White & Case LLP - News - $4.6 Billion Financing for World's Largest Aluminium Smelter

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$4.6 Billion Financing for World's Largest Aluminium Smelter
Gulf Economies Increase Smelter Capacity

London, Abu Dhabi, Riyadh, Washington, DC, December 12, 2007 ... White & Case advised the lead arrangers on the $4.67 billion financing for the construction of the world's largest aluminium smelter by EMAL, to be located in Abu Dhabi. EMAL is a joint venture between Mubadala Development Co., an investment arm of Abu Dhabi's government, and state-owned Dubai Aluminium Co. The lead arrangers of the financing are: Abu Dhabi Commercial Bank; BNP Paribas; Calyon; Citibank; Emirates Bank International Limited PJSC; Export Development Canada; Export Finance and Insurance Corporation; Goldman Sachs Credit Partners, L.P.; Mashreqbank PSC; National Bank of Abu Dhabi; Royal Bank of Scotland; Standard Chartered Bank; and Sumitomo Mitsui Banking Corporation.

The financing is part of a broader trend of countries in the Gulf seeking ways in which to maximise their oil and gas revenues. With power representing almost one-third of the cost of producing aluminium, the Gulf has seen a number of aluminium smelter projects in recent years as Middle Eastern countries have taken advantage of low energy costs to enter the aluminium market with a considerable competitive advantage. Aside from the EMAL project, White & Case has advised on the financing of two other world-class aluminium smelters in the Gulf in the last two years: the $2.409 billion financing of an aluminium smelter complex in Sohar, Oman; and the $2.6 billion financing for the construction of a new aluminium plant, in the Mesaieed Industrial City, Qatar.

"The Gulf states are increasing the ways in which they can monetise their oil and gas reserves. Oil and gas revenues are fuelling an infrastructure boom across the Middle East, including a migration of new smelting capacity to the Gulf," commented a White & Case partner.

When complete in 2010, the first phase of the EMAL smelter will have a capacity of 700,000 tons of aluminium per year, including 2000 MW of installed generating capacity. The financing comprised: an equity bridge of $2.8 billion; and a $1.87 billion 16-year term loan. The White & Case team was led by partners Glen Ireland (head of the Firm's Mining and Metals Group) and Ned Neaher, as well as associates Nick Collins and Chris Langdon. The rest of the team comprised associates Ed Hills, Ronan Lambe, Charlotte Allan, Liz Kimura, Debottam Bose and trainee Abrahim Bakhurji.

Earlier this month White & Case underscored its commitment to the Middle East by opening an office in Abu Dhabi and boosting the number of lawyers in its Riyadh office. White & Case has one of the strongest and oldest Middle East legal practices, with more than 60 highly experienced lawyers spread around its network of offices, beyond those located in the Gulf region. The Firm, which has acted on some of the most significant deals in the Gulf region during its 50-year history there, has been working full-time on major infrastructure transactions in Abu Dhabi since 1997.

About White & Case
White & Case LLP is a leading global law firm with 2,300 lawyers in 36 offices in 24 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848

	Press Releases
Expertise Project Finance Lawyers Elizabeth Kimura Edward R. Neaher Jr. Locations London Abu Dhabi Riyadh Washington, DC	$4.6 Billion Financing for World's Largest Aluminium Smelter Gulf Economies Increase Smelter Capacity London, Abu Dhabi, Riyadh, Washington, DC, December 12, 2007 ... White & Case advised the lead arrangers on the $4.67 billion financing for the construction of the world's largest aluminium smelter by EMAL, to be located in Abu Dhabi. EMAL is a joint venture between Mubadala Development Co., an investment arm of Abu Dhabi's government, and state-owned Dubai Aluminium Co. The lead arrangers of the financing are: Abu Dhabi Commercial Bank; BNP Paribas; Calyon; Citibank; Emirates Bank International Limited PJSC; Export Development Canada; Export Finance and Insurance Corporation; Goldman Sachs Credit Partners, L.P.; Mashreqbank PSC; National Bank of Abu Dhabi; Royal Bank of Scotland; Standard Chartered Bank; and Sumitomo Mitsui Banking Corporation. The financing is part of a broader trend of countries in the Gulf seeking ways in which to maximise their oil and gas revenues. With power representing almost one-third of the cost of producing aluminium, the Gulf has seen a number of aluminium smelter projects in recent years as Middle Eastern countries have taken advantage of low energy costs to enter the aluminium market with a considerable competitive advantage. Aside from the EMAL project, White & Case has advised on the financing of two other world-class aluminium smelters in the Gulf in the last two years: the $2.409 billion financing of an aluminium smelter complex in Sohar, Oman; and the $2.6 billion financing for the construction of a new aluminium plant, in the Mesaieed Industrial City, Qatar. "The Gulf states are increasing the ways in which they can monetise their oil and gas reserves. Oil and gas revenues are fuelling an infrastructure boom across the Middle East, including a migration of new smelting capacity to the Gulf," commented a White & Case partner. When complete in 2010, the first phase of the EMAL smelter will have a capacity of 700,000 tons of aluminium per year, including 2000 MW of installed generating capacity. The financing comprised: an equity bridge of $2.8 billion; and a $1.87 billion 16-year term loan. The White & Case team was led by partners Glen Ireland (head of the Firm's Mining and Metals Group) and Ned Neaher, as well as associates Nick Collins and Chris Langdon. The rest of the team comprised associates Ed Hills, Ronan Lambe, Charlotte Allan, Liz Kimura, Debottam Bose and trainee Abrahim Bakhurji. Earlier this month White & Case underscored its commitment to the Middle East by opening an office in Abu Dhabi and boosting the number of lawyers in its Riyadh office. White & Case has one of the strongest and oldest Middle East legal practices, with more than 60 highly experienced lawyers spread around its network of offices, beyond those located in the Gulf region. The Firm, which has acted on some of the most significant deals in the Gulf region during its 50-year history there, has been working full-time on major infrastructure transactions in Abu Dhabi since 1997. About White & Case White & Case LLP is a leading global law firm with 2,300 lawyers in 36 offices in 24 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 0 20 7532 2848