White & Case Transactions Win 18 IJGlobal Deal of the Year Awards
White & Case advised on 16 deals winning 18 "Deal of the Year" awards worldwide from IJGlobal—six awards in Europe and Africa, five in the Middle East, five in the Americas and two in Asia. IJ Global named one of the deals—Freeport LNG’s multi-train natural gas liquefaction facility—its "Global Deal of the Year".
Europe & Africa
European Airports Deal of the Year—Budapest Airport. We advised the Budapest Airport on the Hungarian legal aspects of an approximately €1.4 billion debt refinancing and €1.1 billion swap restructuring. This debt dates back to the Budapest Airport’s US$2.2 billion privatization in 2005, at which time we represented the bidder, BAA International Holdings. This transaction also won the "Europe Refinancing Deal of the Year" from Project Finance International.
European Project Bond Deal of the Year—A7 Federal Highway. We advised the joint lead arrangers, lenders and institutional investors on the first project bond with European Investment Bank (EIB) credit enhancement in Germany to finance the extension and operation of the A7 federal highway between Hamburg and Bordesholm in the Federal State of Schleswig Holstein. This was the largest PPP project ever launched in Germany. The project, with approximately €600 million in construction costs, was awarded by the Federal State of Germany to the consortium of Hochtief, institutional investor Dutch Infrastructure Fund (DIF) and construction company Kemna with a 30-year term. This transaction also won the "Europe Road Deal of the Year" from Project Finance International.
European PPP Deal of the Year—Adana. We advised the lenders, including international financial institutions International Finance Corporation, European Bank for Reconstruction and Development, DEG, Proparco and Korea Development Bank, and a syndicate of commercial banks including BBVA, SMBC, HSBC, Siemens Bank and Deutsche Bank, on the €550 million financing of an integrated healthcare campus public-private partnership (PPP) in Adana, Turkey.
European Mining Deal of the Year—EuroChem Usolsky. We advised EuroChem on its debut project financing of up to US$750 million, from a syndicate of international and Russian banks, in connection with its Usolskiy potash project located within Russia’s Verkhnekamskoe deposit, one of the world's largest potash deposits.
European Telecoms Deal of the Year—Axione. We advised the European Investment Bank on the project bond which refinances the debt of the 11 French telecoms concessions that are owned by Axione Infrastructures. This transaction is the first project bond with EIB credit enhancement product issued in France, the first in Europe issued for digital infrastructure and also the first project bond listed on Euronext Paris.
African PPP – Ghana Hospitals. In a first of its kind transaction, White & Case represented the joint lead managers on the offering by Saderea Limited (an Irish SPV) of US$ 253,189,000 12.5 per cent. Senior Secured Amortising Bonds due 2026 secured on promissory notes issued by the Republic of Ghana to Euroget de Invest S.A.E., an Egyptian construction company, to finance the construction of civilian and military hospitals in Ghana.
Middle Eastern Power Deal of the Year—Aramco Cogen Projects. We advised Saudi Aramco in relation to the structuring, tendering, development and financing of three cogeneration plants in the Eastern Province of the Kingdom of Saudi Arabia. The US$530 million project financing package includes loans from the Export-Import Bank of the United States (Ex-Im Bank), Saudi riyal and US dollar commercial facilities and a local Islamic finance facility. The multi-site project will have a capacity of 876 MWs of power and 3.26 million pounds per hour of steam once constructed. The project is being developed on a build-own-operate-transfer basis pursuant to contracts between Saudi Aramco and Power Cogeneration Plant Company (PCPC), a special purpose vehicle owned 50 percent by a Saudi Aramco affiliate and 50 percent by the winning consortium comprising Marubeni Corporation (lead member), JGC and Al Jomaih company.
Middle Eastern Water Deal of the Year—Mirfa IWPP Project. We advised the Abu Dhabi Water and Electricity Authority (ADWEA) in relation to the US$1.5 billion Mirfa Independent Water and Power Project. This transaction represents the tenth independent water/power project that White & Case has advised on for ADWEA, which began its power sector privatization in 1997. The power and water desalination facility, which is scheduled to begin preliminary operation in the summer of 2016, will be developed and managed by GDF Suez following the award of a 25-year contract. ADWEA will hold an 80 percent equity stake in the venture, with GDF Suez holding the remaining 20 percent. Financing has been provided by a combination of local and international banks.
Middle Eastern Renewables Deal of the Year and Overall Deal of the Year—Jordan Solar I. We advised International Finance Corporation (IFC) and a group of other lenders on a series of seven solar power projects in Jordan. The seven projects make up the majority of the Round 1 solar power program in Jordan, which the government implemented to encourage the development of renewable energy projects in Jordan and assist in the diversification of its power generation sources. It is hoped that the success of Round 1 will see Jordan become a leader in renewable energy in the Middle East. IFC structured different lending groups for each project, including development finance institutions Finnfund, FMO and OFID and prominent regional bank Arab Bank plc and its subsidiary Europe Arab Bank plc. The seven projects involved in the IFC financing program were Al Zanbaq, Al Ward Al Joury, Zahrat Al Salam, Arabia One, Falcon Ma'an (each located in Ma'an), Jordan Solar One (located in Mafraq) and Shamsuna (located in Aqaba). The total capacity of the seven projects will be in the region of 100 megawatts, with construction due to be completed within the next twelve months.
Middle Eastern Mining Deal of the Year—Emirates Refinancing. We advised the lenders on the US$1.3 billion refinancing of the Emirates Steel Industries (ESI) project in Abu Dhabi, United Arab Emirates. The financing was provided by a group of 19 international, regional and UAE commercial banks, split into conventional and Islamic facilities. It was principally applied to refinance the existing US$1.3 billion project financing provided to ESI in 2010 in relation to the expansion financing of its steel production facility in Abu Dhabi. The transaction was one of the largest to have closed in the GCC during 2014 and involved an innovative hybrid corporate/project financing structure. The financing was significantly oversubscribed, by both conventional and Islamic banks, illustrating the substantial appetite that exists both domestically and internationally for financings of operating projects in the Abu Dhabi market.
North American Oil & Gas Deal of the Year and Global Deal of the Year—Freeport LNG. We are representing Freeport LNG, as sponsor, debt and equity financings of the first three liquefaction trains of Freeport LNG’s multi-train natural gas liquefaction facility, to be co-located with its existing regasification facility at Quintana Island in Texas. Total project costs are projected to exceed US$15 billion. The financing of three separately owned trains with staged construction is highly complex with multiple layers of project-on-project risk. To meet the challenges of this mandate, we developed a wide array of innovative structures; in particular, a unique joint funding arrangement among the owners of the separate trains that effectively insulates the lenders from the project-on-project risk related to the funding of more than US$2 billion in shared facilities. This structure enabled the project financing of each of the train facilities on a separate basis.
North American Merchant Deal of the Year—Panda Stonewall. We represented Goldman Sachs Lending Partners LLC, Credit Suisse Securities (USA) LLC, Industrial and Commercial Bank of China, Union Bank, MUFG and Investec, as joint lead arrangers, in the project financing of Panda Stonewall’s 778 MW natural gas-fired power generating station being developed in Virginia.
Latin American Power Deal of the Year—Kelar Gas Turbine. We represented KEXIM and The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Natixis, New York Branch, and Sumitomo Mitsui Banking Corporation as mandated lead arrangers and lenders, in connection with the approximately US$700 million project financing for the design, engineering, procurement, construction, financing, ownership, operation and maintenance of an up-to-517 MW combined-cycle gas power plant located in the province of Antofagasta, Chile. The project represents the first Chilean investment for Samsung C & T and KOSPO and KEXIM’s first significant project financing in Chile. The project also involved an innovative build-own-operate-and-maintain structure that was being financed for the first time in Chile. The successful close of this novel financing demonstrates our ability both to utilize our significant project finance experience in Latin America to assist newcomers to the region and to find creative financing solutions for new projects.
Latin American Transport Deal of the Year—Tisur Port Expansion. We represented Terminal Internacional del Sur S.A., as borrower, and Santa Sofia Puertos S.A., as sponsor, in the US$280 million non-recourse project financing of the expansion of the Matarani Port in the Islay district of Arequipa, Peru, which is being provided by a group of top-tier international commercial banks. The borrower and the sponsor are members of the Romero Group, the largest industrial and financial group in Peru. Sumitomo Mitsui Banking Corporation is acting as financial advisor. The expansion project is expected to more than double the port’s handling capacity through the development, construction and operation of dedicated mining concentrate storage, handling and shipping facilities supported by ship-or-pay agreements with major mining companies in Peru. The Matarani Port, after the expansion is completed, will be the second largest port in Peru.
Asia-Pacific Multi-sourced Deal of the Year—Ashan. We represented PT Bajradaya Sentranusa, an Indonesian independent power producer, in connection with a US$280 million secured refinancing by IFC and other lenders of the 180 MW run-of-river Asahan hydroelectric power project.
Asia-Pacific Oil & Gas Deal of the Year—Donggi Senoro. We represented Medco Energi Internasional, a leading Indonesian energy company and a consortium partner in the Donggi Senoro LNG project in Central Sulawesi, Indonesia, in relation to the borrowing of funds from other shareholders in the project and from third party lenders.