Law firm offers guidance on the distribution of $1.5 billion Trust Certificates, coinciding with modifications to DP World's $10 billion Global Medium Term Note and $7.5 billion Trust Certificate Issue program.
White & Case LLP Advises on $17.5 Billion Financing Programmes for DP World
White & Case LLP has announced that it advised on the updates to 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).
The transaction was supported by a team from various service areas at White & Case, including Capital Markets, Financial Institutions, Infrastructure, Transportation & Logistics, Middle East, Western Europe, UAE, and the United Kingdom. Eren Ayanlar, an associate at White & Case, was part of the team that advised on the transaction in Dubai, while Marcin Zawadzki, a local partner, and Amir Mehdizadeh Iranpour, an associate, also contributed to the Dubai-based advisory.
The Trust Certificate Issuance Programme update reintroduces an innovative Manafae capacity Islamic finance structure, first adopted by DP World Crescent Limited in 2019. The White & Case team supported the Joint Lead Managers and DP World on a US$1.5 billion issuance of trust certificates under the Trust Certificate Issuance Programme.
Both the GMTN Programme and Trust Certificate Issuance Programme are listed on the London Stock Exchange's International Securities Market and Nasdaq Dubai. They are also Rule 144A complaint offering platforms, making them accessible to qualified institutional buyers in the United States.
Debashis Dey, a partner at White & Case, led the deal team and commented on the transaction's success. "We are delighted to have advised DP World on these significant updates to their financing programmes. Our team's expertise in capital markets, Islamic finance, and transportation & logistics sectors enabled us to provide comprehensive advice to ensure a seamless transaction," he said.
Patrick Chindo, another associate at White & Case, was also part of the team that advised on the transaction in Dubai. The joint lead managers for the transaction included 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.
However, the latest update for the Rule 144A compliant offering platforms of White & Case LLP for DP World Limited and DP World Crescent Limited is not explicitly stated in the provided search results.
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