Press Release

White & Case Advises Banks on the A28 Motorway Refinancing

Global law firm White & Case LLP has advised Deutsche Bank and HSBC as Joint Arrangers and Bookrunners on the refinancing of Autoroute de Liaison Seine-Sarthe (Alis) which operates a motorway between the city of Alençon and the Rouen area in France.

The original funding which dates back from 2002 consisted in bonds listed on the Luxembourg Stock Exchange and issued by a Jersey-based SPV incorporated by Alis. The complex and innovative refinancing included a tender offer and exit consent as well as a new senior secured issue. The proceeds of €857.5 million 2.485 percent Senior Secured Amortising A1 Bonds due 2046 listed on Alternext and €42.5 million unlisted Senior Secured Inflation-Linked A2 Bonds due 2032 were used to repay such existing bonds and included new monies.

The White & Case team led by partners Paule Biensan, François-Guilhem Vaissier, Séverin Robillard and Gilles Endréo, with support from counsel Marianna Sédéfian, and associates Grégoire Karila, Antonin Deslandes, Arthur de la Fage, Jonathan Djenaoussine, Olivier Le Bars, Charlène Ntsiba and Anna Seniuta, in Paris. Partner Gavin McLean (London) advised on matters of English law.

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