Dentons advises DAMAC on tender offer and new sukuk issuance

Dentons has advised DAMAC Real Estate Development Limited, a leading developer of high-end and luxury residential property in the Middle East, on its tender offer in respect of the outstanding USD650 million Trust Certificates, due 2019, and a simultaneous new debt issuance of a USD500 million five year Regulation ‘S’ senior unsecured sukuk, maturing in April 2022, which completed on 20 April 2017. The new Sukuk was issued via a Cayman Islands special purpose vehicle, Alpha Star Holding III Limited.

Bank of America Merrill Lynch and HSBC acted as joint global co-ordinators and Emirates NBD Capital and VTB Capital acted as joint lead managers, with Mashreqbank acting as co-lead manager, in respect of the new issue. Bank of America Merrill Lynch, HSBC and Emirates NBD Capital acted as dealer managers in respect of the tender offer.

The Dentons team was led by Alex Roussos, with assistance from senior associate Carina Onzer and associate Sana Siddiqui.