Global law firm White & Case LLP has advised a group of banks on the issuance of US$500 million Trust Certificates due 2025, with National Central Cooling Company PJSC (Tabreed) acting as the Seller and Service Agent.
"Advising on this important issuance demonstrates the strength of our practice and presence in the United Arab Emirates and the Middle East, and our ability to support Islamic finance transactions," said White & Case partner Debashis Dey, who co-led the Firm's deal team. "Tabreed is a unique corporate issuer in the UAE being the only publicly listed utility company and the transaction was uniquely innovative, utilizing a capacity-based or manafae Islamic structure. White & Case also advised the lenders on a simultaneous bank financing for Tabreed."
The Trust Certificates are listed on the London Stock Exchange, and the transaction represents the return to the debt capital markets by Tabreed following its previous sukuk issuance in 2008. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, J.P. Morgan and Mashreqbank PSC acted as joint lead managers.
The White & Case team which advised on the transaction was led by partners Debashis Dey (Dubai & London) and Sean Johnson (Dubai), with support from associates Xuan Jin, Sankalp Labroo (both Dubai) and Rebecca King (London).
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