Gareth Hodder_Deji Adegoke

White & Case Facilitates $1.25B Financing for Indorama 

International law firm White & Case has provided legal counsel to a consortium of lenders led by the International Finance Corporation (IFC) in arranging a substantial US$1.25 billion financing package for Nigeria-based Indorama Eleme Fertilizer and Chemicals Limited (Indorama). 

“This is a transformational deal for the sponsor and reflects the longstanding commitment and relationship between Indorama and the DFIs which have supported it from the first financing in 2013,” said White & Case partner Deji Adegoke, who co-led the Firm’s deal team. “This landmark deal represents the high point of PPP-type hybrid financings. Its complex nature as well as the scale of the documentation package was managed in a collaborative and effective manner by our cross-border team.” 

The financing aims to support Indorama’s expansion plans, specifically the construction of a third nitrogenous urea fertilizer plant with an anticipated annual capacity of 1.4 million metric tonnes of urea, alongside the establishment of a new shipping terminal base in Nigeria. Alongside IFC, the consortium of development finance institutions involved in the financing comprises the African Development Bank, British International Investment Plc, DEG – Deutsche Investitions und Entwicklungsgesellschaft mbH, United States International Development Finance Corporation, The Emerging Africa Infrastructure Fund Limited, The Export-Import Bank of Korea, Export Import Bank of India, and Nederlandse Financierings – MaatsChappij Voor Ontwikkelingslanden N.V. 

Located near Port Harcourt in Nigeria, the Indorama facility stands as Sub-Saharan Africa’s leading producer of granular urea, a pivotal component in agricultural fertilizer production. 

White & Case provided comprehensive legal support throughout the transaction, encompassing project development, due diligence, commercial launch, and the negotiation and drafting of finance documents. 

The White & Case team which advised on the transaction was led by partners Deji Adegoke (London, pictured right) and Gareth Hodder (Dubai, pictured left) and included partner Martin Menski (Washington, DC), local partners Lulama Selele and Matthew Richards (both Johannesburg) and associates Lauren Vallender, Miebi Inokoba (both London), Andrea McKaiserWalbrugh, Rhulani Matsimbi, Robyn Anderson (all Johannesburg), Margaret Zelenski (Washington, DC) and Ijeoma Oti (New York).