White & Case Advises European Investment Bank on Greenfield Project Bond
Global law firm White & Case LLP has advised the European Investment Bank (EIB) as the provider of credit enhancement on the successful close of a €577.9 million project bond to finance the construction of a motorway in Belgium. The EIB provided a letter of credit under its project bond credit enhancement initiative.
The A11 motorway Public-Private Partnership (PPP) project is the first greenfield infrastructure project to receive credit enhancement under the European Commission and EIB Project Bond Initiative, launched in Brussels in 2012. The financing is part of the test phase for the Project Bond Initiative which aims to invigorate capital market financing for infrastructure projects. The A11 motorway is due for completion in 2018. The project is one of the six major 'missing links' in the Flemish road network and the largest DBFM (Design-Build-Finance-Maintain) road project to date in Flanders.
"Advising the EIB on its innovative product enabled us to combine our experience of successfully delivering project bonds and strength in advising on landmark PPP projects," said White & Case partner Caroline Miller Smith.
The White & Case team was led by London-based partners Caroline Miller Smith and Gavin McLean with support from associate Kamran Ahmad (London), counsel Ferdinand Brughmans and associate Serkan Alhan (both Brussels).
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