First-ever International Project Financing Funds in Libya

London, October 26, 2007 ... White & Case advised joint arrangers ABC International Bank Plc, appointed as facility agent, and Standard Bank Plc on the $16 million financing for the redevelopment and expansion of the historic Al Waddan Hotel in Tripoli, Libya. The project is the first-ever international project finance deal to be funded in Libya.

Under the management of Intercontinental, the Al Waddan Hotel is scheduled to open in early 2008. The project sponsors provided a debt service undertaking with both onshore and offshore security over the project assets.

"The Libyan economy predominantly depends on revenues from petroleum, however diversification is being sought, with tourism being a prime example from the non-oil sector. Despite tourists not being allowed into the country until 2003 under UN sanctions, the tourism industry is now growing and likely to become an attractive option for foreign investors moving forwards," commented White & Case partner Jason Kerr.

The White & Case team advising on the deal was led by partner Jason Kerr, working alongside associates Chris Garner and Anastacia Kharitonova in London.

White & Case's Energy, Infrastructure, Project and Asset Finance Practice in London numbers more than 60 lawyers, including 13 partners. The team operates in a number of emerging markets and recent deals acted on include: representing Qatar Petroleum and Hydro Aluminium AS in connection with the $2.6 billion financing for the construction of a new aluminium plant, located within the Mesaieed Industrial City, South of Doha; representing Spanish Egyptian Gas Company in connection with the $1.02 billion refinancing, on a non-recourse project financing basis, of the Damietta Liquefied Natural Gas ("LNG") complex in Egypt; and representing project sponsors Qatar Petroleum and Shell in relation to the $4 billion plus financing of the final instalment of the Qatargas projects, which are the largest series of sequential LNG project financings to be brought to market.

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