Lebanese private deals are a first for Linklaters

CITY firm Linklaters has notched up a double success in the Lebanon by securing the first private sector deals to be issued internationally.

The first deal involves the issue of US$50 million serial bonds due 2003 by Societe des Ciments Libanais SAL. Linklaters' role involved helping to structure the transaction, and working with the Lebanese legal counsel, the issue's auditors and the issuer itself.

The second deal was to advise on the issue of 2.7 million global depository receipts representing ordinary shares of Banque Audi.

Linklaters partner Nick Eastwell, who led the team, said: “Since the end of the war the Lebanon has certainly become a growing economy.

“Although the country is small it is full of well-educated people and before the war Beirut was nick-named the Hong Kong of the Middle East. If and when the Israelis and Syrians sign a peace treaty, business in the Middle East should improve generally.”

Linklaters has previously acted in the Middle East over the transaction for Jordan Telecom.