Hogan Lovells advises Joyalukkas

Hogan Lovells has acted as Lenders' counsel to Standard Chartered Bank (SCB), Emirates NBD, Emirates Capital Ltd and Mashreq Bank, on a strategic financing for Joyalukkas Group (Joyalukkas), the largest, single-owned jewellery retail chain in the Middle East.

Joyalukkas raised a total amount of AED500 million through multiple banking arrangements, including a USD80 million term loan with a five year tenor. SCB was the originating, structuring and coordinating bank, and was also appointed facility and security agent for the deal. The strategic objective for Joyalukkas to take up this facility is the opportunity to refinance and reduce borrowing costs based on the prevailing Libor rates.

Hogan Lovells team was led by Dubai-based finance partner Rustum Shah, with support from Nuha Al Sanjari and Ankita Bhansali.

Shah said, "Hogan Lovells is well versed on advising syndicates of banks on these types of deals. We are delighted to have acted on this landmark transaction that will allow Joyalukkas to continue to grow and enhance its business."