Dentons advises Damac on tender offer, new sukuk

Law firm Dentons has advised Damac Real Estate Development Limited on its tender offer in respect of the outstanding $650m Trust Certificates, due 2019.

Dentons has advised Damac Real Estate Development Limited on its tender offer in respect of the outstanding $650m Trust Certificates.
Dentons has advised Damac Real Estate Development Limited on its tender offer in respect of the outstanding $650m Trust Certificates.

Law firm Dentons has advised Damac Real Estate Development Limited on its tender offer in respect of the outstanding $650m Trust Certificates, due 2019, and a simultaneous new debt issuance of a $500m five year Regulation 'S' senior unsecured sukuk.

Completed on 20 April, 2017, the sukuk will mature in April 2022 and 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, said: "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.

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