SNR Denton announced today that the firm advised Abu Dhabi Islamic Bank PJSC, Al Hilal Bank PJSC, Mubadala GE Capital PJSC, Al Khalij Commercial Bank (al khaliji) Q.S.C., Al Khaliji France S. A., Ajman Bank PJSC and First Gulf Bank PJSC on their successful participation in a AED250 million Shari’ah compliant facility.
The facility was made available to Emirates National Factory for Plastic Industries LLC, based in Sharjah. The deal was structured as a syndicated master sale and ijara-back facility, and involved a number of disbursements and a mixture of moveable assets and real estate. The deal was split into a AED tranche and a US$ tranche.
“The deal contained several highly complicated financial structures and necessitated in-depth knowledge of the financial institutions involved. In addition, there were a number of complex local law issues that needed to be considered,” said Paul Jarvis, a Partner in SNR Denton’s Islamic Finance group.
The official signing ceremony took place on February 22, 2011 in Abu Dhabi.
In addition to Jarvis, the SNR Denton team included Michelle Teng (Abu Dhabi).
This is the second deal in the recent weeks where SNR Denton advised banks on a syndicated facility. The firm recently advised First Gulf Bank in its participation in the successful coordination of a US$ 403 million syndicated facility for the engineering, construction and procurement works of the Borouge 3 expansion project in Abu Dhabi, which was awarded to the Tecnimont S.p.A – Samsung Engineering joint venture. First Gulf Bank acted as the Facility Agent and the Issuing Bank. The SNR Denton team was led by Neil Cuthbert, Managing Partner of SNR Denton’s Middle East offices.
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