White & Case advises Binghatti Holding on establishment of US$1.5 billion Trust Certificate Issuance Programme and issuance of US$500 million Trust Certificates

Global law firm White & Case LLP has advised Binghatti Holding Limited (Binghati) on the establishment of Binghatti Sukuk 2 SPV Limited's US$1.5 billion Trust Certificate Issuance Programme and the inaugural issuance of US$500 million Trust Certificates thereunder.

"The White & Case team advised Binghatti on a significant milestone, setting up its own issuance platform allowing flexibility of funding and ability to negotiate pricing," said White & Case partner Debashis Dey, who led the Firm's deal team. "It unlocks new potential and a strategy for securing long term funding and is a financing for transformative growth."

The certificates were listed on the London Stock Exchange International Securities Market and on Nasdaq Dubai. The debut issuance under the programme follows Binghatti's earlier standalone issuances in February 2024 and July 2024, by way of a tap.

Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Ajman Bank PJSC, Arqaam Capital Limited, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, HSBC Bank plc, Mashreqbank psc (acting through its Islamic Banking Division), The National Bank of Ras Al Khaimah PSC, Sharjah Islamic Bank PJSC and Warba Bank K.S.C.P acted as joint lead managers and joint bookrunners.

The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London) and included local partner Marcin Zawadzki (Dubai) and associate Amir Mehdizadeh Iranpour (Dubai).

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