bank and Standard Chartered together played a leading role as the Mandated Lead Arrangers.
"The Indorama Eleme fertiliser project is a hugely significant step for the Nigerian petrochemicals sector," said executive partner of the White & Case Abu Dhabi office, Margaret Cole. "This transaction demonstrates to the international and domestic markets that a private sector financing of this scale can be successfully closed within the Nigerian petrochemical market. The scale of the project and the speed with which our clients and Indorama have been able to execute this financing are remarkable."
The plant is expected to be commissioned by late 2015. Upon completion it will be the one of the largest fertiliser plants in the world and will benefit from commitments from the Nigerian government and oil companies operating in the region to provide competitively priced feedstock gas as an alternative to gas flaring in the Niger Delta.
The White & Case team was led by partner Margaret Cole together with associate Matthew Wood, supported by associates Mukund Dhar, Luke Robottom, Nneka Wood and Alexander Malahias, and assisted by Saghar Khodabakhsh and Gabriel Onagoruwa.
Allen & Overy advised Indorama, with a team comprising partners Bimal Desai and Sachin Karia, together with senior associate Eleanor Milne, associates Laura Graham, Ellis Lawson, Louise Fernie and trainee Jenna Meath.
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