Dentons and A&O head up billion-dollar Middle East project finance deal
Denton Wilde Sapte and Allen & Overy (A&O) have taken lead roles on a $1.1bn (£716m) project finance deal in the Middle East. Dentons has advised Abu Dhabi Government-affiliated metals company Emirates Steel on the seven-year deal, with a team led by Middle East managing partner Neil Cuthbert and Abu Dhabi project finance partner Udayan Mukherjee.
August 31, 2010 at 10:03 AM
2 minute read
Denton Wilde Sapte and Allen & Overy (A&O) have taken lead roles on a $1.1bn (£716m) project finance deal in the Middle East.
Dentons has advised Abu Dhabi Government-affiliated metals company Emirates Steel on the seven-year deal, with a team led by Middle East managing partner Neil Cuthbert and Abu Dhabi project finance partner Udayan Mukherjee.
A&O, meanwhile, won the lead instruction for the banks, which included seven conventional banks and two Islamic banks, with the magic circle law firm fielding a team led by Dubai energy finance partner Bimal Desai.
Emirates Steel – a subsidiary of Abu Dhabi Basic Industry Corporation (ADBIC), which is in turn owned by an Abu Dhabi Government-owned holding company – said it was raising the money in a bid to continue to grow its output.
The seven conventional banks have committed a $733m (£477m) facility, while the two Islamic banks have contributed a $367m (£239m) loan.
National Bank of Abu Dhabi, Union National Bank, First Gulf Bank, Bank of Baroda, Arab Banking Corporation, Al Khaliji France and Al Khaliji Commercial Bank were the lead managers underwriting the conventional loan facility, while ADBIC turned to Abu Dhabi Islamic Bank and Al Hilal Bank for the Islamic facility.
The role for Dentons comes after the UK top 20 firm moved to boost its Abu Dhabi office last month (18 July) with the hire of energy partner Stuart Cavet, who joined from Simmons & Simmons in Qatar.
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