Global law firm White & Case LLP has advised the Global Coordinators and other Managers on DP World's 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.
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.
"Our team leveraged its extensive capital markets and Islamic finance experience to work with the syndicate of banks who helped DP World secure liquidity, which in turn generated a strong response from the investors in spite of challenging and unprecedented market conditions," said White & Case partner Debashis Dey, who co-led the Firm's deal team. "This transaction is a milestone in the range of capital market instruments issued by DP World."
The syndicate of 13 banks advised by White & Case 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.
The White & Case team which advised Global Coordinators and Managers was led by partners Debashis Dey (Dubai & London) and Melissa Butler (London) and counsel Xuan Jin, and included associates Tejal Velambath and Michael Byrd (both London). The team which advised the Delegate and agent was led by counsel Claudio Medeossi (Dubai & London) and included associate Greg Pospodinis (Dubai).
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