Global law firm White & Case LLP has advised the managers on Dubai-based global port operator DP World's issuances of US$300 million Notes due 2048 under its Global Medium Term Note Programme, and US$1 billion Trust Certificates due 2029 under its Trust Certificate Issuance Programme.
Both issuances were oversubscribed, with the order books for the GMTN issuance and Trust Certificates issuance reaching US$1.6 billion and US$4.6 billion respectively.
"DP World is an important regional issuer and a significant part of the Dubai economy, and our team advised on a transaction that achieved a very strong response from investors," said White & Case partner Debashis Dey, who led the Firm's deal team. "This deal played to the strengths of our Firm, pairing Islamic and conventional debt structures in cross-border offerings."
Citigroup Global Markets Limited, Standard Chartered Bank, Barclays Bank PLC, Deutsche Bank AG, London Branch, Emirates NBD PJSC, First Abu Dhabi Bank PJSC and HSBC Bank plc acted as joint lead managers for both transactions, with Dubai Islamic Bank PJSC acting as joint lead manager for the Trust Certificates issuance only.
The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London), with support from counsel Xuan Jin (Dubai) and associate Michael Byrd (London).
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