Salans has advised the French bank Financiere Oceor (as agent) and Ingepar (as arranger), both
subsidiaries of the French Group Caisse d'Epargne, on a EUR 150 million loan granted by Financiere
Oceor and BRED Banque Populaire (as lenders) to SMSP, a New Caledonian company in the nickel mining
sector, held by SOFINOR, a North Province owned semi-public company in New Caledonia.
The transaction refinances a EUR 120 million revolving facility granted by Financiere Oceor and
Banque de Nouvelle-Caledonie to SMSP for the purpose of (i) accompanying the construction (jointly
with the Swiss giant Xstrata Nickel) of a nickel treatment plant in Koniambo (North Province of New
Caledonia), which was to mature on 15 January 2009, and (ii) financing SMSP's work capital
needs.
The transaction was supervised by François
Froment-Meurice, client relationship partner and led by Philippe Max,
Head of Banking & Finance in Paris and Co-Head of the Global Banking and Finance Group,
assisted by associate Maria Nenova.
On the New Caledonian law aspects, the transaction was handled by counsels Remi Barousse
and Charles-Henri
de Saint-Julien, both under the supervision of François Froment-Meurice. On
the corporate side, the transaction was handled by associate Cecile
Szymanski.
François Froment-Meurice commented: "Working in such a complex legal environment was a real
challenge - congratulations to Philippe and Maria. This affair shows that being the one and only
international law firm present in New Caledonia is now quite well known by many major companies all
throughout the world."
Philippe Max added: "We are pleased to have assisted the Groupe Caisse d'Epargne on this
important transaction which presented many challenges from a French law applicable in New Caledonia
perspective."
Contact
Paola Pozzi-Dazza, Marketing & Communication Manager
Tel: +33 1 42 68 92 72 - Fax: +33 1 42 68 70 20
E-mail: ppozzi@salans.com