Dentons’ advisory role

Dentons announced that it has advised Emirates Steel Industries (ESI) and Senaat on their recent USD1.3 billion refinancing. The transaction is one of the largest to have closed in the UAE this year and involves an innovative hybrid corporate/project financing structure which allowed ESI to obtain highly competitive terms.  Both international and local banks participated in the financing, which contained conventional and Islamic tranches. The Dentons team was led by Udayan Mukherjee, and included associates Carina Onzer and Jane Flournoy. Qasim Aslam, partner and Head of Islamic Finance Middle East, advised on the Islamic financing tranche.

The firm also advised on the sale of the landmark Movenpick Hotel at Dubai's Jumeirah Beach Residence to BM GCC Property Income Fund. The Dentons team was led by partner Iain Black, assisted by partner Joby Beretta and associates Patrick Tweedale, Joe Carroll and Anna Terrizzi.

Dentons has advised The National Bank of Ras Al-Khaimah on the establishment of its USD1 billion Guaranteed Medium Term Note Programme, completed on 12 June 2014. Dentons also advised the bank on the issue of USD500 million 3.25 per cent Notes due in 2019 under the Programme, completed on 24 June 2014. The Programme was listed on the Irish Stock Exchange. The EMTN Programme was arranged by the National Bank of Abu Dhabi and Standard Chartered Bank, who also acted as Joint Lead Managers in relation to the Note issue. The Dentons team was led by Alex Roussos, with senior associate Beene Ndulo, lawyer Katie Phillips and trainee Sara Al Awadhi.