Global law firm White & Case LLP has advised the Abu Dhabi Islamic Bank (ADIB) on Dhs1.32 billion (US$360 million) Islamic Ijara facilities that will support the growth and expansion programme being implemented by Gulf Marine Services (GMS).
GMS, the largest operator and owner of jack-up barges in the Middle East, is a portfolio company of Gulf Capital, a leading investment firm in the Middle East.
The facility will be used to refinance GMS’ existing bilateral banking facilities and provide financing for the construction and launch of additional jack-up vessels. The facility will also help GMS acquire existing vessels and operations around the world, an expansion that will help it capitalise on the growing regional and international need for lift boats and jack-up vessels in the Middle East, North Sea, Africa and South East Asia.
“We worked closely with the ADIB commercial and Sharia teams in structuring and documenting the complex multi-tranche Islamic financing, one of the few leveraged finance facilities in the market structured as a syndicated Islamic facility,” said White & Case partner Shibeer Ahmed. “Our advice supported ADIB in its roles as Mandated Lead Arranger, Sole Underwriter and Bookrunner in a deal that was very well received by the market – it was two times oversubscribed on syndication due to strong demand from local and regional banks. The deal also further highlights White & Case’s extensive Islamic finance experience and ability to structure innovative Islamic financings.”
The White & Case team was led by Abu Dhabi-based partner Shibeer Ahmed, with support from Abu Dhabi-based associates Sherief Rashed, Nneka Wood and Saghar Khodabakhsh.
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