White & Case Advises Lenders on Refinancing of A65 Motorway Concession in France

Press Release
1 min read

Global law firm White & Case LLP has advised a bank syndicate on the €825.5 million ten-year term refinancing of the A65 motorway concession in France.

The syndicate includes Banco Bilbao Vizcaya Argentaria S.A., Banco de Sabadell S.A., Banco Santander S.A., Bankia, BNP Paribas, CaixaBank S.A., Commbank Europe Limited, Crédit Agricole Corporate and Investment Bank, KfW IPEX-Bank GmbH, La Banque Postale and Société Générale. Institutional investors might also participate in the refinancing via the secondary market.

The concession for the A65 motorway, which connects Pau and Langon in south west France, was first financed in 2007 via a mini-perm facility. The motorway is operated by A’liénor, the shareholders of which are Eiffage and Sanef.

The refinancing also included the transfer and restructuring of existing hedging contracts to reduce the total cost of the transaction. The hedge counterparties include members of the lending syndicate and Nomura.

The White & Case team in Paris which advised on the transaction was led by partners Paule Biensan, Grégoire Karila, Jacques Bouillon and François-Guilhem Vaissier, with support from counsel Marianna Sédéfian and associates Louis-Jérôme Laisney, Renaud Nething, Boris Kreiss, Charles Linel, Olivier Le Bars, Jean-François Le Corre and Diane Houriez.

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