White & Case LLP - News - White & Case Advises on First Debt-For-Nature Swap in Indonesia

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White & Case Advises on First Debt-For-Nature Swap in Indonesia
$30 Million Agreement Largest to Date under US Tropical Forest Conservation Act

New York, June 30, 2009 ... Global law firm White & Case LLP served as pro bono legal counsel to Conservation International (CI) in a $30 million debt-for-nature swap, the largest such agreement organized by the United States and the first with Indonesia.

"Having worked with CI on two previous debt-for-nature transactions in Costa Rica and Guatemala, we are proud to continue our work with them, especially around this historic agreement," said Sandra Warren, White & Case partner in New York who led the team representing CI. "This deal underscores the strength of White & Case's capabilities in facilitating complex cross-border projects and our commitment to working on behalf of non-profits across a range of pro bono matters, including the environment."

Under the agreement, the US government contributed $20 million and CI and the Indonesian Biodiversity Foundation (Yayasan Keanekaragaman Hayati Indonesia, or KEHATI) each committed $1 million to restructure the debt at a discounted rate. The reminder of the funds include interest and investment income over the course of eight years.

The transaction will help to provide livelihoods for the people of Indonesia and ensure the survival of some of the world’s most endangered species – including the Sumatran rhino, Sumatran tiger, orangutan and four endemic primates from the Mentawai Islands. It will also lead to increased protection of 13 important areas of Sumatran rainforest that are home to hundreds of species of threatened plants and animals.

Jatna Supriatna, vice president of Conservation International Indonesia, said: "This is a huge boost for the people and wildlife of Sumatra and demonstrates a forward-looking policy on the part of the US government. The $30 million will help protect vital habitats and will also help deliver significant social benefits for the people of the island."

Established by the US Tropical Forest Conservation Act, debt-for-nature swaps enable the United States to forgive a country's foreign debt in exchange for the participating government's commitment to devote a specified amount of money to conservation work.

Debt-for-nature swaps also include contributions from private individuals and organizations, along with US Treasury funds. Once a swap is completed, the participating country makes payments to a Conservation Trust Fund to support local tropical forest conservation activities. Previous agreements have been reached with Belize, Costa Rica, Guatemala, Jamaica, Colombia, Peru and two with Panama.

About White & Case
White & Case LLP is a leading global law firm with 36 offices in 25 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.

Contact:
Francine Minadeo
Media Relations Manager
White & Case LLP
646 885 2218

	Press Releases
Expertise Project Finance Locations New York	White & Case Advises on First Debt-For-Nature Swap in Indonesia $30 Million Agreement Largest to Date under US Tropical Forest Conservation Act New York, June 30, 2009 ... Global law firm White & Case LLP served as pro bono legal counsel to Conservation International (CI) in a $30 million debt-for-nature swap, the largest such agreement organized by the United States and the first with Indonesia. "Having worked with CI on two previous debt-for-nature transactions in Costa Rica and Guatemala, we are proud to continue our work with them, especially around this historic agreement," said Sandra Warren, White & Case partner in New York who led the team representing CI. "This deal underscores the strength of White & Case's capabilities in facilitating complex cross-border projects and our commitment to working on behalf of non-profits across a range of pro bono matters, including the environment." Under the agreement, the US government contributed $20 million and CI and the Indonesian Biodiversity Foundation (Yayasan Keanekaragaman Hayati Indonesia, or KEHATI) each committed $1 million to restructure the debt at a discounted rate. The reminder of the funds include interest and investment income over the course of eight years. The transaction will help to provide livelihoods for the people of Indonesia and ensure the survival of some of the world’s most endangered species – including the Sumatran rhino, Sumatran tiger, orangutan and four endemic primates from the Mentawai Islands. It will also lead to increased protection of 13 important areas of Sumatran rainforest that are home to hundreds of species of threatened plants and animals. Jatna Supriatna, vice president of Conservation International Indonesia, said: "This is a huge boost for the people and wildlife of Sumatra and demonstrates a forward-looking policy on the part of the US government. The $30 million will help protect vital habitats and will also help deliver significant social benefits for the people of the island." Established by the US Tropical Forest Conservation Act, debt-for-nature swaps enable the United States to forgive a country's foreign debt in exchange for the participating government's commitment to devote a specified amount of money to conservation work. Debt-for-nature swaps also include contributions from private individuals and organizations, along with US Treasury funds. Once a swap is completed, the participating country makes payments to a Conservation Trust Fund to support local tropical forest conservation activities. Previous agreements have been reached with Belize, Costa Rica, Guatemala, Jamaica, Colombia, Peru and two with Panama. About White & Case White & Case LLP is a leading global law firm with 36 offices in 25 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. Contact: Francine Minadeo Media Relations Manager White & Case LLP 646 885 2218