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Qatar: Dentons advises Ezdan on $460m financing

by Paromita Dey on Dec 21, 2016

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Dentons has advised Qatar's Ezdan Holding Group in relation to a $460m Islamic syndicated finance facility.

The move marks another successful and strategic financing for the Qatari real estate developer and was oversubscribed by over 1.5 times.

It follows the launch of its debut $500m sukuk issuance earlier this year.

Mashreqbank, Dubai Islamic Bank, and HSBC Bank Middle East Limited were the bookrunners and initial mandated lead arrangers and were joined by seven other participant banks, consisting of regional and international banks.

This included Emirates NBD, Union National Bank, Ahli United Bank - Al Hilal Islamic Banking Services, National Bank of Ras Al Khaimah, BBK B.S.C, ICBC Doha, and United Bank Limited.

Ezdan Group's CEO, Ali Mohammed Al-Obaidli, commented: "We hail and recognise the efforts made by the Dentons team, which enabled the syndicated loan deal to be another milestone with a successful large subscription, reflecting that Ezdan is in high demand in the market. We also appreciate the continuous support clearly provided by Dentons in order to close this transaction very efficiently.”

Dentons Middle East senior partner, Neil Cuthbert, commented: "We are delighted to have worked closely with Ezdan again on this significant financing for the group. The financing was well oversubscribed, which is a testament to Ezdan's continued strong performance and the confidence it has been able to garner from regional and international financial institutions. We look forward to continuing to support Ezdan as its funding sources evolve in order to support their growing investment portfolio and other activities."

The Dentons team was led by partners, Safwan Moubaydeen and Zaher Nammour in Doha, and partner Neil Cuthbert and associate Atif Choudhary in Dubai.