White & Case Advise on First Exclusive Indian Bank International Project Financing Transaction

London, April 6, 2009 ... Global law firm White & Case LLP has represented a syndicate of ten Indian banks in connection with the US$670 million financing of a chlor-alkali petrochemical facility in Port Said, Egypt. The project, which is owned by the Indian group Sanmar, achieved financial close on 30 March. The transaction is the first major international project located outside of India to be financed exclusively by Indian lenders (including State Bank of India, ICICI Bank, Bank of India, Indian Overseas Bank, Bank of Baroda, Axis Bank, Export-Import Bank of India, Indian Bank, Union Bank of India and Syndicate Bank). BNP Paribas, who the Firm also represented, acted as structuring bank, and played a key role in the attainment of financial close.

In addition, White & Case acted for the subordinated lenders, a syndicate of four Indian banks, who provided a US$80 million subordinated debt facility to the Sanmar group and for Arab African International Bank, who provided a discrete US$106 million working capital facility to the project.

"This transaction is quite significant and the first major international project located outside of India to be solely financed by Indian banks which further strengthens their position in the global financial market," comments Jason Kerr, partner, White & Case. "Hopefully the transaction’s success will encourage companies to look to further opportunities in India."

The Sanmar Group has over three decades of experience in running and managing a large industrial organisation with multiple global businesses specialising in niche technology areas including chemicals, speciality chemicals, shipping, engineering and metals.

The White & Case team advising BNP Paribas and the syndicate of Indian banks was led by partner Jason Kerr, who was assisted by associates Ben Raynor, Mathew Wood, Joseph Varghese and trainees Clare Kimber and Adam Curphey. The team advising the subordinated lenders was led by partner Chris Utting, who was assisted by associate Tom Bartlett.

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Contacts:

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


Erica Howard
Media Relations Executive, White & Case
+44 20 7532 2852