Deals & Cases
Lenz & Staehelin advises on EUR 3.9 billion Nord Stream financingLenz & Staehelin advises export credit agencies and lenders on the EUR 3.9 billion financing of Phase I of the Nord Stream gas pipeline project. The 1,220 km Nord Stream gas pipeline will link Russia to Germany via the Baltic Sea. Nord Stream is a Swiss based company, with the sponsors being Gazprom, BASF / Wintershall, E.ON Ruhrgas and Gasunie. The total project cost for the two pipelines is projected at EUR 7.4 billion. The debt financing of the first pipeline consists of debt from export credit agencies (Hermes, SACE and UFK) and a commercial bank syndicate of 26 banks. Clifford Chance is acting as lead counsel to the export credit agencies and the lenders. White & Case is acting as lead counsel to Nord Stream. The Lenz & Staehelin team includes Patrick Hünerwadel, Marcel Tranchet, Alexander Schmid and Esther Widmer.