Press Release

White & Case Advises European Investment Bank on 'Project Bond' Firsts for France and Europe

Global law firm White & Case LLP has advised the European Investment Bank (EIB) on the first ‘project bond’ to be issued in France and the first in Europe to be issued for digital infrastructure. It is also the first project bond to be governed by French law and to be listed on the Paris stock exchange.

The project bond refinances 11 French telecoms concessions that are owned by Axione Infrastructures, which will continue and extend its implementation of fast and superfast digital infrastructure in sparsely populated areas.

The refinancing was executed via a project bond issue with a debt enhancement, using the Project Bond Credit Enhancement structure launched by the European Commission and EIB in 2012.

Its importance was underlined during the signing ceremony, which took place on July 23 at the Caisse des Dépôts in Paris and was attended by the French Economy Minister Arnaud Montebourg and Finance Minister Michel Sapin.

The White & Case team in Paris was led by partner Paule Biensan and included partners Jacques Bouillon and Gilles Endréo, counsels Marianna Sédéfian and Emmanuel Lebaube and associates Grégoire Karila, Jonathan Djenaoussine and Olivier Le Bars.

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