Were you a contender?
European Telecoms Deal of the Year 2001
Hutchison 3G UKStatus: closed 30 March 2001Size: over £7 billionLocation: UKDescription: interim funding for build-out of start-up 3G mobile networkSponsors: Hutchison Whampoa, NTT DoCoMo, KPN MobileDebt: £2.85 billion senior loan, £777 million vendor finance and £375 million subordinated facility from Hutchison WhampoaLead arrangers: WestLB, HSBC, JP Morgan, ABN Amro, Merrill Lynch, Royal Bank of Scotland and CitibankVendors: Siemens, NEC, NokiaMarket consultant: PA ConsultingLawyers to the borrower: Freshfields Bruckhaus DeringerLawyers to the lender: Allen & Overy
European Refinancing Deal of the Year 2001
Aeroporti di Roma Privatization RefinancingLocation: Rome, ItalyDescription: Non-recourse loan refinancing AdR's existing debt and debt raised by Leonardo consortium's acquisition of AdR upon privatization.Sponsor: AdR (owned by Leonardo consortium: Gemina holding company (42%) and Falck (31%), Italpetroli (16%), and Imregilo (11%)Debt: Eu1.725 billionArrangers: Barclays Capital, Mediobanca, Banca Monte dei Paschi di Sena, Banca Nazionale del Lavoro, Unicredito ItalianoFinancial Advisers to consortium: Barclays Capital, Mediobanca Lawyers to the lenders: Allen & OveryLawyers to the sponsors: Giliberti & Associates, Lovells
European PPP Deal of the Year 2001
HSL Zuid ? Dutch High Speed Rail LineStatus: financial close, November 5, 2001Location: The NetherlandsSponsor: Infraspeed BV (Fluor Daniel, BAM-NBM, Siemens)Cost: Eu1.2 billionDebt: Eu605 million syndicated term loan, Eu119 million subordinated debt bridge facility, Eu15 million working capital facility and Eu400 million EIB term loan.Lead Arrangers: Bayerische Hypo-Und Vereinsbank, ING, KBC, KfW, Dexia Credit Local and RabobankFinancial Adviser to consortium: Deutsche BankFinancial Adviser to concession awarder: RBS, European CapitalLawyers to the lenders: Allen & OveryLaywers to the consortium: Freshfields Bruckhaus DeringerLawyers to the concession awarder: Cameron McKenna
European Power Deal of the Year 2001
Energias Eolicas EuropeanDescription: development of 31 wind farms in Castilla-La Mancha, SpainCost: Eu1.4 billion Sponsors: Iberdrola and Energia Hidroelectrica de Navarra (EHN)Debt: Eu914 million, broken down into a Eu814 million 15-year term loan and a Eu99 million three-year credit line to finance VAT incurred during constructionLead arrangers: Banco Bilbao Vizcaya Argentaria (BBVA), Ahorro Corporacion Financiera (AFC), Banesto, Credit Agricole Indosuez and West LBFinancial adviser to consortium: BBVALegal adviser to consortium: Gomez-Acebo & PomboLegal adviser to lenders: Uria & Menendez
European Transport Deal of the Year 2001
IP5 - LusoscutDescription: 30-year DBFO concession to widen and upgrade a 167km stretch of the existing IP5 road in PortugalCost: Eu1.2 billionStatus: Financial close in April 2001 and syndication signed 19 December 2001Sponsors: Mota & Companhi, Bento Pedroso Construcoe, Engil, OPCA, Banco Espirito Santo and Banco Commercial Portugues Lead arrangers: Banco Espirito Santo, Banco Commercial Portugues, Caixa Geral de Depositos, Abbey National Treasury Services, ING, Bank of Ireland and MizuhoDebt: Eu340 million senior debt tranche, a Eu740 million EIB loan that enjoys a Eu517 million commercial guarantee, Eu126 million of cashflow during construction and Eu40 million standby and working capital facilitiesFinancial advisers to consortium: Banco Espirito Santo and PricewaterhouseCoopersLegal adviser to consortium: Ashurst Morris CrispLegal adviser to commercial lenders: Allen & OveryLegal adviser to EIB: Herbert Smith
European Water Deal of the Year 2001
Glas CymruStatus: closed 3 May 2001Size: £2 billionLocation: Wales, UKDescription: securitisation of water company limited by guaranteeSponsor: Glas Cymru (the issuer)Bookrunners: Citibank/SSSB, RBS Financial MarketsDebt: 13 tranches of bonds, including unused revolving note facility, inflation-linked instruments and unrated D tranche.A series insurer: MBIALawyers to the lenders: Clifford ChanceLawyers to the borrower: LinklatersLawyers to WPD: Allen & Overy
Africa Oil and Gas Deal of the Year 2001
Chad-Cameroon PipelineCOTCO and TOCTOStatus: Syndication signed on 15 June 2001Total Cost: $3.5 billionSponsors: ExxonMobil, Chevron, Petronas and minority stakes held by the governments of Chad and CameroonLead arrangers: IFC, ABN Amro, Credit Agricole IndosuezDebt: $100 million IFC A loan; $100 million IFC B loan; $200 million Coface tranche and $200 million Exim trancheLegal adviser to consortium: LinklatersLegal adviser to Exim: White & CaseLegal adviser to IFC and commercial lenders: Clifford Chance
African Telecoms Deal of the Year 2001
SafaricomLocation: KenyaSponsors: Telkom Kenya (60%), Vodafone (40%)Description: Financing of Siemens equipment from Belgium for Safaricom's network roll-outCost: $80 million (equivalent)Bond: KSh 4 billion ($23.2 million) 5 year floating rate notes issued at the Kenyan 91-day T-bill + 100bpsLoan: Eu25 million Lead Arrangers: Citibank, Barclays, KBC and Standard CharteredECA: ONDLawyers to sponsors: Linklaters and Daly & Figgis (Kenyan counsel)Lawyers to lenders: Clifford Chance and Kaplan & Stratton (Kenyan counsel)
African transport deal of the year 2001
Platinum Toll HighwayBakwena Platinum Corridor ConsortiumDescription: Construction and operation of a 385km stretch of real toll road, South AfricaStatus: Financial close, August 27, 2001Cost: R3.2 billionConcession awarder: South African National Roads AgencySponsors: Murray & Roberts, Grupo Dragados, Hochtief subsidiary Concor Holdings, Wilson Bayley Holmes-OvoconDebt: R1.25 billion of senior debt lead arranged by Nedcor Investment Bank and R1.04 billion of CPI linked debt arranged by InvestecFinancial adviser to consortium: SGLegal adviser to consortium: Webber Wentzel & BowensLegal adviser to lenders: Bell, Dewar & HallLegal adviser to concession awarder: Ashurst Morris Crisp
African Mining & Metals Deal of the Year 2001
Mozal Phase IILocation: Maputo Industrial Free Zone, MozambiqueSponsors: BHP Billiton (47.11%), Mitsubishi (25%), IDC (24.04%) and the Government of Mozambique (3.85%).Cost: $1 billionDebt: $600 million senior debt; $25 million IFC A-loan; ECA tranches (SAECA with $250 million, $150 million from Coface, $75 million from JBIC and $25 million from EDC) with the balance from DBSA, DBG and Proparco.Coordinator: IFCLead Arrangers: BNP Paribas (Coface), IDC (SAECA)Legal Adviser to sponsors: Linklaters, Clifford ChanceLegal Adviser to lenders: White & CaseFinancial Adviser: Deutsche Bank
Middle East Oil & Gas Deal of the Year 2001
Oman LNG RefinancingLocation: Muscat, OmanDescription: refinancing of debt facilities funding a 6.6 million tones per year, two-train LNG plantSponsors: Government of Oman (51%), Shell Gas (30%), TotalFinaElf (5.54%), Korea LNG (5%), Partex (Oman) Corp (2%), Mitsubishi Corp (2.77%), Mitsui & Co (2.77%); and Itochu Corp (0.92%)Debt: $1.3 billionTenor: 16.5 yearsLead Arrangers: HSBC, RBS, BoTM, Credit Agricole Indosuez, Credit Lyonnais, GIB, ABC, Hypovereinsbank, ANZ Investment Bank, Apicorp, Sumitomo Mitsui and Mizuho Financial Financial Adviser to Sponsors: CitibankLawyers to sponsors: Allen & Overy Lawyers to lenders: Slaughter & May
Middle East Power and Water Deal of the Year 2001
Shuweihat IWPPStatus: Signed, December 2001Cost: $1.6 billionLocation: Abu Dhabi, UAEDescription: Development of 1500MW power and 100 million gallons per day water facility on build, own operate (BOO) basisSponsors: CMS Energy (20%), International Power (20%), ADWEA (60%)Debt: $1.285 billion debt package comprising: a $1.035 billion, 20-year conventional loan; a $250 million Islamic tranche and a $352 million equity bridge facilityMaturity: 20 yearsLead Arrangers: Barclays Capital (joint bookrunner), Citibank (joint bookrunner), Bank of Tokyo-Mitsubishi, Kreditabstalt fur Wiederaufbau, Royal Bank of Scotland, National Bank of Abu Dhabi and Abu Dhabi Investment Company.Arrangers (Islamic Tranche): Abu Dhabi Islamic Bank (lead), Dubai Islamic Bank, Kuwait Finance BankFinancial Advisers to ADWEA: Deutsche BankLawyers to sponsors: Trowers & HamlinsLawyers to ADWEA: White & CaseLawyers to lenders: Shearman & Sterling, Allen & Overy
Middle East Petrochemicals Deal of the Year 2001
Equate Petrochemicals RefinancingLocation: KuwaitDescription: Refinancing of $1.2 billion loan signed in 1996 and restructured in 1997. The original deal backed the construction of the ethylene/polyethylene plant.Sponsors: Equate Petrochemical Company. Shareholders are Petrochemical Industries Company (45%), Dow Chemical (45%) and Boubyan Petrochemicals (10%).Debt: $900 million which breaks into three tranches: a five-year $300 million revolving credit facility, a 10-year $400 million term loan and a $200 million 10-year Islamic facility.Lead Arrangers: Citibank, National Bank of Kuwait, Kuwait Finance HouseFinancial Adviser: CitibankLawyers to the sponsors: Linklaters Lawyers to the lenders: Clifford Chance
Middle East Power Deal of the Year 2001
Port Said/Gulf of Suez IPPsLocation: Port Said, Gulf of Suez, EgyptCost: $695 millionDebt: $305 million IFC B loan; $90 million IFC A loan; $200 million EdF backed equity bridge and $100 million John Hancock institutional tranche. Sponsor: EdFLead Arrangers: SG, Barclays Capital, Credit LyonnaisFinancial Adviser: SGLawyers to lenders: White & Case, Freshfields Bruckhaus DeringerLawyers to sponsor: Clifford Chance
Asia-Pacific PPP Deal of the Year 2001
Alice Darwin RailAsia Pacific Transport ConsortiumDescription: Construction and operation of a railway track running from Adelaide in the north to Darwin in the south of AustraliaCost: A$1.32 billionSponsors: Halliburton KBR, John Holland Group, Barclay Mowlem, McMahon Holdings, Australian Railroad Group, PGALead arrangers: ABN Amro, ANZ Investment, RBS and SGSenior debt pre-completion: A$730 million, broken down into a A$491 million three-year construction tranche and a A$239 million three-year equity bridge (supported by Standard and Poors AA- rated L/C)Senior debt post-completion: A$491 million broken down into a A$150 million five-year bullet tranche, a A$261 million 12-year amortizing tranche and a A$80 million 12-year rolling stock trancheSub debt: Mezzanine tier one of A$86 million, arranged by Macquarie Bank and RBS and mezzanine tier two of A$26 millionFinancial adviser to consortium: Macquarie BankFinancial adviser to the government: Deutsche BankLawyers to the consortium: Blake Dawson Waldren and Thomas PlayfordLawyers to the lenders: Allens Arthur Robinson Lawyers to the government: Clayton UtzConsultants to lenders: Ove Arup (market), Burns Roe Worley (engineering), Marsh (insurance)
Asia Power Deal of the Year 2001
Meghnaghat and HaripurAES MeghnaghatSponsor: AESCost: $300 millionDebt: $220 million: $50 million ADB direct loan, $20 million ADB CSF, $70 million ADB guaranteed facility, $80 million IDCOL facility (IDCOL underwritten).Lead arranger and underwriter: ANZ Investment BankLawyers to the sponsor: Slaughter & MayLawyers to the lenders: Allen & OveryAES HaripurSponsor: AESCost: $180.3 millionDebt: $107 million, including a 14-year $60.6 million World Bank PRG facilityLead Arranger and Underwriter: ANZ Investment BankLawyers to the sponsor: Denton Wilde SapteLawyers to the lender: Clifford Chance
Asian Private Power Deal of the Year 2001
Shinko KobeStatus: closed September 2001Description: funding construction and operation of Japan's largest IPP since de-regulation of the power sales industryLocation: Kobe City, JapanCost: ¥200 billionSponsor: Kobe Steel (Kobelco)Debt:Equity: 80:20Lead arrangers: Development Bank of Japan, Dai-ichi Kangyo Bank (member of Mizuho Financial Group), Industrial Bank of Japan (member of Mizuho Financial Group), Sumitomo Mitsui Banking Corp, UFJFinancial adviser to the consortium: UFJLegal adviser to the consortium: Konaka Toyama & Hosoya Legal adviser to the lenders: Nagashima Ohno & Tsunematsu
Asia Pacific Refinancing Deal of the Year 2001
TXU Australia RefinancingTXU Australia HoldingsSponsor: TXU AustraliaDescription: Refinancing TXU Australiaís existing debtStatus: Financial close, October 26, 2001; General syndication signed November 30, 2001Debt: A$2.1 billionLead arrangers: Citibank, WestPac and National Australia BankFinancial adviser to sponsor: Citibank
Asia-Pacific Water Deal of the Year 2001
Thu DucCost: $154 millionLocation: VietnamDescription: 300,000 cubic metre capacity water treatment plant to be built on a BOT basis in Ho Chi Minh City.Sponsors: Suez Lyonnais des Eaux (70%), Pilencon Engineering (10%), Tractebel (20%)Lead arranger: Fortis BankArrangers: Credit Lyonnais, ANZ Investment BankLawyers to the lenders: White & CaseLawyers to the sponsors: Freshfields
Asia-Pacific Telecoms Deal of the Year 2001
FLAG North Asia LoopStatus: closed 20 August 2001Size: $800 millionSponsor: Flag TelecomDescription: 10,000km, multi-Terabit subsea cable linking Hong Kong and Japan via South Korea and Taiwan.Debt: $300 millionLead arranger: WestLBArranger: Royal Bank of ScotlandTenor: 6.5 yearsMargin: 225 to 325bp over liborMarket consultant: OvumSupplier: AlcatelLawyers to the borrower: Latham & Watkins, Gibson Dunn & CrutcherLawyers to the lenders: White & Case
Asia-Pacific Transport Deal of the Year 2001
North Luzon ExpresswayManila North Tollways CorporationDescription: Rehabilitation and operation of the North Luzon Expressway in the Philippines. Sponsors: First Philippine Infrastructure Development Corp. (86%), Egis Projects SA (10%), Philippine National Construction Corporation (4%)Cost: $377.5 millionInstitutional debt: ADB $45 million, IFC $46 million, EFIC $55 millionCommercial debt tranches: MIGA/SEK covered loan $47.5 million, COFACE covered loan $35 million, ADB covered loan $25 million and L/C facility $7.5 millionFinancial adviser to consortium: JP MorganForeign legal adviser to consortium: Linklaters (Hong Kong)Local Legal Adviser to consortium : Puno & PunoCommon counsel to lenders: Freshfields
Hutchison 3G UKStatus: closed 30 March 2001Size: over £7 billionLocation: UKDescription: interim funding for build-out of start-up 3G mobile networkSponsors: Hutchison Whampoa, NTT DoCoMo, KPN MobileDebt: £2.85 billion senior loan, £777 million vendor finance and £375 million subordinated facility from Hutchison WhampoaLead arrangers: WestLB, HSBC, JP Morgan, ABN Amro, Merrill Lynch, Royal Bank of Scotland and CitibankVendors: Siemens, NEC, NokiaMarket consultant: PA ConsultingLawyers to the borrower: Freshfields Bruckhaus DeringerLawyers to the lender: Allen & Overy
European Refinancing Deal of the Year 2001
Aeroporti di Roma Privatization RefinancingLocation: Rome, ItalyDescription: Non-recourse loan refinancing AdR's existing debt and debt raised by Leonardo consortium's acquisition of AdR upon privatization.Sponsor: AdR (owned by Leonardo consortium: Gemina holding company (42%) and Falck (31%), Italpetroli (16%), and Imregilo (11%)Debt: Eu1.725 billionArrangers: Barclays Capital, Mediobanca, Banca Monte dei Paschi di Sena, Banca Nazionale del Lavoro, Unicredito ItalianoFinancial Advisers to consortium: Barclays Capital, Mediobanca Lawyers to the lenders: Allen & OveryLawyers to the sponsors: Giliberti & Associates, Lovells
European PPP Deal of the Year 2001
HSL Zuid ? Dutch High Speed Rail LineStatus: financial close, November 5, 2001Location: The NetherlandsSponsor: Infraspeed BV (Fluor Daniel, BAM-NBM, Siemens)Cost: Eu1.2 billionDebt: Eu605 million syndicated term loan, Eu119 million subordinated debt bridge facility, Eu15 million working capital facility and Eu400 million EIB term loan.Lead Arrangers: Bayerische Hypo-Und Vereinsbank, ING, KBC, KfW, Dexia Credit Local and RabobankFinancial Adviser to consortium: Deutsche BankFinancial Adviser to concession awarder: RBS, European CapitalLawyers to the lenders: Allen & OveryLaywers to the consortium: Freshfields Bruckhaus DeringerLawyers to the concession awarder: Cameron McKenna
European Power Deal of the Year 2001
Energias Eolicas EuropeanDescription: development of 31 wind farms in Castilla-La Mancha, SpainCost: Eu1.4 billion Sponsors: Iberdrola and Energia Hidroelectrica de Navarra (EHN)Debt: Eu914 million, broken down into a Eu814 million 15-year term loan and a Eu99 million three-year credit line to finance VAT incurred during constructionLead arrangers: Banco Bilbao Vizcaya Argentaria (BBVA), Ahorro Corporacion Financiera (AFC), Banesto, Credit Agricole Indosuez and West LBFinancial adviser to consortium: BBVALegal adviser to consortium: Gomez-Acebo & PomboLegal adviser to lenders: Uria & Menendez
European Transport Deal of the Year 2001
IP5 - LusoscutDescription: 30-year DBFO concession to widen and upgrade a 167km stretch of the existing IP5 road in PortugalCost: Eu1.2 billionStatus: Financial close in April 2001 and syndication signed 19 December 2001Sponsors: Mota & Companhi, Bento Pedroso Construcoe, Engil, OPCA, Banco Espirito Santo and Banco Commercial Portugues Lead arrangers: Banco Espirito Santo, Banco Commercial Portugues, Caixa Geral de Depositos, Abbey National Treasury Services, ING, Bank of Ireland and MizuhoDebt: Eu340 million senior debt tranche, a Eu740 million EIB loan that enjoys a Eu517 million commercial guarantee, Eu126 million of cashflow during construction and Eu40 million standby and working capital facilitiesFinancial advisers to consortium: Banco Espirito Santo and PricewaterhouseCoopersLegal adviser to consortium: Ashurst Morris CrispLegal adviser to commercial lenders: Allen & OveryLegal adviser to EIB: Herbert Smith
European Water Deal of the Year 2001
Glas CymruStatus: closed 3 May 2001Size: £2 billionLocation: Wales, UKDescription: securitisation of water company limited by guaranteeSponsor: Glas Cymru (the issuer)Bookrunners: Citibank/SSSB, RBS Financial MarketsDebt: 13 tranches of bonds, including unused revolving note facility, inflation-linked instruments and unrated D tranche.A series insurer: MBIALawyers to the lenders: Clifford ChanceLawyers to the borrower: LinklatersLawyers to WPD: Allen & Overy
Africa Oil and Gas Deal of the Year 2001
Chad-Cameroon PipelineCOTCO and TOCTOStatus: Syndication signed on 15 June 2001Total Cost: $3.5 billionSponsors: ExxonMobil, Chevron, Petronas and minority stakes held by the governments of Chad and CameroonLead arrangers: IFC, ABN Amro, Credit Agricole IndosuezDebt: $100 million IFC A loan; $100 million IFC B loan; $200 million Coface tranche and $200 million Exim trancheLegal adviser to consortium: LinklatersLegal adviser to Exim: White & CaseLegal adviser to IFC and commercial lenders: Clifford Chance
African Telecoms Deal of the Year 2001
SafaricomLocation: KenyaSponsors: Telkom Kenya (60%), Vodafone (40%)Description: Financing of Siemens equipment from Belgium for Safaricom's network roll-outCost: $80 million (equivalent)Bond: KSh 4 billion ($23.2 million) 5 year floating rate notes issued at the Kenyan 91-day T-bill + 100bpsLoan: Eu25 million Lead Arrangers: Citibank, Barclays, KBC and Standard CharteredECA: ONDLawyers to sponsors: Linklaters and Daly & Figgis (Kenyan counsel)Lawyers to lenders: Clifford Chance and Kaplan & Stratton (Kenyan counsel)
African transport deal of the year 2001
Platinum Toll HighwayBakwena Platinum Corridor ConsortiumDescription: Construction and operation of a 385km stretch of real toll road, South AfricaStatus: Financial close, August 27, 2001Cost: R3.2 billionConcession awarder: South African National Roads AgencySponsors: Murray & Roberts, Grupo Dragados, Hochtief subsidiary Concor Holdings, Wilson Bayley Holmes-OvoconDebt: R1.25 billion of senior debt lead arranged by Nedcor Investment Bank and R1.04 billion of CPI linked debt arranged by InvestecFinancial adviser to consortium: SGLegal adviser to consortium: Webber Wentzel & BowensLegal adviser to lenders: Bell, Dewar & HallLegal adviser to concession awarder: Ashurst Morris Crisp
African Mining & Metals Deal of the Year 2001
Mozal Phase IILocation: Maputo Industrial Free Zone, MozambiqueSponsors: BHP Billiton (47.11%), Mitsubishi (25%), IDC (24.04%) and the Government of Mozambique (3.85%).Cost: $1 billionDebt: $600 million senior debt; $25 million IFC A-loan; ECA tranches (SAECA with $250 million, $150 million from Coface, $75 million from JBIC and $25 million from EDC) with the balance from DBSA, DBG and Proparco.Coordinator: IFCLead Arrangers: BNP Paribas (Coface), IDC (SAECA)Legal Adviser to sponsors: Linklaters, Clifford ChanceLegal Adviser to lenders: White & CaseFinancial Adviser: Deutsche Bank
Middle East Oil & Gas Deal of the Year 2001
Oman LNG RefinancingLocation: Muscat, OmanDescription: refinancing of debt facilities funding a 6.6 million tones per year, two-train LNG plantSponsors: Government of Oman (51%), Shell Gas (30%), TotalFinaElf (5.54%), Korea LNG (5%), Partex (Oman) Corp (2%), Mitsubishi Corp (2.77%), Mitsui & Co (2.77%); and Itochu Corp (0.92%)Debt: $1.3 billionTenor: 16.5 yearsLead Arrangers: HSBC, RBS, BoTM, Credit Agricole Indosuez, Credit Lyonnais, GIB, ABC, Hypovereinsbank, ANZ Investment Bank, Apicorp, Sumitomo Mitsui and Mizuho Financial Financial Adviser to Sponsors: CitibankLawyers to sponsors: Allen & Overy Lawyers to lenders: Slaughter & May
Middle East Power and Water Deal of the Year 2001
Shuweihat IWPPStatus: Signed, December 2001Cost: $1.6 billionLocation: Abu Dhabi, UAEDescription: Development of 1500MW power and 100 million gallons per day water facility on build, own operate (BOO) basisSponsors: CMS Energy (20%), International Power (20%), ADWEA (60%)Debt: $1.285 billion debt package comprising: a $1.035 billion, 20-year conventional loan; a $250 million Islamic tranche and a $352 million equity bridge facilityMaturity: 20 yearsLead Arrangers: Barclays Capital (joint bookrunner), Citibank (joint bookrunner), Bank of Tokyo-Mitsubishi, Kreditabstalt fur Wiederaufbau, Royal Bank of Scotland, National Bank of Abu Dhabi and Abu Dhabi Investment Company.Arrangers (Islamic Tranche): Abu Dhabi Islamic Bank (lead), Dubai Islamic Bank, Kuwait Finance BankFinancial Advisers to ADWEA: Deutsche BankLawyers to sponsors: Trowers & HamlinsLawyers to ADWEA: White & CaseLawyers to lenders: Shearman & Sterling, Allen & Overy
Middle East Petrochemicals Deal of the Year 2001
Equate Petrochemicals RefinancingLocation: KuwaitDescription: Refinancing of $1.2 billion loan signed in 1996 and restructured in 1997. The original deal backed the construction of the ethylene/polyethylene plant.Sponsors: Equate Petrochemical Company. Shareholders are Petrochemical Industries Company (45%), Dow Chemical (45%) and Boubyan Petrochemicals (10%).Debt: $900 million which breaks into three tranches: a five-year $300 million revolving credit facility, a 10-year $400 million term loan and a $200 million 10-year Islamic facility.Lead Arrangers: Citibank, National Bank of Kuwait, Kuwait Finance HouseFinancial Adviser: CitibankLawyers to the sponsors: Linklaters Lawyers to the lenders: Clifford Chance
Middle East Power Deal of the Year 2001
Port Said/Gulf of Suez IPPsLocation: Port Said, Gulf of Suez, EgyptCost: $695 millionDebt: $305 million IFC B loan; $90 million IFC A loan; $200 million EdF backed equity bridge and $100 million John Hancock institutional tranche. Sponsor: EdFLead Arrangers: SG, Barclays Capital, Credit LyonnaisFinancial Adviser: SGLawyers to lenders: White & Case, Freshfields Bruckhaus DeringerLawyers to sponsor: Clifford Chance
Asia-Pacific PPP Deal of the Year 2001
Alice Darwin RailAsia Pacific Transport ConsortiumDescription: Construction and operation of a railway track running from Adelaide in the north to Darwin in the south of AustraliaCost: A$1.32 billionSponsors: Halliburton KBR, John Holland Group, Barclay Mowlem, McMahon Holdings, Australian Railroad Group, PGALead arrangers: ABN Amro, ANZ Investment, RBS and SGSenior debt pre-completion: A$730 million, broken down into a A$491 million three-year construction tranche and a A$239 million three-year equity bridge (supported by Standard and Poors AA- rated L/C)Senior debt post-completion: A$491 million broken down into a A$150 million five-year bullet tranche, a A$261 million 12-year amortizing tranche and a A$80 million 12-year rolling stock trancheSub debt: Mezzanine tier one of A$86 million, arranged by Macquarie Bank and RBS and mezzanine tier two of A$26 millionFinancial adviser to consortium: Macquarie BankFinancial adviser to the government: Deutsche BankLawyers to the consortium: Blake Dawson Waldren and Thomas PlayfordLawyers to the lenders: Allens Arthur Robinson Lawyers to the government: Clayton UtzConsultants to lenders: Ove Arup (market), Burns Roe Worley (engineering), Marsh (insurance)
Asia Power Deal of the Year 2001
Meghnaghat and HaripurAES MeghnaghatSponsor: AESCost: $300 millionDebt: $220 million: $50 million ADB direct loan, $20 million ADB CSF, $70 million ADB guaranteed facility, $80 million IDCOL facility (IDCOL underwritten).Lead arranger and underwriter: ANZ Investment BankLawyers to the sponsor: Slaughter & MayLawyers to the lenders: Allen & OveryAES HaripurSponsor: AESCost: $180.3 millionDebt: $107 million, including a 14-year $60.6 million World Bank PRG facilityLead Arranger and Underwriter: ANZ Investment BankLawyers to the sponsor: Denton Wilde SapteLawyers to the lender: Clifford Chance
Asian Private Power Deal of the Year 2001
Shinko KobeStatus: closed September 2001Description: funding construction and operation of Japan's largest IPP since de-regulation of the power sales industryLocation: Kobe City, JapanCost: ¥200 billionSponsor: Kobe Steel (Kobelco)Debt:Equity: 80:20Lead arrangers: Development Bank of Japan, Dai-ichi Kangyo Bank (member of Mizuho Financial Group), Industrial Bank of Japan (member of Mizuho Financial Group), Sumitomo Mitsui Banking Corp, UFJFinancial adviser to the consortium: UFJLegal adviser to the consortium: Konaka Toyama & Hosoya Legal adviser to the lenders: Nagashima Ohno & Tsunematsu
Asia Pacific Refinancing Deal of the Year 2001
TXU Australia RefinancingTXU Australia HoldingsSponsor: TXU AustraliaDescription: Refinancing TXU Australiaís existing debtStatus: Financial close, October 26, 2001; General syndication signed November 30, 2001Debt: A$2.1 billionLead arrangers: Citibank, WestPac and National Australia BankFinancial adviser to sponsor: Citibank
Asia-Pacific Water Deal of the Year 2001
Thu DucCost: $154 millionLocation: VietnamDescription: 300,000 cubic metre capacity water treatment plant to be built on a BOT basis in Ho Chi Minh City.Sponsors: Suez Lyonnais des Eaux (70%), Pilencon Engineering (10%), Tractebel (20%)Lead arranger: Fortis BankArrangers: Credit Lyonnais, ANZ Investment BankLawyers to the lenders: White & CaseLawyers to the sponsors: Freshfields
Asia-Pacific Telecoms Deal of the Year 2001
FLAG North Asia LoopStatus: closed 20 August 2001Size: $800 millionSponsor: Flag TelecomDescription: 10,000km, multi-Terabit subsea cable linking Hong Kong and Japan via South Korea and Taiwan.Debt: $300 millionLead arranger: WestLBArranger: Royal Bank of ScotlandTenor: 6.5 yearsMargin: 225 to 325bp over liborMarket consultant: OvumSupplier: AlcatelLawyers to the borrower: Latham & Watkins, Gibson Dunn & CrutcherLawyers to the lenders: White & Case
Asia-Pacific Transport Deal of the Year 2001
North Luzon ExpresswayManila North Tollways CorporationDescription: Rehabilitation and operation of the North Luzon Expressway in the Philippines. Sponsors: First Philippine Infrastructure Development Corp. (86%), Egis Projects SA (10%), Philippine National Construction Corporation (4%)Cost: $377.5 millionInstitutional debt: ADB $45 million, IFC $46 million, EFIC $55 millionCommercial debt tranches: MIGA/SEK covered loan $47.5 million, COFACE covered loan $35 million, ADB covered loan $25 million and L/C facility $7.5 millionFinancial adviser to consortium: JP MorganForeign legal adviser to consortium: Linklaters (Hong Kong)Local Legal Adviser to consortium : Puno & PunoCommon counsel to lenders: Freshfields
Request a Demo
Interested in IJGlobal? Request a demo to discuss a trial with a member of our team. Talk to the team to explore the value of our asset and transaction databases, our market-leading news, league tables and much more.