White & Case advises on issuance of US$1.5 billion Trust Certificates following simultaneous updates of DP World’s US$10 billion Global Medium Term Note and US$7.5 billion Trust Certificate Issuance programmes

Global law firm White & Case LLP has advised the arrangers and dealers on the update of DP World Limited's US$10 billion Global Medium Term Note Programme (GMTN Programme) and DP World Crescent Limited's US$7.5 billion Trust Certificate Issuance Programme (Trust Certificate Issuance Programme), and the joint lead managers on a US$1.5 billion issuance of trust certificates under the Trust Certificate Issuance Programme.

"The White & Case team supported the Joint Lead Managers and DP World on another successful, landmark transaction that reflects strong investor confidence in DP World's innovative sukuk structure and the continued evolution of the sukuk market," said White & Case partner Debashis Dey, who led the Firm's deal team. "The reintroduction of the Manafae structure underscores our firm's expertise in complex Shari'a-compliant solutions that meet the financing needs of sophisticated borrowers."

The Trust Certificate Issuance Programme update reintroduces an innovative Manafae capacity Islamic finance structure, which was first adopted by DP World Crescent Limited in 2019.

Both the GMTN Programme and Trust Certificate Issuance Programme are Rule 144A complaint offering platforms and are listed on the London Stock Exchange's International Securities Market and Nasdaq Dubai.

Abu Dhabi Commercial Bank PJSC, Citigroup Global Markets Limited, Deutsche Bank Aktiengesellschaft, Dubai Islamic Bank P.J.S.C., Emirates NBD Capital PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank PSC (acting through its Islamic Banking division), Société Générale S.A. and Standard Chartered Bank acted as joint lead managers.

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 associates Eren Ayanlar, Amir Mehdizadeh Iranpour and Patrick Chindo (all Dubai).

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