Shearman and CC head line-up of firms on $1bn Omani development financing
Legal Week reports
November 15, 2006 at 07:03 PM
2 minute read
Shearman & Sterling and Clifford Chance (CC) have scooped the lead roles on an Omani bond issue worth almost $1bn (£530m) in a deal that handed roles to a raft of international firms.
The $925m (£486m) issue will finance the first phase of the planned 34 sq km Blue City development, which combines residential, retail and commercial premises with education, hospital and leisure facilities.
Shearman advised lead arranger Bear Stearns and joint managers Credit Suisse, Standard Chartered and SHUAA Capital, with UK structured finance head Julian Tucker leading the team in his first major deal at the New York giant.
Tucker, who joined the US firm last summer from Allen & Overy (A&O), landed the instruction after a competitive pitch in June 2005. He was assisted by finance counsel Elisabeth Baltay and real estate partner Ian Nisse in the City and New York-based US securities law partner Joel Klaperman.
Tucker told Legal Week: "This deal came very soon after my arrival at Shearman and has taken 16 months to complete, due to it being the first public structured bond issue out of Oman in an unfamiliar legal system."
Capital markets partner David Bickerton led the CC team advising sponsor Al Sawadi Investment & Tourism Company, a joint venture between Cyclone Investments and AAJ Holdings. He was assisted by real estate funds and investment head Iain Morpeth, construction partner Tim Steadman and US securities partner Michael Dakin.
Unlike mortgage-backed bond issues, which use a portfolio of existing payment obligations to service bond coupons, the Blue City issue, which is listed on the Irish stock exchange, will be based on the proceeds of property acquisitions.
A&O corporate trustee chief Simon Hill acted for Bank of New York as bond and security trustee, while Trowers & Hamlins corporate/commercial associate Charles Schofield advised the sponsors on local law. Al Alawi Mansoor Jamal managing partner Mansoor Jamal Malik advised the arrangers on local law issues.
Offshore firms Maples and Calder and Walkers also picked up roles on the deal, respectively advising the arranger and sponsors on Cayman Islands law.
Legalweek.com (8 November).
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