White & Case Advises on the Prado Sud Tunnel Financing

Paris, October 28, 2008 ... Global law firm White & Case LLP advised BBVA SA and DEPRA Bank Plc as the joint arrangers on the financing for the Prado Sud tunnel in Marseille, France. The tunnel, which is 1.5 kilometres in length, will be an extension to the Prado Carénage tunnel and will link the A50 motorway to the Avenue du Prado II and the Boulevard Michelet.  The tunnel is scheduled to come into service in spring 2013.

The Communauté Urbaine Marseille Provence Métropole concluded a concession with Société Prado Sud, the project company formed by Eiffage SA ("Eiffage") and Vinci Concessions SA et Vinci SA , for the design, construction and maintenance of the tunnel.  The concession, which came into force on March 14, 2008 for a period of 46 years, includes the period for the design and construction of the structure. The project will be financed by funds contributed by Eiffage, Vinci and Vinci Concessions and by a bank loan, composed of a €152 million term credit.

The deal is the latest in a string of road and rail projects White & Case has acted on in recent years.  Previous deals the Firm has advised on include:

• the €1.2 billion A65 motorway project;
• the $3.8 billion Indiana Toll Road project, the largest highway privatisation to date in the US;
• the €1.1 billion high speed rail link being built between Perpignan in France and Figueras in Spain;
• the €640 million financing for the design, construction, operation and maintenance of the A1 motorway in Poland;
• the refinancing of the Chicago Skyway toll road project;
• and the €750m project financing of the M5 Phase 2 motorway project in Hungary.

Jacques Bouillon and Paule Biensan, heads of White & Case’s Energy, Infrastructure and Project Finance Practice in Paris advised on the public law/construction and financing aspects of the Prado Sud tunnel transaction.  They were assisted by associates Alexandra Furtmair, François-Guillem Vaissier, Amadou Soumano, Marianna Sedefian and Imène Boukadoum.

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Contact:
Sara McIlroy
Media Relations Mgr, EMEA, White & Case
44 20 7532 2946