Dentons is pleased to announce that it has advised Standard Chartered Bank and a syndicate of banks in relation to a US$300 million syndicated facility to Stanford Asia Holding Company.
The five-year syndicated facility was arranged by Standard Chartered Bank, Emirates NBD, Mubadala GE Capital PJSC, Noor Islamic Bank PJSC, Abu Dhabi Commercial Bank PJSC, Barwa Bank and Mashreqbank PSC.
The financing, which is split into conventional and Islamic tranches, replaces existing financing and will be used to refinance ships owned by the Stanford Marine Group.
Paul Jarvis, head of banking for Dentons in the UAE and Middle East, said: “We have a long track record of acting for banks on complicated ship financing structures, especially those involving Islamic tranches. This is one of the biggest shipping deals in the MENA region so far this year, so we were delighted to be able to assist the syndicate and the Stanford Marine Group in closing this significant transaction.”
The Dentons team was led in the UAE by Paul Jarvis and included banking associates Helen Munro and Tien Tai. Holman Fenwick Willan acted for the Stanford Marine Group.
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