Dentons advises Bank of Sharjah on issuance of USD500 million Notes due 2029 and on its tender offer

Dentons has advised Bank of Sharjah P.J.S.C. on its issuance of USD500 million Notes due 2029. The transaction was completed on September 12, 2024. The issuance received orders of USD1.4 billion and was just under three times oversubscribed. Dentons also advised on the related July 24, 2024 update of Bank of Sharjah’s USD2.5 billion Euro Medium Term Note Programme.

The issuance was rated BBB+ by Fitch, was listed on the London Stock Exchange’s International Securities Market and was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933.

Dentons also advised Bank of Sharjah P.J.S.C. on its tender offer in respect of its USD600 million Notes due 2024. Valid tenders for purchase amounted to USD280.5 million and the tender offer was successfully completed on September 12, 2024.

Debt Capital Markets partner Alex Roussos, based in Dentons’ Dubai office, commented, “We are proud to have supported the bank on its recent foray into the markets and the successful proactive management of its existing liabilities. We are continuing to witness healthy demand for regional FI paper, which we expect will continue in the prospective lower interest environment – one reason being that many of our banks have now built a strong track record of accessing the bond markets and a robust investor relations ethos.”

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior legal consultant Katie Phillips, senior associate James Osun-Sanmi and associate Ben Suthers.