White & Case LLP has advised the Arrangers and Dealers, including Citigroup, Deutsche Bank, Dubai Islamic Bank, First Abu Dhabi Bank PJSC, Emirates NBD Capital, HSBC and Société Générale Corporate & Investment Banking, on the 2018 annual updates of DP World Limited’s Rule 144A/Reg S US$5 billion global medium term note programme and US$3 billion trust certificate issuance programme.
White & Case also advised the Managers, including Barclays Bank PLC, Citigroup, Dubai Islamic Bank, Emirates NBD P.J.S.C., First Abu Dhabi Bank PJSC, HSBC, J.P. Morgan Securities plc, Société Générale and Standard Chartered Bank, on the issuance of US$1 billion 5.625% notes due 2048, £350 million 4.250% notes due 2030, €750 million 2.375% notes due 2026 and US$1 billion 4.848% trust certificates due 2028 under the programmes. The notes and trust certificates were offered pursuant to Rule 144A and Regulation S and are listed on the London Stock Exchange and Nasdaq Dubai. This multi-tranche issuance in aggregate was the largest from the Middle East during the second half of 2018 to date.
In parallel with the new issuances under the programmes, the Firm also advised the dealer managers on DP World’s tender offer for existing trust certificates issued by JAFZ Sukuk (2019) Limited, a subsidiary of DP World, whereby in excess of US$400 million of such securities were tendered and accepted for purchase, with tendering holders being offered priority in the allocation of DP World’s new trust certificates.
The White & Case team which advised on the transactions was led by partners Debashis Dey (Picture) and Sean Johnson (Dubai), with support from associates James Clarke (London), Sankalp Labroo (Dubai) and Rebecca King (London).
Law Firms: White & Case;
Clients: Barclays Bank; Citigroup Inc.; Deutsche Bank; HSBC; Standard Chartered Bank; JP Morgan Securities; Dubai Islamic Bank PJSC; Emirates NBD Capital Limited; First Abu Dhabi Bank PJSC; Société Générale Corporate & Investment Banking;