Lovells and Shearman advise on landmark Syrian project finance deal
Lovells and Shearman & Sterling have taken the lead on a $682m (£415m) projects deal in Syria, believed to be the first project financing to close in the country. Construction company Lafarge, which is one of the world's largest cement suppliers, is to build a cement plant in northern Syria using project finance loans totalling $341m (£208m).
November 04, 2009 at 06:08 AM
2 minute read
Elite duo take lead roles on landmark Syrian project financing deal
Lovells and Shearman & Sterling have taken the lead on a $682m (£415m) projects deal in Syria, believed to be the first project financing to close in the country.
Construction company Lafarge, which is one of the world's largest cement suppliers, is to build a cement plant in northern Syria using project finance loans totalling $341m (£208m).
The deal saw a consortium of lenders including the European Investment Bank, EKF, Proparco and Bank Audi providing financing for around half of the development.
The funding was provided to Lafarge subsidiary Lafarge Cement Syria and will enable the refinancing of a bridge facility.
Lafarge turned to Lovells for advice with the firm's team led by London banking partner Paul Oldman and consultant Nick Tidnam. The firm worked alongside Syrian firm Sayed & Sayed as well as an in-house team at Lafarge including Cairo-based Abdur Rahim and Paris-based Gilles Vanlerberghe.
The deal marks the first project finance mandate on which Lovells has advised Lafarge, although the top 10 City firm has previously advised the company on employment matters. It is also the first transaction which Lovells has completed in Syria.
The lending consortium turned to Shearman where project finance veteran and former London head Kenneth MacRitchie took the lead.
Local advice was provided by Damascus-based law firm Hakim. Bank Audi was additionally advised by Ramzi Joreige & Partners in Damascus.
Tidnam said: "To put this into context, the Syrian market has not been open to project finance before so we had to ensure our structure was as clear and flexible as possible. The deal is great news for sponsors and banks contemplating project financings in politically risky markets."
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