Michaël Armandou

National Partner

Paris
Willkie Farr & Gallagher LLP
21-23 rue de la Ville l'Evêque
75008 Paris
T +33 1 53 43 4564
F +33 1 40 06 9606
marmandouwillkie.com

Michaël Armandou is a national partner in the Corporate and Financial Services Department, focusing on Project Finance and Structured Finance. He focuses on the financing of energy and infrastructure projects and on other complex bank and capital markets (or a mix of both) debt financings. He has particular experience in handling both industrial contracts (construction, operation, maintenance, utilities supply, etc.) and financing documents in the context of highly regulated projects and is also very active in debt capital markets (private placement or public bond offerings).

Michaël regularly advises host governments, sponsors, contractors, export credit agencies and lenders on a number of projects in public and social infrastructure sectors, including seaports, roads, tunnels, airports, railways, hospitals and prisons. He also advises on major projects in the water, power, petrochemical, metals and mining sectors, mainly in Europe, North and Sub-Saharan Africa and the Middle-East. Additionally, he has been actively involved in recent years advising large French corporations in structured debt financing transactions.

Prior to joining Willkie, Michaël was an associate at Freshfields Bruckhaus Deringer LLP in Paris.

Michaël is fluent in French and English.

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Michaël Armandou is a national partner in the Corporate and Financial Services Department, focusing on Project Finance and Structured Finance. He focuses on the financing of energy and infrastructure projects and on other complex bank and capital markets (or a mix of both) debt financings. He has particular experience in handling both industrial contracts (construction, operation, maintenance, utilities supply, etc.) and financing documents in the context of highly regulated projects and is also very active in debt capital markets (private placement or public bond offerings).

Selected Significant Matters

  • advised CMA-CGM and its subsidiary Kingston Freeport Terminal Limited on all aspects of the Kingston Container Terminal extension project in Jamaica, from the negotiation of the concession agreement to the closing of the financing made available by Development Financial Institutions (IDB, DEG and Proparco) and commercial banks under an A-B loan;
  • advised the consortium formed by the Nord de France Administrative Region’s Chamber of Commerce and Industry, the territorial Côte d’Opale Chamber of Commerce and Industry, CDC Infrastructure and Meridiam with respect to the 50-year concession agreement for the operation, maintenance and development of the sea-ports of Calais and Boulogne-sur-Mer for fifty years, including the design, completion and financing of an extension to the Calais port (“Calais Port 2015” project) representing an investment of more than €900 million;
  • advised the lenders in the refinancing for French Toll Road A63 (between Gironde and Landes), which involved an €860 million credit facility with a 25-year maturity made available to Concessionaire Atlande;
  • advised Exeltium SA, a project company that supplies electricity in France, in the successful refinancing of its €1.435 billion senior debt;
  • advised Agence France Locale, the first funding agency 100% owned by local governments and dedicated to their financing in France;
  • advised Meridiam and Ronesans as the main sponsors of the first healthcare PPP project in Turkey, a  €550 million project that will create a major healthcare facility in Adana in 2014;
  • advised the lenders (Allianz Global Investors and Allianz funds as well as banks Société Générale and Crédit Agricole CIB) on the complex double-tranche project bond financing of the public-private partnership (PPP) project for the design, construction, operation and maintenance of the L2 road project in Marseille. IFLR recognized this work with its 2013 “Project Finance Deal of the Year” award;
  • advised the lenders (SMBC Europe Limited and Dexia Crédit Local) on the financing of a €219 million, 30-year public private partnership between the consortium Stade Bordeaux Atlantique and the city of Bordeaux for a 40,000-seat stadium expected to open in 2015 and serve as the new home of the Girondins de Bordeaux Football Club and host of the Euro 2016 football (soccer) matches;
  • advised the European Investment Bank (EIB) on the mezzanine financing (LGTT traffic risk enhancement instrument made available by EIB through a guarantee) made available by EIB and inter-creditor matters related to its contribution to the global project financing for the 7.8 billion South Europe Atlantic High Speed Rail Line between Tours and Bordeaux, France.  Project Finance International recognized this work with its 2011 Europe Rail Deal of the Year award;
  • advised the lenders (SMBC Europe Limited, Société Générale, Crédit Agricole CIB and BBVA-Succursale de Paris) on the financing of a €245 million, 30-year Public Private Partnership between the consortium Nice Eco Stadium and the city of Nice for a 35,000-seat, environmentally sustainable stadium (the Allianz Riviera stadium) serving as the new home of the OGC Nice Football Club and host of the Euro 2016 football (soccer) matches;
  • advised Exeltium, a consortium of more than twenty of the major industrial companies with electro-intensive activities in France, in connection with a €1.8 billion multi-tranched and multi-sourced limited recourse financing (including a bond issue) for the purpose of purchasing electricity from EDF to secure long term base load supply of electricity by Exeltium to its clients. Project Finance International recognized this work with its 2010 “Europe Power Deal of the Year” award;
  • advised Tangier Mediterranean Special Agency and the government of Morocco in connection with the award, drafting and negotiation of all contracts for the design, construction, operation and maintenance of all phases of the Tanger-Med seaport in Morocco;
  • advised Poweo in connection with the design, construction, financing, operation and maintenance of a CCGT power plant in Pont-sur-Sambre, France - the first ever Combined Cycle Gas Turbine (CCGT) power plant and the first ever Independent Power Project to be limited recourse financed in France;
  • advised Essilor International in the context of its $300 million US Private Placement in 2012;
  • advised Groupe Auchan in the context of its $250 million US Private Placement in 2012;
  • advised Arkema in the negotiation of its $700 million Multicurrency Revolving Facility in 2011;
  • advised the French Region Pays de La Loire in the context of its €500 million Euro Medium Term Note Programme (public bonds) in 2011;
  • advised the lenders (NATIXIS and Société Générale, the mandated lead arrangers) in connection with the financing of a greenfield hospital project in Bourgoin-Jallieu (France);
  • advised the lenders (CALYON, HSBC and Bank of Scotland, the mandated lead arrangers) in connection with the €980 million financing of the Villy-Le-Pelloux to Saint-Julien-en-Genevois section of the French A41 toll-road project. 

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