Written by Jad on 01 November 2018.
♦ Recent Deals ♦ Dubai, Middle East, UAE
Global law firm Norton Rose Fulbright has advised Tenaga Nasional Berhad (“TNB”), Malaysia’s largest electricity utility company, on a ten-year US$750 million sukuk issuance, which closed on November 1, 2018. The sukuk was issued via TNB’s wholly-owned Malaysian-incorporated special purpose company, TNB Global Ventures Capital Berhad. The transaction attracted interest from a diverse international group of Islamic and conventional investors, comprising asset management companies, financial institutions, insurance companies, and sovereign wealth funds. Gregory Man, debt capital markets partner in the Dubai office of Norton Rose Fulbright, commented: “We are delighted to have advised Tenaga Nasional Berhad on its second sukuk issuance, having previously advised on the establishment of its landmark sukuk programme and its first ever sukuk issuance in 2016. The last year has seen our global capital markets team advise on a number of high-profile matters, with some groundbreaking work on the first Islamic mortgage-backed securitisation in the UK, the first green sovereign sukuk for the Republic of Indonesia and the first and only AT1 issuance from Turkey for Albaraka Türk.” The Norton Rose Fulbright team was led by partner Gregory Man (Dubai) with assistance from partner Vicky Münzer-Jones (Singapore), of counsel Cynthia Teo (Singapore), senior associate Ganna Vlasenko (Dubai) and international trainee Rachel Hao (Singapore). Norton Rose Fulbright’s Islamic finance practice is one of the longest-established in the market and continues to advise a wide variety of high profile clients on cross-border work. It was recently named Capital Markets Law Firm of the Year at the Islamic Finance News Awards. BNP Paribas, CIMB Investment Bank Berhad, Citigroup Global Markets Limited and HSBC acted as joint lead managers and bookrunners for the sukuk issuance.
Written by Jad on 15 March 2017.
♦ Recent Deals ♦ Abu Dhabi, Middle East, UAE
On February 28, 2017, Abu Dhabi Water & Electricity Company (ADWEC) and a consortium comprising Marubeni Corporation and JinkoSolar entered into a power purchase agreement (PPA) for the 1,170 MW Sweihan Solar PV Independent Power Project in Abu Dhabi. The project will be the world’s largest solar photovoltaic (PV) plant. The project is due to enter into operation in the second quarter of 2019 and represents an important part of the UAE’s plans for strategic diversification involving clean energy resources. Akin Gump is acting as legal advisor to ADWEC and its parent, the Abu Dhabi Water & Electricity Authority (ADWEA), in the development and financing of the project. Chadi Salloum, co-partner in charge of Akin Gump’s Abu Dhabi office; Ed Zaelke, chair of Akin Gump’s global project finance practice; and Dan Sinaiko, partner in the firm's global project finance practice, are leading the deal team for Akin Gump. They are supported by senior counsel Shawn Davis and David Lee, counsel Nidal Daraiseh and Inderveer Hothi and associate Jeff Quinn-Cane.
Written by Jad on 13 March 2017.
♦ Recent Deals ♦ Dubai, Middle East, UAE
Dentons has advised Bank of Sharjah on the establishment of its US$1 billion Euro Medium Term Note (EMTN) programme and its inaugural issuance of US$500 million 4.23% notes due 2022 thereunder, which completed on 7 March 2017. The programme and the notes are listed on the Irish Stock Exchange and have been assigned a long-term senior unsecured rating of BBB+ by Fitch. The notes were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933. The transaction follows Bank of Sharjah's debut bond issuance of US$500 million 3.374% guaranteed notes due 2020 in June 2015. The programme was arranged by the National Bank of Abu Dhabi, with Bank ABC, Emirates NBD Capital and J.P. Morgan acting as dealers. The same banks acted as Joint Lead Managers on the issuance of the bond. Dentons Capital Markets partner Alex Roussos, said, "We are grateful for the opportunity to have worked with the Bank of Sharjah on yet another successful debt capital markets transaction. We are keen to see more issuers in the UAE set up their MTN and Sukuk programmes and come to the markets more regularly as we all work together to strengthen our local bond markets for the benefit of investors and issuers alike." The Dentons team was led by Alex Roussos, with assistance from associate Sana Siddiqui in Dubai.
Written by Jad on 17 August 2016.
♦ Recent Deals ♦ Dubai, Middle East, UAE
Global law firm Norton Rose Fulbright has advised Bank of America Merrill Lynch as Documentation Agent and Joint Coordinator and Emirates NBD Capital as Joint Coordinator, on a USD1.7 billion term loan facility for the Dubai based bank Emirates NBD PJSC. The loan received strong support from the market with 19 banks participating in a deal that was substantially over-subscribed in what is likely to be one of the largest club facilities in the financial institutions sector in the Gulf region this year. Bank of America Merrill Lynch and Emirates NBD Capital acted as Joint Coordinators. Matthew Escritt, banking partner at Norton Rose Fulbright in Dubai commented: “We are delighted to have been able to advise Bank of America Merrill Lynch and the bank syndicate on this important transaction for Emirates NBD. The strong backing from the club of regional and international banks underlines the continuing confidence in the UAE and Dubai in particular despite a challenging regional economy and the continuing impact of lower oil prices.” The Norton Rose Fulbright team was led by Dubai-based partner Matthew Escritt, assisted by of counsel, Nicholas Robinson, and associate, David Tan.
Written by Jad on 20 June 2016.
♦ Recent Deals ♦ Dubai, Middle East, UAE
Clifford Chance is advising Al Khair National for Stocks and Real Estate (Al Kharafi family) on the sale of its majority stake in Americana, the leading F&B business in the Middle East. With a network of over 1,200 outlets, Americana is the largest operator of restaurant chains in the MENA region, including brands such as KFC, Pizza Hut, Hardee's, TGI Friday's, Costa Coffee and Krispy Kreme. In addition, Americana has one of the region's most significant food manufacturing businesses, including California Garden. A binding agreement to implement the sale was entered into on 18 June 2016 with Adeptio AD Investments, an investment company controlled by H.E. Mohamed Alabbar. The proposed sale of the Kharafi family's stake in Americana is by some margin the largest M&A deal in the region for 2016 to date. The Clifford Chance team, led by M&A partner Mohammed Al-Shukairy, has been advising on all legal aspects of the transaction, since inception in 2014 as an auction process (which has attracted significant interest from trade bidders as well as private equity firms). The transaction entails both private M&A aspects as well as public M&A processes, as Americana is listed on the Kuwait Stock Exchange. Mr Loay Jassim Al Kharafi commented: "Clifford Chance leveraged its regional and global expertise with unwavering support from the very beginning. Their team, led by Mohammed, has provided us throughout the process with robust, highly technical advice and in a commercially sound manner that has been critical to our process." Mohammed Al-Shukairy commented: "I am really pleased for the Al Kharafi family and our team remains committed to them as we move ahead to closing. We have thoroughly enjoyed working with and being part of the team at Al Khair on this transaction, which has required intricate structuring across multiple jurisdictions and pro-active management of hurdles and various deal requirements. More broadly, I think a transaction of this size and complexity provides a timely shot in the arm for the high-end M&A market in the region." Completion of the sale is subject to limited conditions, customary for a transaction of this nature.