White & Case LLP - News - White & Case Advises on US$380 Million Financing of Paris-Sorbonne University

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White & Case Advises on US$380 Million Financing of Paris-Sorbonne University - Abu Dhabi PPP Project

Abu Dhabi, London, Paris January 15, 2009 ... Global law firm White & Case LLP advised the mandated lead arrangers on the financing of the approximately USD 380 million Abu Dhabi Education Council's ("ADEC") Paris-Sorbonne University - Abu Dhabi PPP project in the UAE. The USD 325.93 million commercial bank debt for this project was provided by a group of commercial banks which included Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, First Gulf Bank and SMBC. The project, which reached financial close on December 18, 2008, will allow for the development of a new French-speaking higher education institute in Abu Dhabi, which will admit up to 2000 students. Construction work started on the project in May 2008 and is due for completion in August 2010.

The financing consists of a term loan of USD 238 million; a term loan of AED 291 million; a debt service reserve facility of USD 6.5 million and a debt service reserve facility of AED 8 million. The sponsor of the project, Mubadala, is providing 100 percent of the equity, which represents the remainder of the financing. The term of the commercial bank debt is 20 years door-to-door.

"This is the first time that a PPP deal has been closed in the UAE on the basis of governmental budgetary allocations (as opposed to direct government support). Given the challenging conditions in the local and international financial markets, the successful closing of this transaction indicates the ongoing confidence in projects in the Middle East, particularly for well structured deals that are backed by strong sponsors," commented White & Case partner Nick Collins. "The closing of this deal underlines the continuing importance attached to developing new educational partnerships and centres of learning in the UAE.; we are sure the Paris-Sorbonne University - Abu Dhabi will become the leading French language institute in the region."

The White & Case team was led by partner Nick Collins, who was assisted by associates Simela Karasavidis, Christopher Wong, Ed Hills, Paul Perry, Derek McKinley, Olivia Rascoe and Nikita Lalla as well as trainee solicitor Kimberly Skipsey. The deal was also recently awarded "Middle East PPP Deal of the Year 2008" by Euromoney's Project Finance Magazine.

About White & Case
White & Case LLP is a leading global law firm with more than 2,400 lawyers in 34 offices in 23 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to meeting the business priorities and legal needs of our clients.

Contact:
Ian Kitts
EMEA Media Relations & Corporate Communications Mgr, White & Case
44 20 7532 2857

Sara McIlroy
European Media Relations Mgr, White & Case
44 20 7532 2946

	Press Releases
Expertise Project Finance Lawyers Simela Karasavidis Christopher Wong	White & Case Advises on US$380 Million Financing of Paris-Sorbonne University - Abu Dhabi PPP Project Abu Dhabi, London, Paris January 15, 2009 ... Global law firm White & Case LLP advised the mandated lead arrangers on the financing of the approximately USD 380 million Abu Dhabi Education Council's ("ADEC") Paris-Sorbonne University - Abu Dhabi PPP project in the UAE. The USD 325.93 million commercial bank debt for this project was provided by a group of commercial banks which included Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, First Gulf Bank and SMBC. The project, which reached financial close on December 18, 2008, will allow for the development of a new French-speaking higher education institute in Abu Dhabi, which will admit up to 2000 students. Construction work started on the project in May 2008 and is due for completion in August 2010. The financing consists of a term loan of USD 238 million; a term loan of AED 291 million; a debt service reserve facility of USD 6.5 million and a debt service reserve facility of AED 8 million. The sponsor of the project, Mubadala, is providing 100 percent of the equity, which represents the remainder of the financing. The term of the commercial bank debt is 20 years door-to-door. "This is the first time that a PPP deal has been closed in the UAE on the basis of governmental budgetary allocations (as opposed to direct government support). Given the challenging conditions in the local and international financial markets, the successful closing of this transaction indicates the ongoing confidence in projects in the Middle East, particularly for well structured deals that are backed by strong sponsors," commented White & Case partner Nick Collins. "The closing of this deal underlines the continuing importance attached to developing new educational partnerships and centres of learning in the UAE.; we are sure the Paris-Sorbonne University - Abu Dhabi will become the leading French language institute in the region." The White & Case team was led by partner Nick Collins, who was assisted by associates Simela Karasavidis, Christopher Wong, Ed Hills, Paul Perry, Derek McKinley, Olivia Rascoe and Nikita Lalla as well as trainee solicitor Kimberly Skipsey. The deal was also recently awarded "Middle East PPP Deal of the Year 2008" by Euromoney's Project Finance Magazine. About White & Case White & Case LLP is a leading global law firm with more than 2,400 lawyers in 34 offices in 23 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to meeting the business priorities and legal needs of our clients. Contact: Ian Kitts EMEA Media Relations & Corporate Communications Mgr, White & Case 44 20 7532 2857 Sara McIlroy European Media Relations Mgr, White & Case 44 20 7532 2946