Herbert Smith Freehills LLP 2017/18

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EVERYTHING ABOUT US

TIDEWAY CASE STUDY

In 2016, we advised the Bazalgette Consortium on the financing, construction, delivery, maintenance and operation of a 15-mile long ‘super sewer’; the Thames Tideway Tunnel, designed to tackle the discharge of untreated sewage flowing into the tidal River Thames.

Costed at £4.2 billion, this project was a unique legal and financing challenge of vast scale and complexity. The scheme will also be vital to London’s wellbeing and represents one of the largest infrastructure projects currently underway in Europe. To ensure the success of this landmark project, we used a particularly innovative system of index-linked Deferred- Purchase Bonds for an aggregate of £450 million that would help Tideway to raise medium and long-term index-linked debt financing. Concurrently, we advised on the establishment of a £700 million facility agreement with the European Investment Bank – the largest ever water loan. Despite the considerable complexities of coordinating different debt projects within the requirements of a licensing regime, we built a strong legal framework. With no set precedent to follow, our lawyers from the Regulatory, Equity, Construction, Real Estate, Planning and Finance groups devised an effective project structure that exceeded expectations and laid the foundations for future infrastructure transactions.

“THE THAMES TIDEWAY TUNNEL IS A HUGELY SIGNIFICANT PROJECT THAT PREVENTS THE POLLUTION OF THE RIVER THAMES IN LONDON. IT’S AN OPERATIONWITH GREAT INFRASTRUCTURE AND POTENTIAL.” PATRICK MITCHELL, HEAD OF INFRASTRUCTURE

EUROPEAN INFRASTRUCTURE DEAL OF THE YEAR 2015

EUROPEAN INFRA DEAL OF THE YEAR 2015

THOMSON REUTERS

PFI AWARDS

PROJECT FINANCE DEAL OF THE YEAR 2016

INTERNATIONAL FINANCIAL LAW REVIEW

EUROPEANWATER DEAL OF THE YEAR 2016

EUROPEAN SOCIAL INFRASTRUCTURE WINNER 2016 DEBT AWARDS FOR EXCELLENCE (Formerly known as Banking Awards for Excellence)

IJ GLOBAL AWARDS

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