Following the signature in February with the Nord-Pas-de-Calais region of the 50-year concession contract relating to the management, operation, upkeep, maintenance and development of the sea ports of Calais and Boulogne-sur-Mer, including the design, construction and financing of works to extend the port of Calais (the "Calais Port 2015" project, involving an investment of more than €900 million) and its associated contracts, the grouping formed by the Chamber of Commerce and Industry of the Nord de France region, the Chamber of Commerce and Industry of the Côte d’Opale region, CDC Infrastructure and Meridiam completed the project's financing on Monday 13 July.
The concession holder (Société d’Exploitation des Ports du Détroit), in order to complete the "Calais Port 2015", concluded a subdelegation agreement with the company created by the CCIs, the Grand Port Maritime de Dunkerque, CDC Infrastructure and Meridiam (the Société des Ports du Détroit). To carry out the "Calais Port 2015" project, the Société des Ports du Détroit concluded a design-construction agreement with the entities affiliated with Bouygues Travaux Publics, Colas, Spie Batignolles and Jan de Nul whose job will be to carry out work to extend the port of Calais between 2015 and 2020.
The Société des Ports du Détroit used a "Project Bonds" private placement bond issue to finance these works mainly subscribed by the Allianz fund, bonds backed by the European Investment Bank via its PBCE instrument. Crédit Agricole CIB, meanwhile, provided the VAT bridging loan.
This innovative "double-floor" structure, involving an agent and a sub-agent, allowed the recipient grouping to raise funds under competitive conditions.
This is the first French project to benefit from support from the European Union in the context of the Juncker plan.
Willkie Farr & Gallagher LLP acted as advisor to the grouping for the structuring of the transaction, the negotiation of project documents (concession and construction) and the negotiation of financing documents. The Willkie Farr & Gallagher LLP teams were led by Thierry Laloum (partner) and Michaël Armandou (Special European Counsel) with Anne-Laure Barel, Emilie Patoux and Alexis Grisoni for public law, Amir Jahanguiri (partner Emilie Patoux, Roy Charles Bates, Cédric Gamambaye Dionmou and Anthony Minzière for contract and project financing and David Tayar (partner) and Dounia Ababou for competition law.
CMS Bureau Francis Lefebvre advised the Chamber of Commerce and Industry of the Nord-de-France region and the Chamber of Commerce and Industry of the Côte d’Opale region, working actively alongside Willkie Farr & Gallagher LLP to establish the financing, with François Tenailleau (partner), Kawthar Ben Khelil and Thomas Carenzi for public-project law, Arnaud Hugot (partner), Célia Mayran and Clarisse Thiolon for corporate aspects, Benjamin Guilleminot and Benoît Fournier for financing, Marie-Pierre Schramm (partner) for labour law, Laurent Chatel (partner), Arnaud Donguy (partner), Philippe Zoubritzky (partner) and Frédéric Bertacchi for tax law, Anne-Laure Villedieu (partner) for intellectual property law, and Virginie Coursière-Pluntz for competition law.
Latournerie Wolfrom & Associés advised the Nord-Pas-de-Calais region, with Laurent de la Brosse (partner), Karine Hennette Jaouen and Bénédicte Grange for public law and Eric Charvillat (partner) for financing.
Orrick Rambaud Martel advised the bondholders and lenders for establishment of the bond issue (Project Bonds) and bank financing, including, for banking and financial aspects, Amaury de Feydeau (partner), assisted by Pierre de Boutiny, Alexia Drouet, Michel Courtois and Tristan Dupuy-Urisari (employees), for public-project law aspects, Jean-Luc Champy (partner), assisted by Noël Chahid-Nouraï (senior counsel), Geoffroy Berthon and Constance Boillot (advisors), for corporate aspects, Jean-Michel Leprêtre (partner), assisted by Sophie Millet (advisor) and Michel Roseau (partner) for competition aspects.
Linklaters LLP advised the European Investment Bank in relation to the PBCE (Project Bond Credit Enhancement) instrument, with Bertrand Andriani (partner), Darko Adamovic and Marion Caoudal for financing and Paul Lignières (partner) and Jean Berrut for public law.