Abu Dhabi Ports’ EMTN Programme and $1 Billion Notes Offering

Latham & Watkins advised the arrangers and dealers in relation to the establishment of a Euro Medium Term Note Programme by Abu Dhabi Ports Company PJSC (AD Ports), and the joint lead managers in relation to its notes offering.

Abu Dhabi Ports Company PJSC (AD Ports) established a Euro Medium Term Note Programme,  and executed the issuance by AD Ports of US$1 billion 2.5% notes due 2031 thereunder.

AD Ports is wholly-owned by the Government of Abu Dhabi through Abu Dhabi Developmental Holding Company PJSC (ADQ). The transaction marks AD Ports’ debut offering in the international capital markets. 

The Notes were rated A+ by Fitch and A+ by S&P, and were listed on the London Stock Exchange’s main market. The Notes were offered to non-US investors outside the United States in reliance on Regulation S under the US Securities Act of 1933, as amended.  

Citigroup and First Abu Dhabi Bank acted as Programme arrangers and dealers. With respect to the issuance of the Notes, Citigroup, First Abu Dhabi Bank, and Standard Chartered Bank acted as global coordinators and joint bookrunners;  HSBC, Mizuho, and Société Générale acted as active joint bookrunners; and BNP Paribas, Credit Agricole CIB, and SMBC Nikko acted as passive joint lead managers.

Latham advised on English law and UAE law matters with a team led by Dubai partner Nomaan Raja (Picture), with counsel Basil Al-Jafari and associate Matt Oliver.

Involved fees earner: Basil Al-Jafari – Latham & Watkins; Matthew Oliver – Latham & Watkins; Nomaan Raja – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: BNP Paribas; Citigroup Inc.; Crédit Agricole Corporate and Investment Bank; First Abu Dhabi Bank PJSC; HSBC; Mizuho; Smbc Nikko Capital Markets Limited; Société Générale; Standard Chartered Bank;

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