DP World’s $1.5 Billion Perpetual Sukuk Offering

White & Case LLP has advised the Global Coordinators and other Managers on the deal.

DP World completed the issuance of Shari’a-compliant US$1.5 billion, 6.125% Reset Subordinated Perpetual Certificates which uses a Mudaraba structure.

The Certificates represent DP World’s inaugural issuance of deeply subordinated perpetual debt, a rare issuance of subordinated perpetual debt from a global logistics company and an even rarer issuance of subordinated Islamic sukuk instruments.

The syndicate of 13 banks included Joint Global Coordinators and Joint Lead Managers Citigroup, Deutsche Bank and J.P. Morgan, Joint Lead Managers Crédit Agricole, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Samba Financial Group, Scotiabank and Standard Chartered, and Co-Managers Abu Dhabi Islamic Bank and Commercial Bank of Dubai.

The funds raised through the issuance will be used by DP World for its general corporate purposes and to help fund its payment obligations under certain financing arrangements.

DP World is a world leader in global supply chain solutions; specialising in cargo logistics, port terminal operations, maritime services, free zones & more.

The White & Case team which advised Global Coordinators and Managers was led by partners Debashis Dey (Dubai & London; Picture) and Melissa Butler (London) and counsel Xuan Jin, and included associates Tejal Velambath and Michael Byrd (both London).

In addition to advising the Global Coordinators and Managers, the Firm’s Dubai-based Trust and Agency team advised Deutsche Trustee Company Limited and Deutsche Bank AG, London Branch as Delegate and agent bank on the transaction. The team which advised the Delegate and agent was led by counsel Claudio Medeossi (Dubai & London) and included associate Greg Pospodinis (Dubai).

Involved fees earner: Melissa Butler – White & Case; Michael Byrd – White & Case; Debashis Dey – White & Case; Xuan Jin – White & Case; Claudio Medeossi – White & Case; Greg Pospodinis – White & Case;

Law Firms: White & Case;

Clients: Abu Dhabi Islamic Bank; Citigroup Inc.; Commercial Bank of Dubai; Credit Agricole; Deutsche Bank; Deutsche Bank AG London Branch; Deutsche Trustee Company; Dubai Islamic Bank PJSC; Emirates NBD Capital Limited; First Abu Dhabi Bank PJSC; HSBC; J.P. Morgan Securities LLC; Samba Financial Group; Scotiabank; Standard Chartered;

Author: Michael Patrini.