Dubai, 7 May 2017
Dentons has advised DAMAC Real Estate Development Limited, a leading developer of high-end and luxury residential property in the Middle East, on its tender offer in respect of the outstanding US$650 million Trust Certificates, due 2019, and a simultaneous new debt issuance of a US$500 million five year Regulation ‘S’ senior unsecured sukuk, maturing in April 2022, which completed on 20 April 2017. The new Sukuk was issued via a Cayman Islands special purpose vehicle, Alpha Star Holding III Limited.
Bank of America Merrill Lynch and HSBC acted as joint global co-ordinators and Emirates NBD Capital and VTB Capital acted as joint lead managers, with Mashreqbank acting as co-lead manager, in respect of the new issue. Bank of America Merrill Lynch, HSBC and Emirates NBD Capital acted as dealer managers in respect of the tender offer.
Dentons Capital Markets partner Alex Roussos, commented: “We are proud to have advised Damac on yet another landmark transaction and to continue our journey with them in their exploits in the capital markets. We are increasingly seeing clients interested in proactively managing their upcoming maturities and looking to take advantage of favourable market conditions against a backdrop of potential future interest rate hikes.”
The Dentons team was led by Alex Roussos, with assistance from senior associate Carina Onzer and associate Sana Siddiqui.
For further information, please contact:
Senior Business Development & Marketing Executive
+971 4 402 0872
Dentons is the world’s largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons’ polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work. www.dentons.com
© Press Release 2017
© Copyright Zawya. All Rights Reserved.